0000277751 jif:MSCIWorldExUSAIndexSMMember 2014-07-01 2024-06-30 0000277751 jif:C000028939Member jif:STAGIndustrialIncMember 2024-06-30 0000277751 jif:C000114884Member srt:StandardPoorsBBBRatingMember 2024-06-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-01879
Janus Investment Fund
(Exact name of registrant as specified in charter)
151 Detroit Street, Denver, Colorado 80206
(address of principal executive offices) (Zip code)
Abigail J. Murray, 151 Detroit Street, Denver, Colorado 80206
(Name and address of agent for service)
Registrant's telephone number, including area code:
303-333-3863
Date of fiscal year end:
6/30
Date of reporting period:
06/30/24
Item 1. Report to Stockholders.
(a) The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Janus Henderson Absolute Return Income Opportunities Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class A Shares:JUCAX
This annual shareholder report contains important information about the Janus Henderson Absolute Return Income Opportunities Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Absolute Return Income Opportunities Fund (Class A Shares/JUCAX) | $98 | 0.95% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Absolute Return Income Opportunities Fund Class A Shares returned 6.28%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the FTSE 3-Month U.S. Treasury Bill Index, returned 5.64%.
Top Contributors to Performance
The Fund seeks to generate long-term returns by focusing on higher-quality, shorter-dated credits that historically have offered attractive income generation – or carry – as they near maturity. The carry earned on shorter-dated corporate credits, along with a decline in interest rates in jurisdictions where the Fund had material exposure, contributed most to returns relative to the performance benchmark.
Top Detractors from Performance
The degree to which restrictive policy has weighed on different economies drove our duration – or interest rate risk –decisions. Initially we increased duration in anticipation of a slowing global economy, then tactically reduced it as inflation proved persistent. Toward period end, slowing growth allowed us to increase duration in certain markets. Given market volatility caused by uneven economic growth and diverging inflation trajectories, we deployed hedges with the aim of dampening the impact of rate swings, and these positions generated negative returns for the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Absolute Return Income Opportunities Fund (Class A Shares/JUCAX) at NAV | 6.28% | 2.31)% | 1.34% |
| Janus Henderson Absolute Return Income Opportunities Fund (Class A Shares/JUCAX) at Maximum Offering Price - 4.75% | 1.26% | 1.30)% | 0.84% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| FTSE 3-Month U.S. Treasury Bill Index | 5.64% | 2.22)% | 1.53% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $52M% |
| Number of portfolio holdings | $118% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $61% |
| Weighted average maturity | 3.3 Years |
| Effective duration | 1.3 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 79.1 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 15.4 |
| Investment Companies | 2.4 |
| Commercial Paper | 1.6 |
| Other | 1.5 |
Ratings Summary (% of net assets)†
| A | 23.1 |
| AA | 1.9 |
| AAA | 6.1 |
| BB+ | 1.1 |
| BBB | 44.9 |
| BBB- | 3.2 |
| Ba1 | 11.0 |
| Ba2 | 4.9 |
| Ba3 | 3.4 |
| Other | 0.4 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70656A 08-24
Janus Henderson Absolute Return Income Opportunities Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class C Shares:JUCCX
This annual shareholder report contains important information about the Janus Henderson Absolute Return Income Opportunities Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Absolute Return Income Opportunities Fund (Class C Shares/JUCCX) | $174 | 1.69% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Absolute Return Income Opportunities Fund Class C Shares returned 5.50%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the FTSE 3-Month U.S. Treasury Bill Index, returned 5.64%.
Top Contributors to Performance
The Fund seeks to generate long-term returns by focusing on higher-quality, shorter-dated credits that historically have offered attractive income generation – or carry – as they near maturity. The carry earned on shorter-dated corporate credits, along with a decline in interest rates in jurisdictions where the Fund had material exposure, contributed most to returns relative to the performance benchmark.
Top Detractors from Performance
The degree to which restrictive policy has weighed on different economies drove our duration – or interest rate risk –decisions. Initially we increased duration in anticipation of a slowing global economy, then tactically reduced it as inflation proved persistent. Toward period end, slowing growth allowed us to increase duration in certain markets. Given market volatility caused by uneven economic growth and diverging inflation trajectories, we deployed hedges with the aim of dampening the impact of rate swings, and these positions generated negative returns for the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Absolute Return Income Opportunities Fund (Class C Shares/JUCCX) at NAV | 5.50%* | 1.57)% | 0.60% |
| Janus Henderson Absolute Return Income Opportunities Fund (Class C Shares/JUCCX) with Contingent Deferred Sales Charge | 4.50%* | 1.57)% | 0.60% |
| Bloomberg U.S. Aggregate Bond Index | 2.63%* | (0.23)% | 1.35% |
| FTSE 3-Month U.S. Treasury Bill Index | 5.64%* | 2.22)% | 1.53% |
* | Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $52M% |
| Number of portfolio holdings | $118% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $61% |
| Weighted average maturity | 3.3 Years |
| Effective duration | 1.3 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 79.1 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 15.4 |
| Investment Companies | 2.4 |
| Commercial Paper | 1.6 |
| Other | 1.5 |
Ratings Summary (% of net assets)†
| A | 23.1 |
| AA | 1.9 |
| AAA | 6.1 |
| BB+ | 1.1 |
| BBB | 44.9 |
| BBB- | 3.2 |
| Ba1 | 11.0 |
| Ba2 | 4.9 |
| Ba3 | 3.4 |
| Other | 0.4 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70657C 08-24
Janus Henderson Absolute Return Income Opportunities Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class D Shares:JUCDX
This annual shareholder report contains important information about the Janus Henderson Absolute Return Income Opportunities Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Absolute Return Income Opportunities Fund (Class D Shares/JUCDX) | $78 | 0.76% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Absolute Return Income Opportunities Fund Class D Shares returned 6.48%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the FTSE 3-Month U.S. Treasury Bill Index, returned 5.64%.
Top Contributors to Performance
The Fund seeks to generate long-term returns by focusing on higher-quality, shorter-dated credits that historically have offered attractive income generation – or carry – as they near maturity. The carry earned on shorter-dated corporate credits, along with a decline in interest rates in jurisdictions where the Fund had material exposure, contributed most to returns relative to the performance benchmark.
Top Detractors from Performance
The degree to which restrictive policy has weighed on different economies drove our duration – or interest rate risk –decisions. Initially we increased duration in anticipation of a slowing global economy, then tactically reduced it as inflation proved persistent. Toward period end, slowing growth allowed us to increase duration in certain markets. Given market volatility caused by uneven economic growth and diverging inflation trajectories, we deployed hedges with the aim of dampening the impact of rate swings, and these positions generated negative returns for the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Absolute Return Income Opportunities Fund (Class D Shares/JUCDX) | 6.48% | 2.47)% | 1.46% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| FTSE 3-Month U.S. Treasury Bill Index | 5.64% | 2.22)% | 1.53% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $52M% |
| Number of portfolio holdings | $118% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $61% |
| Weighted average maturity | 3.3 Years |
| Effective duration | 1.3 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 79.1 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 15.4 |
| Investment Companies | 2.4 |
| Commercial Paper | 1.6 |
| Other | 1.5 |
Ratings Summary (% of net assets)†
| A | 23.1 |
| AA | 1.9 |
| AAA | 6.1 |
| BB+ | 1.1 |
| BBB | 44.9 |
| BBB- | 3.2 |
| Ba1 | 11.0 |
| Ba2 | 4.9 |
| Ba3 | 3.4 |
| Other | 0.4 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-800-525-3713.
225-65-70658D 08-24
Janus Henderson Absolute Return Income Opportunities Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class I Shares:JUCIX
This annual shareholder report contains important information about the Janus Henderson Absolute Return Income Opportunities Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Absolute Return Income Opportunities Fund (Class I Shares/JUCIX) | $75 | 0.73% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Absolute Return Income Opportunities Fund Class I Shares returned 6.51%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the FTSE 3-Month U.S. Treasury Bill Index, returned 5.64%.
Top Contributors to Performance
The Fund seeks to generate long-term returns by focusing on higher-quality, shorter-dated credits that historically have offered attractive income generation – or carry – as they near maturity. The carry earned on shorter-dated corporate credits, along with a decline in interest rates in jurisdictions where the Fund had material exposure, contributed most to returns relative to the performance benchmark.
Top Detractors from Performance
The degree to which restrictive policy has weighed on different economies drove our duration – or interest rate risk –decisions. Initially we increased duration in anticipation of a slowing global economy, then tactically reduced it as inflation proved persistent. Toward period end, slowing growth allowed us to increase duration in certain markets. Given market volatility caused by uneven economic growth and diverging inflation trajectories, we deployed hedges with the aim of dampening the impact of rate swings, and these positions generated negative returns for the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Absolute Return Income Opportunities Fund (Class I Shares/JUCIX) | 6.51% | 2.54)% | 1.58% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| FTSE 3-Month U.S. Treasury Bill Index | 5.64% | 2.22)% | 1.53% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $52M% |
| Number of portfolio holdings | $118% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $61% |
| Weighted average maturity | 3.3 Years |
| Effective duration | 1.3 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 79.1 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 15.4 |
| Investment Companies | 2.4 |
| Commercial Paper | 1.6 |
| Other | 1.5 |
Ratings Summary (% of net assets)†
| A | 23.1 |
| AA | 1.9 |
| AAA | 6.1 |
| BB+ | 1.1 |
| BBB | 44.9 |
| BBB- | 3.2 |
| Ba1 | 11.0 |
| Ba2 | 4.9 |
| Ba3 | 3.4 |
| Other | 0.4 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70659I 08-24
Janus Henderson Absolute Return Income Opportunities Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class N Shares:JUCNX
This annual shareholder report contains important information about the Janus Henderson Absolute Return Income Opportunities Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Absolute Return Income Opportunities Fund (Class N Shares/JUCNX) | $65 | 0.63% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Absolute Return Income Opportunities Fund Class N Shares returned 6.49%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the FTSE 3-Month U.S. Treasury Bill Index, returned 5.64%.
Top Contributors to Performance
The Fund seeks to generate long-term returns by focusing on higher-quality, shorter-dated credits that historically have offered attractive income generation – or carry – as they near maturity. The carry earned on shorter-dated corporate credits, along with a decline in interest rates in jurisdictions where the Fund had material exposure, contributed most to returns relative to the performance benchmark.
Top Detractors from Performance
The degree to which restrictive policy has weighed on different economies drove our duration – or interest rate risk –decisions. Initially we increased duration in anticipation of a slowing global economy, then tactically reduced it as inflation proved persistent. Toward period end, slowing growth allowed us to increase duration in certain markets. Given market volatility caused by uneven economic growth and diverging inflation trajectories, we deployed hedges with the aim of dampening the impact of rate swings, and these positions generated negative returns for the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Absolute Return Income Opportunities Fund (Class N Shares/JUCNX) | 6.49% | 2.59)% | 1.62% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| FTSE 3-Month U.S. Treasury Bill Index | 5.64% | 2.22)% | 1.53% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $52M% |
| Number of portfolio holdings | $118% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $61% |
| Weighted average maturity | 3.3 Years |
| Effective duration | 1.3 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 79.1 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 15.4 |
| Investment Companies | 2.4 |
| Commercial Paper | 1.6 |
| Other | 1.5 |
Ratings Summary (% of net assets)†
| A | 23.1 |
| AA | 1.9 |
| AAA | 6.1 |
| BB+ | 1.1 |
| BBB | 44.9 |
| BBB- | 3.2 |
| Ba1 | 11.0 |
| Ba2 | 4.9 |
| Ba3 | 3.4 |
| Other | 0.4 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70660N 08-24
Janus Henderson Absolute Return Income Opportunities Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class R Shares:JUCRX
This annual shareholder report contains important information about the Janus Henderson Absolute Return Income Opportunities Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Absolute Return Income Opportunities Fund (Class R Shares/JUCRX) | $141 | 1.37% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Absolute Return Income Opportunities Fund Class R Shares returned 5.83%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the FTSE 3-Month U.S. Treasury Bill Index, returned 5.64%.
Top Contributors to Performance
The Fund seeks to generate long-term returns by focusing on higher-quality, shorter-dated credits that historically have offered attractive income generation – or carry – as they near maturity. The carry earned on shorter-dated corporate credits, along with a decline in interest rates in jurisdictions where the Fund had material exposure, contributed most to returns relative to the performance benchmark.
Top Detractors from Performance
The degree to which restrictive policy has weighed on different economies drove our duration – or interest rate risk –decisions. Initially we increased duration in anticipation of a slowing global economy, then tactically reduced it as inflation proved persistent. Toward period end, slowing growth allowed us to increase duration in certain markets. Given market volatility caused by uneven economic growth and diverging inflation trajectories, we deployed hedges with the aim of dampening the impact of rate swings, and these positions generated negative returns for the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Absolute Return Income Opportunities Fund (Class R Shares/JUCRX) | 5.83% | 1.84)% | 0.89% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| FTSE 3-Month U.S. Treasury Bill Index | 5.64% | 2.22)% | 1.53% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $52M% |
| Number of portfolio holdings | $118% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $61% |
| Weighted average maturity | 3.3 Years |
| Effective duration | 1.3 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 79.1 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 15.4 |
| Investment Companies | 2.4 |
| Commercial Paper | 1.6 |
| Other | 1.5 |
Ratings Summary (% of net assets)†
| A | 23.1 |
| AA | 1.9 |
| AAA | 6.1 |
| BB+ | 1.1 |
| BBB | 44.9 |
| BBB- | 3.2 |
| Ba1 | 11.0 |
| Ba2 | 4.9 |
| Ba3 | 3.4 |
| Other | 0.4 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70661R 08-24
Janus Henderson Absolute Return Income Opportunities Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class S Shares:JUCSX
This annual shareholder report contains important information about the Janus Henderson Absolute Return Income Opportunities Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Absolute Return Income Opportunities Fund (Class S Shares/JUCSX) | $115 | 1.12% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Absolute Return Income Opportunities Fund Class S Shares returned 6.09%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the FTSE 3-Month U.S. Treasury Bill Index, returned 5.64%.
Top Contributors to Performance
The Fund seeks to generate long-term returns by focusing on higher-quality, shorter-dated credits that historically have offered attractive income generation – or carry – as they near maturity. The carry earned on shorter-dated corporate credits, along with a decline in interest rates in jurisdictions where the Fund had material exposure, contributed most to returns relative to the performance benchmark.
Top Detractors from Performance
The degree to which restrictive policy has weighed on different economies drove our duration – or interest rate risk –decisions. Initially we increased duration in anticipation of a slowing global economy, then tactically reduced it as inflation proved persistent. Toward period end, slowing growth allowed us to increase duration in certain markets. Given market volatility caused by uneven economic growth and diverging inflation trajectories, we deployed hedges with the aim of dampening the impact of rate swings, and these positions generated negative returns for the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Absolute Return Income Opportunities Fund (Class S Shares/JUCSX) | 6.09% | 2.09)% | 1.12% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| FTSE 3-Month U.S. Treasury Bill Index | 5.64% | 2.22)% | 1.53% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $52M% |
| Number of portfolio holdings | $118% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $61% |
| Weighted average maturity | 3.3 Years |
| Effective duration | 1.3 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 79.1 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 15.4 |
| Investment Companies | 2.4 |
| Commercial Paper | 1.6 |
| Other | 1.5 |
Ratings Summary (% of net assets)†
| A | 23.1 |
| AA | 1.9 |
| AAA | 6.1 |
| BB+ | 1.1 |
| BBB | 44.9 |
| BBB- | 3.2 |
| Ba1 | 11.0 |
| Ba2 | 4.9 |
| Ba3 | 3.4 |
| Other | 0.4 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70662S 08-24
Janus Henderson Absolute Return Income Opportunities Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class T Shares:JUCTX
This annual shareholder report contains important information about the Janus Henderson Absolute Return Income Opportunities Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Absolute Return Income Opportunities Fund (Class T Shares/JUCTX) | $89 | 0.86% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Absolute Return Income Opportunities Fund Class T Shares returned 6.37%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the FTSE 3-Month U.S. Treasury Bill Index, returned 5.64%.
Top Contributors to Performance
The Fund seeks to generate long-term returns by focusing on higher-quality, shorter-dated credits that historically have offered attractive income generation – or carry – as they near maturity. The carry earned on shorter-dated corporate credits, along with a decline in interest rates in jurisdictions where the Fund had material exposure, contributed most to returns relative to the performance benchmark.
Top Detractors from Performance
The degree to which restrictive policy has weighed on different economies drove our duration – or interest rate risk –decisions. Initially we increased duration in anticipation of a slowing global economy, then tactically reduced it as inflation proved persistent. Toward period end, slowing growth allowed us to increase duration in certain markets. Given market volatility caused by uneven economic growth and diverging inflation trajectories, we deployed hedges with the aim of dampening the impact of rate swings, and these positions generated negative returns for the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Absolute Return Income Opportunities Fund (Class T Shares/JUCTX) | 6.37% | 2.39)% | 1.40% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| FTSE 3-Month U.S. Treasury Bill Index | 5.64% | 2.22)% | 1.53% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $52M% |
| Number of portfolio holdings | $118% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $61% |
| Weighted average maturity | 3.3 Years |
| Effective duration | 1.3 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 79.1 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 15.4 |
| Investment Companies | 2.4 |
| Commercial Paper | 1.6 |
| Other | 1.5 |
Ratings Summary (% of net assets)†
| A | 23.1 |
| AA | 1.9 |
| AAA | 6.1 |
| BB+ | 1.1 |
| BBB | 44.9 |
| BBB- | 3.2 |
| Ba1 | 11.0 |
| Ba2 | 4.9 |
| Ba3 | 3.4 |
| Other | 0.4 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70663T 08-24
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class A Shares:JRSAX
This annual shareholder report contains important information about the Janus Henderson Adaptive Risk Managed U.S. Equity Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund (Class A Shares/JRSAX) | $92 | 0.85% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Adaptive Risk Managed U.S. Equity Fund Class A Shares returned 17.44%. Its broad-based benchmark, the Russell 1000® Index, returned 23.88%. Its performance benchmark, the S&P 500® Minimum Volatility Index, returned 16.54%.
Top Contributors to Performance
Relative to the performance benchmark, stock selection and an overweight in the real estate sector contributed. In particular, a position in logistics real estate company Prologis aided results. An underweight position in Tesla Motors also lifted relative performance, as did an overweight position in biotechnology company Amgen.
Top Detractors from Performance
Stock selection and an overweight in the consumer staples sector proved to be a leading detractor from returns relative to the performance benchmark. Stock selection in financials further weighed on results. An underweight in information technology also detracted given the sector led the market higher during the period. On an individual stock basis, relative performance was hindered by underweight positions in NVIDIA, which benefited from enhancements in artificial intelligence, and pharmaceutical company Eli Lilly.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund (Class A Shares/JRSAX) at NAV | 17.44% | 9.61% | 9.17% |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund (Class A Shares/JRSAX) at Maximum Offering Price - 5.75% | 10.73% | 8.33% | 8.53% |
| Russell 1000® Index | 23.88% | 14.61% | 12.51% |
| S&P 500® Minimum Volatility Index | 16.54% | 10.53% | 11.09% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Effective June 10, 2022, the Fund changed its investment strategy. The performance shown for periods prior to June 10, 2022, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $613M% |
| Number of portfolio holdings | $118% |
| Total investment advisory fee paid | $2.7M% |
| Portfolio turnover rate | $250% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Apple Inc | 7.6 |
| Microsoft Corp | 7.3 |
| Alphabet Inc - Class A | 4.5 |
| NVIDIA Corp | 4.3 |
| Eli Lilly & Co | 3.0 |
Asset Allocation (% of net assets)
| Common Stocks | 100.1) |
| Investment Companies | 0.1) |
| Other | (0.2) |
Top Country Allocations (% of investments)
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, 2023.
Previously, Janus Henderson Investors US LLC contractually agreed to waive 0.05% of its advisory fee paid by the Fund. This waiver was in effect for a period of two years and was terminated on June 9, 2024. Effective October 27, 2023, the Fund's contractual limit on total annual operating expense changed from 0.65% to 0.59%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70664A 08-24
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class C Shares:JRSCX
This annual shareholder report contains important information about the Janus Henderson Adaptive Risk Managed U.S. Equity Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund (Class C Shares/JRSCX) | $170 | 1.57% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Adaptive Risk Managed U.S. Equity Fund Class C Shares returned 16.55%. Its broad-based benchmark, the Russell 1000® Index, returned 23.88%. Its performance benchmark, the S&P 500® Minimum Volatility Index, returned 16.54%.
Top Contributors to Performance
Relative to the performance benchmark, stock selection and an overweight in the real estate sector contributed. In particular, a position in logistics real estate company Prologis aided results. An underweight position in Tesla Motors also lifted relative performance, as did an overweight position in biotechnology company Amgen.
Top Detractors from Performance
Stock selection and an overweight in the consumer staples sector proved to be a leading detractor from returns relative to the performance benchmark. Stock selection in financials further weighed on results. An underweight in information technology also detracted given the sector led the market higher during the period. On an individual stock basis, relative performance was hindered by underweight positions in NVIDIA, which benefited from enhancements in artificial intelligence, and pharmaceutical company Eli Lilly.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund (Class C Shares/JRSCX) at NAV | 16.55%* | 8.90% | 8.46% |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund (Class C Shares/JRSCX) with Contingent Deferred Sales Charge | 15.55%* | 8.90% | 8.46% |
| Russell 1000® Index | 23.88%* | 14.61% | 12.51% |
| S&P 500® Minimum Volatility Index | 16.54%* | 10.53% | 11.09% |
* | Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Effective June 10, 2022, the Fund changed its investment strategy. The performance shown for periods prior to June 10, 2022, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $613M% |
| Number of portfolio holdings | $118% |
| Total investment advisory fee paid | $2.7M% |
| Portfolio turnover rate | $250% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Apple Inc | 7.6 |
| Microsoft Corp | 7.3 |
| Alphabet Inc - Class A | 4.5 |
| NVIDIA Corp | 4.3 |
| Eli Lilly & Co | 3.0 |
Asset Allocation (% of net assets)
| Common Stocks | 100.1) |
| Investment Companies | 0.1) |
| Other | (0.2) |
Top Country Allocations (% of investments)
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, 2023.
Previously, Janus Henderson Investors US LLC contractually agreed to waive 0.05% of its advisory fee paid by the Fund. This waiver was in effect for a period of two years and was terminated on June 9, 2024. Effective October 27, 2023, the Fund's contractual limit on total annual operating expense changed from 0.65% to 0.59%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70665C 08-24
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class D Shares:JRSDX
This annual shareholder report contains important information about the Janus Henderson Adaptive Risk Managed U.S. Equity Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund (Class D Shares/JRSDX) | $71 | 0.65% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Adaptive Risk Managed U.S. Equity Fund Class D Shares returned 17.78%. Its broad-based benchmark, the Russell 1000® Index, returned 23.88%. Its performance benchmark, the S&P 500® Minimum Volatility Index, returned 16.54%.
Top Contributors to Performance
Relative to the performance benchmark, stock selection and an overweight in the real estate sector contributed. In particular, a position in logistics real estate company Prologis aided results. An underweight position in Tesla Motors also lifted relative performance, as did an overweight position in biotechnology company Amgen.
Top Detractors from Performance
Stock selection and an overweight in the consumer staples sector proved to be a leading detractor from returns relative to the performance benchmark. Stock selection in financials further weighed on results. An underweight in information technology also detracted given the sector led the market higher during the period. On an individual stock basis, relative performance was hindered by underweight positions in NVIDIA, which benefited from enhancements in artificial intelligence, and pharmaceutical company Eli Lilly.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund (Class D Shares/JRSDX) | 17.78% | 9.85% | 9.39% |
| Russell 1000® Index | 23.88% | 14.61% | 12.51% |
| S&P 500® Minimum Volatility Index | 16.54% | 10.53% | 11.09% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Effective June 10, 2022, the Fund changed its investment strategy. The performance shown for periods prior to June 10, 2022, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $613M% |
| Number of portfolio holdings | $118% |
| Total investment advisory fee paid | $2.7M% |
| Portfolio turnover rate | $250% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Apple Inc | 7.6 |
| Microsoft Corp | 7.3 |
| Alphabet Inc - Class A | 4.5 |
| NVIDIA Corp | 4.3 |
| Eli Lilly & Co | 3.0 |
Asset Allocation (% of net assets)
| Common Stocks | 100.1) |
| Investment Companies | 0.1) |
| Other | (0.2) |
Top Country Allocations (% of investments)
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, 2023.
Previously, Janus Henderson Investors US LLC contractually agreed to waive 0.05% of its advisory fee paid by the Fund. This waiver was in effect for a period of two years and was terminated on June 9, 2024. Effective October 27, 2023, the Fund's contractual limit on total annual operating expense changed from 0.65% to 0.59%. The cap excludes shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses.
Where can I find more information?
At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-800-525-3713.
225-65-70666D 08-24
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class I Shares:JRSIX
This annual shareholder report contains important information about the Janus Henderson Adaptive Risk Managed U.S. Equity Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund (Class I Shares/JRSIX) | $65 | 0.60% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Adaptive Risk Managed U.S. Equity Fund Class I Shares returned 17.71%. Its broad-based benchmark, the Russell 1000® Index, returned 23.88%. Its performance benchmark, the S&P 500® Minimum Volatility Index, returned 16.54%.
Top Contributors to Performance
Relative to the performance benchmark, stock selection and an overweight in the real estate sector contributed. In particular, a position in logistics real estate company Prologis aided results. An underweight position in Tesla Motors also lifted relative performance, as did an overweight position in biotechnology company Amgen.
Top Detractors from Performance
Stock selection and an overweight in the consumer staples sector proved to be a leading detractor from returns relative to the performance benchmark. Stock selection in financials further weighed on results. An underweight in information technology also detracted given the sector led the market higher during the period. On an individual stock basis, relative performance was hindered by underweight positions in NVIDIA, which benefited from enhancements in artificial intelligence, and pharmaceutical company Eli Lilly.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund (Class I Shares/JRSIX) | 17.71% | 9.87% | 9.46% |
| Russell 1000® Index | 23.88% | 14.61% | 12.51% |
| S&P 500® Minimum Volatility Index | 16.54% | 10.53% | 11.09% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Effective June 10, 2022, the Fund changed its investment strategy. The performance shown for periods prior to June 10, 2022, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $613M% |
| Number of portfolio holdings | $118% |
| Total investment advisory fee paid | $2.7M% |
| Portfolio turnover rate | $250% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Apple Inc | 7.6 |
| Microsoft Corp | 7.3 |
| Alphabet Inc - Class A | 4.5 |
| NVIDIA Corp | 4.3 |
| Eli Lilly & Co | 3.0 |
Asset Allocation (% of net assets)
| Common Stocks | 100.1) |
| Investment Companies | 0.1) |
| Other | (0.2) |
Top Country Allocations (% of investments)
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, 2023.
Previously, Janus Henderson Investors US LLC contractually agreed to waive 0.05% of its advisory fee paid by the Fund. This waiver was in effect for a period of two years and was terminated on June 9, 2024. Effective October 27, 2023, the Fund's contractual limit on total annual operating expense changed from 0.65% to 0.59%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70667I 08-24
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class N Shares:JRSNX
This annual shareholder report contains important information about the Janus Henderson Adaptive Risk Managed U.S. Equity Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund (Class N Shares/JRSNX) | $57 | 0.52% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Adaptive Risk Managed U.S. Equity Fund Class N Shares returned 17.90%. Its broad-based benchmark, the Russell 1000® Index, returned 23.88%. Its performance benchmark, the S&P 500® Minimum Volatility Index, returned 16.54%.
Top Contributors to Performance
Relative to the performance benchmark, stock selection and an overweight in the real estate sector contributed. In particular, a position in logistics real estate company Prologis aided results. An underweight position in Tesla Motors also lifted relative performance, as did an overweight position in biotechnology company Amgen.
Top Detractors from Performance
Stock selection and an overweight in the consumer staples sector proved to be a leading detractor from returns relative to the performance benchmark. Stock selection in financials further weighed on results. An underweight in information technology also detracted given the sector led the market higher during the period. On an individual stock basis, relative performance was hindered by underweight positions in NVIDIA, which benefited from enhancements in artificial intelligence, and pharmaceutical company Eli Lilly.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund (Class N Shares/JRSNX) | 17.90% | 10.00% | 9.58% |
| Russell 1000® Index | 23.88% | 14.61% | 12.51% |
| S&P 500® Minimum Volatility Index | 16.54% | 10.53% | 11.09% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Effective June 10, 2022, the Fund changed its investment strategy. The performance shown for periods prior to June 10, 2022, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $613M% |
| Number of portfolio holdings | $118% |
| Total investment advisory fee paid | $2.7M% |
| Portfolio turnover rate | $250% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Apple Inc | 7.6 |
| Microsoft Corp | 7.3 |
| Alphabet Inc - Class A | 4.5 |
| NVIDIA Corp | 4.3 |
| Eli Lilly & Co | 3.0 |
Asset Allocation (% of net assets)
| Common Stocks | 100.1) |
| Investment Companies | 0.1) |
| Other | (0.2) |
Top Country Allocations (% of investments)
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, 2023.
Previously, Janus Henderson Investors US LLC contractually agreed to waive 0.05% of its advisory fee paid by the Fund. This waiver was in effect for a period of two years and was terminated on June 9, 2024. Effective October 27, 2023, the Fund's contractual limit on total annual operating expense changed from 0.65% to 0.59%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70668N 08-24
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class S Shares:JRSSX
This annual shareholder report contains important information about the Janus Henderson Adaptive Risk Managed U.S. Equity Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund (Class S Shares/JRSSX) | $110 | 1.01% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Adaptive Risk Managed U.S. Equity Fund Class S Shares returned 17.32%. Its broad-based benchmark, the Russell 1000® Index, returned 23.88%. Its performance benchmark, the S&P 500® Minimum Volatility Index, returned 16.54%.
Top Contributors to Performance
Relative to the performance benchmark, stock selection and an overweight in the real estate sector contributed. In particular, a position in logistics real estate company Prologis aided results. An underweight position in Tesla Motors also lifted relative performance, as did an overweight position in biotechnology company Amgen.
Top Detractors from Performance
Stock selection and an overweight in the consumer staples sector proved to be a leading detractor from returns relative to the performance benchmark. Stock selection in financials further weighed on results. An underweight in information technology also detracted given the sector led the market higher during the period. On an individual stock basis, relative performance was hindered by underweight positions in NVIDIA, which benefited from enhancements in artificial intelligence, and pharmaceutical company Eli Lilly.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund (Class S Shares/JRSSX) | 17.32% | 9.45% | 9.04% |
| Russell 1000® Index | 23.88% | 14.61% | 12.51% |
| S&P 500® Minimum Volatility Index | 16.54% | 10.53% | 11.09% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Effective June 10, 2022, the Fund changed its investment strategy. The performance shown for periods prior to June 10, 2022, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $613M% |
| Number of portfolio holdings | $118% |
| Total investment advisory fee paid | $2.7M% |
| Portfolio turnover rate | $250% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Apple Inc | 7.6 |
| Microsoft Corp | 7.3 |
| Alphabet Inc - Class A | 4.5 |
| NVIDIA Corp | 4.3 |
| Eli Lilly & Co | 3.0 |
Asset Allocation (% of net assets)
| Common Stocks | 100.1) |
| Investment Companies | 0.1) |
| Other | (0.2) |
Top Country Allocations (% of investments)
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, 2023.
Previously, Janus Henderson Investors US LLC contractually agreed to waive 0.05% of its advisory fee paid by the Fund. This waiver was in effect for a period of two years and was terminated on June 9, 2024. Effective October 27, 2023, the Fund's contractual limit on total annual operating expense changed from 0.65% to 0.59%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70669S 08-24
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class T Shares:JRSTX
This annual shareholder report contains important information about the Janus Henderson Adaptive Risk Managed U.S. Equity Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund (Class T Shares/JRSTX) | $82 | 0.75% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Adaptive Risk Managed U.S. Equity Fund Class T Shares returned 17.60%. Its broad-based benchmark, the Russell 1000® Index, returned 23.88%. Its performance benchmark, the S&P 500® Minimum Volatility Index, returned 16.54%.
Top Contributors to Performance
Relative to the performance benchmark, stock selection and an overweight in the real estate sector contributed. In particular, a position in logistics real estate company Prologis aided results. An underweight position in Tesla Motors also lifted relative performance, as did an overweight position in biotechnology company Amgen.
Top Detractors from Performance
Stock selection and an overweight in the consumer staples sector proved to be a leading detractor from returns relative to the performance benchmark. Stock selection in financials further weighed on results. An underweight in information technology also detracted given the sector led the market higher during the period. On an individual stock basis, relative performance was hindered by underweight positions in NVIDIA, which benefited from enhancements in artificial intelligence, and pharmaceutical company Eli Lilly.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund (Class T Shares/JRSTX) | 17.60% | 9.76% | 9.31% |
| Russell 1000® Index | 23.88% | 14.61% | 12.51% |
| S&P 500® Minimum Volatility Index | 16.54% | 10.53% | 11.09% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Effective June 10, 2022, the Fund changed its investment strategy. The performance shown for periods prior to June 10, 2022, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $613M% |
| Number of portfolio holdings | $118% |
| Total investment advisory fee paid | $2.7M% |
| Portfolio turnover rate | $250% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Apple Inc | 7.6 |
| Microsoft Corp | 7.3 |
| Alphabet Inc - Class A | 4.5 |
| NVIDIA Corp | 4.3 |
| Eli Lilly & Co | 3.0 |
Asset Allocation (% of net assets)
| Common Stocks | 100.1) |
| Investment Companies | 0.1) |
| Other | (0.2) |
Top Country Allocations (% of investments)
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, 2023.
Previously, Janus Henderson Investors US LLC contractually agreed to waive 0.05% of its advisory fee paid by the Fund. This waiver was in effect for a period of two years and was terminated on June 9, 2024. Effective October 27, 2023, the Fund's contractual limit on total annual operating expense changed from 0.65% to 0.59%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70670T 08-24
Janus Henderson Developed World Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class A Shares:HFAAX
This annual shareholder report contains important information about the Janus Henderson Developed World Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Developed World Bond Fund (Class A Shares/HFAAX) | $81 | 0.80% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Developed World Bond Fund Class A Shares returned 2.98%. Its broad-based benchmark, the Bloomberg Global Aggregate Bond Index, returned 0.93%. Its performance benchmark, the Bloomberg Global Aggregate Credit Index (USD Hedged), returned 5.76%.
Top Contributors to Performance
The Fund’s investment-grade bond holdings contributed to returns relative to the performance benchmark.
Top Detractors from Performance
The Fund's long duration (or interest rate risk) positioning was the main detractor from returns relative to the performance benchmark. Investors dialed back expectations for central bank easing as solid economic data led to growing optimism and risk assets remained buoyant. This pushed bond yields higher. However, later in the period, U.S. data began to disappoint and events in France increased the appeal of core sovereign bonds, which led to yields reversing course and moving lower in June. Our overweight duration exposure in the UK, Germany, and Australia detracted.
The Fund used derivative instruments in the form of futures contracts in an effort to manage interest rate risk and forward foreign currency exchange contracts in an effort to hedge the portfolio’s foreign currency back to the U.S. dollar. In aggregate, the use of derivatives detracted for the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Developed World Bond Fund (Class A Shares/HFAAX) at NAV | 2.98)% | (0.87)% | 1.69)% |
| Janus Henderson Developed World Bond Fund (Class A Shares/HFAAX) at Maximum Offering Price - 4.75% | (1.95)% | (1.82)% | 1.20)% |
| Bloomberg Global Aggregate Bond Index | 0.93)% | (2.02)% | (0.42)% |
| Bloomberg Global Aggregate Credit Index (USD Hedged) | 5.76)% | 0.61)% | 2.37)% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Performance for periods prior to June 5, 2017 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.
Key Fund Statistics
| Net assets | $1,095M% |
| Number of portfolio holdings | $198% |
| Total investment advisory fee paid | $5.4M% |
| Portfolio turnover rate | $29% |
| Weighted average maturity | 6.6 Years |
| Effective duration | 8.7 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 54.9 |
| Foreign Government Bonds | 26.7 |
| Mortgage-Backed Securities | 9.0 |
| United States Treasury Notes/Bonds | 3.8 |
| Investment Companies | 3.3 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 0.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | 1.7 |
Ratings Summary (% of net assets)†
| AAA | 9.6 |
| AA | 17.5 |
| A | 14.3 |
| BBB | 26.4 |
| BB | 5.1 |
| B | 1.1 |
| Not Rated | 21.7 |
| Other | 4.3 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70671A 08-24
Janus Henderson Developed World Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class C Shares:HFACX
This annual shareholder report contains important information about the Janus Henderson Developed World Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Developed World Bond Fund (Class C Shares/HFACX) | $155 | 1.53% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Developed World Bond Fund Class C Shares returned 2.24%. Its broad-based benchmark, the Bloomberg Global Aggregate Bond Index, returned 0.93%. Its performance benchmark, the Bloomberg Global Aggregate Credit Index (USD Hedged), returned 5.76%.
Top Contributors to Performance
The Fund’s investment-grade bond holdings contributed to returns relative to the performance benchmark.
Top Detractors from Performance
The Fund's long duration (or interest rate risk) positioning was the main detractor from returns relative to the performance benchmark. Investors dialed back expectations for central bank easing as solid economic data led to growing optimism and risk assets remained buoyant. This pushed bond yields higher. However, later in the period, U.S. data began to disappoint and events in France increased the appeal of core sovereign bonds, which led to yields reversing course and moving lower in June. Our overweight duration exposure in the UK, Germany, and Australia detracted.
The Fund used derivative instruments in the form of futures contracts in an effort to manage interest rate risk and forward foreign currency exchange contracts in an effort to hedge the portfolio’s foreign currency back to the U.S. dollar. In aggregate, the use of derivatives detracted for the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Developed World Bond Fund (Class C Shares/HFACX) at NAV | 2.24%* | (1.60)% | 0.94)% |
| Janus Henderson Developed World Bond Fund (Class C Shares/HFACX) with Contingent Deferred Sales Charge | 1.24%* | (1.60)% | 0.94)% |
| Bloomberg Global Aggregate Bond Index | 0.93%* | (2.02)% | (0.42)% |
| Bloomberg Global Aggregate Credit Index (USD Hedged) | 5.76%* | 0.61)% | 2.37)% |
* | Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Performance for periods prior to June 5, 2017 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.
Key Fund Statistics
| Net assets | $1,095M% |
| Number of portfolio holdings | $198% |
| Total investment advisory fee paid | $5.4M% |
| Portfolio turnover rate | $29% |
| Weighted average maturity | 6.6 Years |
| Effective duration | 8.7 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 54.9 |
| Foreign Government Bonds | 26.7 |
| Mortgage-Backed Securities | 9.0 |
| United States Treasury Notes/Bonds | 3.8 |
| Investment Companies | 3.3 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 0.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | 1.7 |
Ratings Summary (% of net assets)†
| AAA | 9.6 |
| AA | 17.5 |
| A | 14.3 |
| BBB | 26.4 |
| BB | 5.1 |
| B | 1.1 |
| Not Rated | 21.7 |
| Other | 4.3 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70672C 08-24
Janus Henderson Developed World Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class D Shares:HFADX
This annual shareholder report contains important information about the Janus Henderson Developed World Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Developed World Bond Fund (Class D Shares/HFADX) | $70 | 0.69% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Developed World Bond Fund Class D Shares returned 3.11%. Its broad-based benchmark, the Bloomberg Global Aggregate Bond Index, returned 0.93%. Its performance benchmark, the Bloomberg Global Aggregate Credit Index (USD Hedged), returned 5.76%.
Top Contributors to Performance
The Fund’s investment-grade bond holdings contributed to returns relative to the performance benchmark.
Top Detractors from Performance
The Fund's long duration (or interest rate risk) positioning was the main detractor from returns relative to the performance benchmark. Investors dialed back expectations for central bank easing as solid economic data led to growing optimism and risk assets remained buoyant. This pushed bond yields higher. However, later in the period, U.S. data began to disappoint and events in France increased the appeal of core sovereign bonds, which led to yields reversing course and moving lower in June. Our overweight duration exposure in the UK, Germany, and Australia detracted.
The Fund used derivative instruments in the form of futures contracts in an effort to manage interest rate risk and forward foreign currency exchange contracts in an effort to hedge the portfolio’s foreign currency back to the U.S. dollar. In aggregate, the use of derivatives detracted for the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Developed World Bond Fund (Class D Shares/HFADX) | 3.11% | (0.75)% | 1.79)% |
| Bloomberg Global Aggregate Bond Index | 0.93% | (2.02)% | (0.42)% |
| Bloomberg Global Aggregate Credit Index (USD Hedged) | 5.76% | 0.61)% | 2.37)% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Performance for periods prior to June 5, 2017 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.
Key Fund Statistics
| Net assets | $1,095M% |
| Number of portfolio holdings | $198% |
| Total investment advisory fee paid | $5.4M% |
| Portfolio turnover rate | $29% |
| Weighted average maturity | 6.6 Years |
| Effective duration | 8.7 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 54.9 |
| Foreign Government Bonds | 26.7 |
| Mortgage-Backed Securities | 9.0 |
| United States Treasury Notes/Bonds | 3.8 |
| Investment Companies | 3.3 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 0.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | 1.7 |
Ratings Summary (% of net assets)†
| AAA | 9.6 |
| AA | 17.5 |
| A | 14.3 |
| BBB | 26.4 |
| BB | 5.1 |
| B | 1.1 |
| Not Rated | 21.7 |
| Other | 4.3 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-800-525-3713.
225-65-70673D 08-24
Janus Henderson Developed World Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class I Shares:HFAIX
This annual shareholder report contains important information about the Janus Henderson Developed World Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Developed World Bond Fund (Class I Shares/HFAIX) | $59 | 0.58% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Developed World Bond Fund Class I Shares returned 3.10%. Its broad-based benchmark, the Bloomberg Global Aggregate Bond Index, returned 0.93%. Its performance benchmark, the Bloomberg Global Aggregate Credit Index (USD Hedged), returned 5.76%.
Top Contributors to Performance
The Fund’s investment-grade bond holdings contributed to returns relative to the performance benchmark.
Top Detractors from Performance
The Fund's long duration (or interest rate risk) positioning was the main detractor from returns relative to the performance benchmark. Investors dialed back expectations for central bank easing as solid economic data led to growing optimism and risk assets remained buoyant. This pushed bond yields higher. However, later in the period, U.S. data began to disappoint and events in France increased the appeal of core sovereign bonds, which led to yields reversing course and moving lower in June. Our overweight duration exposure in the UK, Germany, and Australia detracted.
The Fund used derivative instruments in the form of futures contracts in an effort to manage interest rate risk and forward foreign currency exchange contracts in an effort to hedge the portfolio’s foreign currency back to the U.S. dollar. In aggregate, the use of derivatives detracted for the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Developed World Bond Fund (Class I Shares/HFAIX) | 3.10% | (0.65)% | 1.93)% |
| Bloomberg Global Aggregate Bond Index | 0.93% | (2.02)% | (0.42)% |
| Bloomberg Global Aggregate Credit Index (USD Hedged) | 5.76% | 0.61)% | 2.37)% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Performance for periods prior to June 5, 2017 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.
Key Fund Statistics
| Net assets | $1,095M% |
| Number of portfolio holdings | $198% |
| Total investment advisory fee paid | $5.4M% |
| Portfolio turnover rate | $29% |
| Weighted average maturity | 6.6 Years |
| Effective duration | 8.7 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 54.9 |
| Foreign Government Bonds | 26.7 |
| Mortgage-Backed Securities | 9.0 |
| United States Treasury Notes/Bonds | 3.8 |
| Investment Companies | 3.3 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 0.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | 1.7 |
Ratings Summary (% of net assets)†
| AAA | 9.6 |
| AA | 17.5 |
| A | 14.3 |
| BBB | 26.4 |
| BB | 5.1 |
| B | 1.1 |
| Not Rated | 21.7 |
| Other | 4.3 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70674I 08-24
Janus Henderson Developed World Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class N Shares:HFARX
This annual shareholder report contains important information about the Janus Henderson Developed World Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Developed World Bond Fund (Class N Shares/HFARX) | $59 | 0.58% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Developed World Bond Fund Class N Shares returned 3.24%. Its broad-based benchmark, the Bloomberg Global Aggregate Bond Index, returned 0.93%. Its performance benchmark, the Bloomberg Global Aggregate Credit Index (USD Hedged), returned 5.76%.
Top Contributors to Performance
The Fund’s investment-grade bond holdings contributed to returns relative to the performance benchmark.
Top Detractors from Performance
The Fund's long duration (or interest rate risk) positioning was the main detractor from returns relative to the performance benchmark. Investors dialed back expectations for central bank easing as solid economic data led to growing optimism and risk assets remained buoyant. This pushed bond yields higher. However, later in the period, U.S. data began to disappoint and events in France increased the appeal of core sovereign bonds, which led to yields reversing course and moving lower in June. Our overweight duration exposure in the UK, Germany, and Australia detracted.
The Fund used derivative instruments in the form of futures contracts in an effort to manage interest rate risk and forward foreign currency exchange contracts in an effort to hedge the portfolio’s foreign currency back to the U.S. dollar. In aggregate, the use of derivatives detracted for the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Developed World Bond Fund (Class N Shares/HFARX) | 3.24% | (0.63)% | 1.93)% |
| Bloomberg Global Aggregate Bond Index | 0.93% | (2.02)% | (0.42)% |
| Bloomberg Global Aggregate Credit Index (USD Hedged) | 5.76% | 0.61)% | 2.37)% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Performance for periods prior to June 5, 2017 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.
Key Fund Statistics
| Net assets | $1,095M% |
| Number of portfolio holdings | $198% |
| Total investment advisory fee paid | $5.4M% |
| Portfolio turnover rate | $29% |
| Weighted average maturity | 6.6 Years |
| Effective duration | 8.7 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 54.9 |
| Foreign Government Bonds | 26.7 |
| Mortgage-Backed Securities | 9.0 |
| United States Treasury Notes/Bonds | 3.8 |
| Investment Companies | 3.3 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 0.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | 1.7 |
Ratings Summary (% of net assets)†
| AAA | 9.6 |
| AA | 17.5 |
| A | 14.3 |
| BBB | 26.4 |
| BB | 5.1 |
| B | 1.1 |
| Not Rated | 21.7 |
| Other | 4.3 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70675N 08-24
Janus Henderson Developed World Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class S Shares:HFASX
This annual shareholder report contains important information about the Janus Henderson Developed World Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Developed World Bond Fund (Class S Shares/HFASX) | $106 | 1.05% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Developed World Bond Fund Class S Shares returned 2.70%. Its broad-based benchmark, the Bloomberg Global Aggregate Bond Index, returned 0.93%. Its performance benchmark, the Bloomberg Global Aggregate Credit Index (USD Hedged), returned 5.76%.
Top Contributors to Performance
The Fund’s investment-grade bond holdings contributed to returns relative to the performance benchmark.
Top Detractors from Performance
The Fund's long duration (or interest rate risk) positioning was the main detractor from returns relative to the performance benchmark. Investors dialed back expectations for central bank easing as solid economic data led to growing optimism and risk assets remained buoyant. This pushed bond yields higher. However, later in the period, U.S. data began to disappoint and events in France increased the appeal of core sovereign bonds, which led to yields reversing course and moving lower in June. Our overweight duration exposure in the UK, Germany, and Australia detracted.
The Fund used derivative instruments in the form of futures contracts in an effort to manage interest rate risk and forward foreign currency exchange contracts in an effort to hedge the portfolio’s foreign currency back to the U.S. dollar. In aggregate, the use of derivatives detracted for the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Developed World Bond Fund (Class S Shares/HFASX) | 2.70% | (1.09)% | 1.53)% |
| Bloomberg Global Aggregate Bond Index | 0.93% | (2.02)% | (0.42)% |
| Bloomberg Global Aggregate Credit Index (USD Hedged) | 5.76% | 0.61)% | 2.37)% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Performance for periods prior to June 5, 2017 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.
Key Fund Statistics
| Net assets | $1,095M% |
| Number of portfolio holdings | $198% |
| Total investment advisory fee paid | $5.4M% |
| Portfolio turnover rate | $29% |
| Weighted average maturity | 6.6 Years |
| Effective duration | 8.7 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 54.9 |
| Foreign Government Bonds | 26.7 |
| Mortgage-Backed Securities | 9.0 |
| United States Treasury Notes/Bonds | 3.8 |
| Investment Companies | 3.3 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 0.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | 1.7 |
Ratings Summary (% of net assets)†
| AAA | 9.6 |
| AA | 17.5 |
| A | 14.3 |
| BBB | 26.4 |
| BB | 5.1 |
| B | 1.1 |
| Not Rated | 21.7 |
| Other | 4.3 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70676S 08-24
Janus Henderson Developed World Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class T Shares:HFATX
This annual shareholder report contains important information about the Janus Henderson Developed World Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Developed World Bond Fund (Class T Shares/HFATX) | $82 | 0.81% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Developed World Bond Fund Class T Shares returned 2.84%. Its broad-based benchmark, the Bloomberg Global Aggregate Bond Index, returned 0.93%. Its performance benchmark, the Bloomberg Global Aggregate Credit Index (USD Hedged), returned 5.76%.
Top Contributors to Performance
The Fund’s investment-grade bond holdings contributed to returns relative to the performance benchmark.
Top Detractors from Performance
The Fund's long duration (or interest rate risk) positioning was the main detractor from returns relative to the performance benchmark. Investors dialed back expectations for central bank easing as solid economic data led to growing optimism and risk assets remained buoyant. This pushed bond yields higher. However, later in the period, U.S. data began to disappoint and events in France increased the appeal of core sovereign bonds, which led to yields reversing course and moving lower in June. Our overweight duration exposure in the UK, Germany, and Australia detracted.
The Fund used derivative instruments in the form of futures contracts in an effort to manage interest rate risk and forward foreign currency exchange contracts in an effort to hedge the portfolio’s foreign currency back to the U.S. dollar. In aggregate, the use of derivatives detracted for the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Developed World Bond Fund (Class T Shares/HFATX) | 2.84% | (0.87)% | 1.71)% |
| Bloomberg Global Aggregate Bond Index | 0.93% | (2.02)% | (0.42)% |
| Bloomberg Global Aggregate Credit Index (USD Hedged) | 5.76% | 0.61)% | 2.37)% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Performance for periods prior to June 5, 2017 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.
Key Fund Statistics
| Net assets | $1,095M% |
| Number of portfolio holdings | $198% |
| Total investment advisory fee paid | $5.4M% |
| Portfolio turnover rate | $29% |
| Weighted average maturity | 6.6 Years |
| Effective duration | 8.7 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 54.9 |
| Foreign Government Bonds | 26.7 |
| Mortgage-Backed Securities | 9.0 |
| United States Treasury Notes/Bonds | 3.8 |
| Investment Companies | 3.3 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 0.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | 1.7 |
Ratings Summary (% of net assets)†
| AAA | 9.6 |
| AA | 17.5 |
| A | 14.3 |
| BBB | 26.4 |
| BB | 5.1 |
| B | 1.1 |
| Not Rated | 21.7 |
| Other | 4.3 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70677T 08-24
Janus Henderson Flexible Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class A Shares:JDFAX
This annual shareholder report contains important information about the Janus Henderson Flexible Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Flexible Bond Fund (Class A Shares/JDFAX) | $71 | 0.70% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Flexible Bond Fund Class A Shares returned 3.57%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%.
Top Contributors to Performance
Sector allocation decisions contributed to relative performance – specifically, our overweight allocations to securitized and corporate credit. Security selection within investment-grade corporates also was additive. Yield curve positioning further aided results. We were generally overweight duration (interest rate risk), believing the Federal Reserve was near the end of its rate-hiking cycle and favoring the defensive characteristics of higher-duration exposure in the event the economy should cool more quickly than expected.
Top Detractors from Performance
Security selection within agency mortgage-backed securities (MBS) was the largest relative detractor. We did trim our allocation to MBS in the latter part of the period, though we remained overweight.
The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Flexible Bond Fund (Class A Shares/JDFAX) at NAV | 3.57)% | 0.39)% | 1.27% |
| Janus Henderson Flexible Bond Fund (Class A Shares/JDFAX) at Maximum Offering Price - 4.75% | (1.31)% | (0.58)% | 0.78% |
| Bloomberg U.S. Aggregate Bond Index | 2.63)% | (0.23)% | 1.35% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,605M% |
| Number of portfolio holdings | $639% |
| Total investment advisory fee paid | $9.7M% |
| Portfolio turnover rate | $170% |
| Weighted average maturity | 6.5 Years |
| Effective duration | 6.4 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 36.2) |
| Asset-Backed/Commercial Mortgage-Backed Securities | 30.4) |
| Mortgage-Backed Securities | 25.0) |
| United States Treasury Notes/Bonds | 5.6) |
| Investment Companies | 4.8) |
| Bank Loans and Mezzanine Loans | 1.9) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7) |
| Other | (4.6) |
Ratings Summary (% of net assets)†
| AAA | 2.0) |
| AA | 31.6) |
| A | 9.2) |
| BBB | 23.6) |
| BB | 7.7) |
| B | 0.9) |
| Not Rated | 25.2) |
| Other | (0.2) |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70678A 08-24
Janus Henderson Flexible Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class C Shares:JFICX
This annual shareholder report contains important information about the Janus Henderson Flexible Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Flexible Bond Fund (Class C Shares/JFICX) | $145 | 1.43% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Flexible Bond Fund Class C Shares returned 2.83%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%.
Top Contributors to Performance
Sector allocation decisions contributed to relative performance – specifically, our overweight allocations to securitized and corporate credit. Security selection within investment-grade corporates also was additive. Yield curve positioning further aided results. We were generally overweight duration (interest rate risk), believing the Federal Reserve was near the end of its rate-hiking cycle and favoring the defensive characteristics of higher-duration exposure in the event the economy should cool more quickly than expected.
Top Detractors from Performance
Security selection within agency mortgage-backed securities (MBS) was the largest relative detractor. We did trim our allocation to MBS in the latter part of the period, though we remained overweight.
The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Flexible Bond Fund (Class C Shares/JFICX) at NAV | 2.83%* | (0.28)% | 0.60% |
| Janus Henderson Flexible Bond Fund (Class C Shares/JFICX) with Contingent Deferred Sales Charge | 1.84%* | (0.28)% | 0.60% |
| Bloomberg U.S. Aggregate Bond Index | 2.63%* | (0.23)% | 1.35% |
* | Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,605M% |
| Number of portfolio holdings | $639% |
| Total investment advisory fee paid | $9.7M% |
| Portfolio turnover rate | $170% |
| Weighted average maturity | 6.5 Years |
| Effective duration | 6.4 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 36.2) |
| Asset-Backed/Commercial Mortgage-Backed Securities | 30.4) |
| Mortgage-Backed Securities | 25.0) |
| United States Treasury Notes/Bonds | 5.6) |
| Investment Companies | 4.8) |
| Bank Loans and Mezzanine Loans | 1.9) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7) |
| Other | (4.6) |
Ratings Summary (% of net assets)†
| AAA | 2.0) |
| AA | 31.6) |
| A | 9.2) |
| BBB | 23.6) |
| BB | 7.7) |
| B | 0.9) |
| Not Rated | 25.2) |
| Other | (0.2) |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70679C 08-24
Janus Henderson Flexible Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class D Shares:JANFX
This annual shareholder report contains important information about the Janus Henderson Flexible Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Flexible Bond Fund (Class D Shares/JANFX) | $57 | 0.56% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Flexible Bond Fund Class D Shares returned 3.71%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%.
Top Contributors to Performance
Sector allocation decisions contributed to relative performance – specifically, our overweight allocations to securitized and corporate credit. Security selection within investment-grade corporates also was additive. Yield curve positioning further aided results. We were generally overweight duration (interest rate risk), believing the Federal Reserve was near the end of its rate-hiking cycle and favoring the defensive characteristics of higher-duration exposure in the event the economy should cool more quickly than expected.
Top Detractors from Performance
Security selection within agency mortgage-backed securities (MBS) was the largest relative detractor. We did trim our allocation to MBS in the latter part of the period, though we remained overweight.
The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Flexible Bond Fund (Class D Shares/JANFX) | 3.71% | 0.60)% | 1.50% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,605M% |
| Number of portfolio holdings | $639% |
| Total investment advisory fee paid | $9.7M% |
| Portfolio turnover rate | $170% |
| Weighted average maturity | 6.5 Years |
| Effective duration | 6.4 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 36.2) |
| Asset-Backed/Commercial Mortgage-Backed Securities | 30.4) |
| Mortgage-Backed Securities | 25.0) |
| United States Treasury Notes/Bonds | 5.6) |
| Investment Companies | 4.8) |
| Bank Loans and Mezzanine Loans | 1.9) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7) |
| Other | (4.6) |
Ratings Summary (% of net assets)†
| AAA | 2.0) |
| AA | 31.6) |
| A | 9.2) |
| BBB | 23.6) |
| BB | 7.7) |
| B | 0.9) |
| Not Rated | 25.2) |
| Other | (0.2) |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-800-525-3713.
225-65-70680D 08-24
Janus Henderson Flexible Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class I Shares:JFLEX
This annual shareholder report contains important information about the Janus Henderson Flexible Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Flexible Bond Fund (Class I Shares/JFLEX) | $46 | 0.45% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Flexible Bond Fund Class I Shares returned 3.83%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%.
Top Contributors to Performance
Sector allocation decisions contributed to relative performance – specifically, our overweight allocations to securitized and corporate credit. Security selection within investment-grade corporates also was additive. Yield curve positioning further aided results. We were generally overweight duration (interest rate risk), believing the Federal Reserve was near the end of its rate-hiking cycle and favoring the defensive characteristics of higher-duration exposure in the event the economy should cool more quickly than expected.
Top Detractors from Performance
Security selection within agency mortgage-backed securities (MBS) was the largest relative detractor. We did trim our allocation to MBS in the latter part of the period, though we remained overweight.
The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Flexible Bond Fund (Class I Shares/JFLEX) | 3.83% | 0.69)% | 1.58% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,605M% |
| Number of portfolio holdings | $639% |
| Total investment advisory fee paid | $9.7M% |
| Portfolio turnover rate | $170% |
| Weighted average maturity | 6.5 Years |
| Effective duration | 6.4 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 36.2) |
| Asset-Backed/Commercial Mortgage-Backed Securities | 30.4) |
| Mortgage-Backed Securities | 25.0) |
| United States Treasury Notes/Bonds | 5.6) |
| Investment Companies | 4.8) |
| Bank Loans and Mezzanine Loans | 1.9) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7) |
| Other | (4.6) |
Ratings Summary (% of net assets)†
| AAA | 2.0) |
| AA | 31.6) |
| A | 9.2) |
| BBB | 23.6) |
| BB | 7.7) |
| B | 0.9) |
| Not Rated | 25.2) |
| Other | (0.2) |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70681I 08-24
Janus Henderson Flexible Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class N Shares:JDFNX
This annual shareholder report contains important information about the Janus Henderson Flexible Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Flexible Bond Fund (Class N Shares/JDFNX) | $46 | 0.45% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Flexible Bond Fund Class N Shares returned 3.84%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%.
Top Contributors to Performance
Sector allocation decisions contributed to relative performance – specifically, our overweight allocations to securitized and corporate credit. Security selection within investment-grade corporates also was additive. Yield curve positioning further aided results. We were generally overweight duration (interest rate risk), believing the Federal Reserve was near the end of its rate-hiking cycle and favoring the defensive characteristics of higher-duration exposure in the event the economy should cool more quickly than expected.
Top Detractors from Performance
Security selection within agency mortgage-backed securities (MBS) was the largest relative detractor. We did trim our allocation to MBS in the latter part of the period, though we remained overweight.
The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Flexible Bond Fund (Class N Shares/JDFNX) | 3.84% | 0.73)% | 1.65% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,605M% |
| Number of portfolio holdings | $639% |
| Total investment advisory fee paid | $9.7M% |
| Portfolio turnover rate | $170% |
| Weighted average maturity | 6.5 Years |
| Effective duration | 6.4 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 36.2) |
| Asset-Backed/Commercial Mortgage-Backed Securities | 30.4) |
| Mortgage-Backed Securities | 25.0) |
| United States Treasury Notes/Bonds | 5.6) |
| Investment Companies | 4.8) |
| Bank Loans and Mezzanine Loans | 1.9) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7) |
| Other | (4.6) |
Ratings Summary (% of net assets)†
| AAA | 2.0) |
| AA | 31.6) |
| A | 9.2) |
| BBB | 23.6) |
| BB | 7.7) |
| B | 0.9) |
| Not Rated | 25.2) |
| Other | (0.2) |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70682N 08-24
Janus Henderson Flexible Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class R Shares:JDFRX
This annual shareholder report contains important information about the Janus Henderson Flexible Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Flexible Bond Fund (Class R Shares/JDFRX) | $121 | 1.19% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Flexible Bond Fund Class R Shares returned 3.06%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%.
Top Contributors to Performance
Sector allocation decisions contributed to relative performance – specifically, our overweight allocations to securitized and corporate credit. Security selection within investment-grade corporates also was additive. Yield curve positioning further aided results. We were generally overweight duration (interest rate risk), believing the Federal Reserve was near the end of its rate-hiking cycle and favoring the defensive characteristics of higher-duration exposure in the event the economy should cool more quickly than expected.
Top Detractors from Performance
Security selection within agency mortgage-backed securities (MBS) was the largest relative detractor. We did trim our allocation to MBS in the latter part of the period, though we remained overweight.
The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Flexible Bond Fund (Class R Shares/JDFRX) | 3.06% | (0.01)% | 0.89% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,605M% |
| Number of portfolio holdings | $639% |
| Total investment advisory fee paid | $9.7M% |
| Portfolio turnover rate | $170% |
| Weighted average maturity | 6.5 Years |
| Effective duration | 6.4 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 36.2) |
| Asset-Backed/Commercial Mortgage-Backed Securities | 30.4) |
| Mortgage-Backed Securities | 25.0) |
| United States Treasury Notes/Bonds | 5.6) |
| Investment Companies | 4.8) |
| Bank Loans and Mezzanine Loans | 1.9) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7) |
| Other | (4.6) |
Ratings Summary (% of net assets)†
| AAA | 2.0) |
| AA | 31.6) |
| A | 9.2) |
| BBB | 23.6) |
| BB | 7.7) |
| B | 0.9) |
| Not Rated | 25.2) |
| Other | (0.2) |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70683R 08-24
Janus Henderson Flexible Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class S Shares:JADFX
This annual shareholder report contains important information about the Janus Henderson Flexible Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Flexible Bond Fund (Class S Shares/JADFX) | $97 | 0.95% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Flexible Bond Fund Class S Shares returned 3.32%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%.
Top Contributors to Performance
Sector allocation decisions contributed to relative performance – specifically, our overweight allocations to securitized and corporate credit. Security selection within investment-grade corporates also was additive. Yield curve positioning further aided results. We were generally overweight duration (interest rate risk), believing the Federal Reserve was near the end of its rate-hiking cycle and favoring the defensive characteristics of higher-duration exposure in the event the economy should cool more quickly than expected.
Top Detractors from Performance
Security selection within agency mortgage-backed securities (MBS) was the largest relative detractor. We did trim our allocation to MBS in the latter part of the period, though we remained overweight.
The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Flexible Bond Fund (Class S Shares/JADFX) | 3.32% | 0.23)% | 1.14% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,605M% |
| Number of portfolio holdings | $639% |
| Total investment advisory fee paid | $9.7M% |
| Portfolio turnover rate | $170% |
| Weighted average maturity | 6.5 Years |
| Effective duration | 6.4 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 36.2) |
| Asset-Backed/Commercial Mortgage-Backed Securities | 30.4) |
| Mortgage-Backed Securities | 25.0) |
| United States Treasury Notes/Bonds | 5.6) |
| Investment Companies | 4.8) |
| Bank Loans and Mezzanine Loans | 1.9) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7) |
| Other | (4.6) |
Ratings Summary (% of net assets)†
| AAA | 2.0) |
| AA | 31.6) |
| A | 9.2) |
| BBB | 23.6) |
| BB | 7.7) |
| B | 0.9) |
| Not Rated | 25.2) |
| Other | (0.2) |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70684S 08-24
Janus Henderson Flexible Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class T Shares:JAFIX
This annual shareholder report contains important information about the Janus Henderson Flexible Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Flexible Bond Fund (Class T Shares/JAFIX) | $69 | 0.68% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Flexible Bond Fund Class T Shares returned 3.59%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%.
Top Contributors to Performance
Sector allocation decisions contributed to relative performance – specifically, our overweight allocations to securitized and corporate credit. Security selection within investment-grade corporates also was additive. Yield curve positioning further aided results. We were generally overweight duration (interest rate risk), believing the Federal Reserve was near the end of its rate-hiking cycle and favoring the defensive characteristics of higher-duration exposure in the event the economy should cool more quickly than expected.
Top Detractors from Performance
Security selection within agency mortgage-backed securities (MBS) was the largest relative detractor. We did trim our allocation to MBS in the latter part of the period, though we remained overweight.
The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Flexible Bond Fund (Class T Shares/JAFIX) | 3.59% | 0.49)% | 1.41% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,605M% |
| Number of portfolio holdings | $639% |
| Total investment advisory fee paid | $9.7M% |
| Portfolio turnover rate | $170% |
| Weighted average maturity | 6.5 Years |
| Effective duration | 6.4 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 36.2) |
| Asset-Backed/Commercial Mortgage-Backed Securities | 30.4) |
| Mortgage-Backed Securities | 25.0) |
| United States Treasury Notes/Bonds | 5.6) |
| Investment Companies | 4.8) |
| Bank Loans and Mezzanine Loans | 1.9) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7) |
| Other | (4.6) |
Ratings Summary (% of net assets)†
| AAA | 2.0) |
| AA | 31.6) |
| A | 9.2) |
| BBB | 23.6) |
| BB | 7.7) |
| B | 0.9) |
| Not Rated | 25.2) |
| Other | (0.2) |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70685T 08-24
Janus Henderson Global Allocation Fund – Conservative
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class A Shares:JCAAX
This annual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Conservative (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Global Allocation Fund – Conservative (Class A Shares/JCAAX) | $50 | 0.48% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Global Allocation Fund – Conservative Class A Shares returned 7.51%. Its broad-based benchmark, the Bloomberg Global Aggregate Bond Index, returned 0.93%. Its performance benchmark, the Global Conservative Allocation Index, returned 8.05%.
Top Contributors to Performance
The Fund’s broad asset allocation decisions proved beneficial to returns relative to the performance benchmark. The fund actively allocates across a range of underlying mutual funds, and a modest overweight to equities versus the performance benchmark aided results.
Top Detractors from Performance
Over the past year, diversification within the allocation to equity funds ultimately detracted from returns relative to the performance benchmark. Market gains were led by U.S. large-cap growth names, and the underlying fund exposure to mid- and small-cap equities generally hindered relative results.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Global Allocation Fund – Conservative (Class A Shares/JCAAX) at NAV | 7.51% | 2.61)% | 2.61)% |
| Janus Henderson Global Allocation Fund – Conservative (Class A Shares/JCAAX) at Maximum Offering Price - 5.75% | 1.30% | 1.41)% | 2.00)% |
| Bloomberg Global Aggregate Bond Index | 0.93% | (2.02)% | (0.42)% |
| Global Conservative Allocation Index | 8.05% | 3.14)% | 3.23)% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
The Global Conservative Allocation Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the Bloomberg Global Aggregate Bond Index (60%) and the MSCI All Country World IndexSM (40%).
Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Key Fund Statistics
| Net assets | $135M% |
| Number of portfolio holdings | $19% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $111% |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Fixed Income Funds | 36.5) |
| Equity Funds | 31.6) |
| Exchange-Traded Funds (ETFs) | 30.7) |
| Money Markets | 1.2) |
| Other | (0.0) |
Top 5 Holdings (% of net assets)
| Janus Henderson Developed World Bond Fund - Class N Shares | 20.5 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 14.9 |
| Janus Henderson Overseas Fund - Class N Shares | 13.7 |
| iShares Core International Aggregate Bond | 9.6 |
| iShares JP Morgan USD Emerging Markets Bond | 8.3 |
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, 2023.
Effective June 20, 2024, the Fund's investment strategy changed to provide the Fund with flexibility to invest up to 35% of its assets in underlying funds that are not sponsored by Janus Henderson Investors US LLC, the Fund's investment adviser. In connection with this change, the Fund's principal investment risks were revised to include the following risk factors: Investment Process Risk, Equity Securities Risk, High-Yield Bond Risk, Small- and Mid-Sized Companies Risk, and Passive Investment Risk. The following risk factors were removed from the Fund's principal investment risks: Investment Process Risk, REIT Risk, and Commodity-Linked Investments Risk.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70686A 08-24
Janus Henderson Global Allocation Fund – Conservative
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class C Shares:JCACX
This annual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Conservative (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Global Allocation Fund – Conservative (Class C Shares/JCACX) | $125 | 1.21% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Global Allocation Fund – Conservative Class C Shares returned 6.66%. Its broad-based benchmark, the Bloomberg Global Aggregate Bond Index, returned 0.93%. Its performance benchmark, the Global Conservative Allocation Index, returned 8.05%.
Top Contributors to Performance
The Fund’s broad asset allocation decisions proved beneficial to returns relative to the performance benchmark. The fund actively allocates across a range of underlying mutual funds, and a modest overweight to equities versus the performance benchmark aided results.
Top Detractors from Performance
Over the past year, diversification within the allocation to equity funds ultimately detracted from returns relative to the performance benchmark. Market gains were led by U.S. large-cap growth names, and the underlying fund exposure to mid- and small-cap equities generally hindered relative results.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Global Allocation Fund – Conservative (Class C Shares/JCACX) at NAV | 6.66%* | 1.90)% | 1.96)% |
| Janus Henderson Global Allocation Fund – Conservative (Class C Shares/JCACX) with Contingent Deferred Sales Charge | 5.66%* | 1.90)% | 1.96)% |
| Bloomberg Global Aggregate Bond Index | 0.93%* | (2.02)% | (0.42)% |
| Global Conservative Allocation Index | 8.05%* | 3.14)% | 3.23)% |
* | Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
The Global Conservative Allocation Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the Bloomberg Global Aggregate Bond Index (60%) and the MSCI All Country World IndexSM (40%).
Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Key Fund Statistics
| Net assets | $135M% |
| Number of portfolio holdings | $19% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $111% |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Fixed Income Funds | 36.5) |
| Equity Funds | 31.6) |
| Exchange-Traded Funds (ETFs) | 30.7) |
| Money Markets | 1.2) |
| Other | (0.0) |
Top 5 Holdings (% of net assets)
| Janus Henderson Developed World Bond Fund - Class N Shares | 20.5 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 14.9 |
| Janus Henderson Overseas Fund - Class N Shares | 13.7 |
| iShares Core International Aggregate Bond | 9.6 |
| iShares JP Morgan USD Emerging Markets Bond | 8.3 |
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, 2023.
Effective June 20, 2024, the Fund's investment strategy changed to provide the Fund with flexibility to invest up to 35% of its assets in underlying funds that are not sponsored by Janus Henderson Investors US LLC, the Fund's investment adviser. In connection with this change, the Fund's principal investment risks were revised to include the following risk factors: Investment Process Risk, Equity Securities Risk, High-Yield Bond Risk, Small- and Mid-Sized Companies Risk, and Passive Investment Risk. The following risk factors were removed from the Fund's principal investment risks: Investment Process Risk, REIT Risk, and Commodity-Linked Investments Risk.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70687C 08-24
Janus Henderson Global Allocation Fund – Conservative
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class D Shares:JMSCX
This annual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Conservative (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Global Allocation Fund – Conservative (Class D Shares/JMSCX) | $28 | 0.27% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Global Allocation Fund – Conservative Class D Shares returned 7.77%. Its broad-based benchmark, the Bloomberg Global Aggregate Bond Index, returned 0.93%. Its performance benchmark, the Global Conservative Allocation Index, returned 8.05%.
Top Contributors to Performance
The Fund’s broad asset allocation decisions proved beneficial to returns relative to the performance benchmark. The fund actively allocates across a range of underlying mutual funds, and a modest overweight to equities versus the performance benchmark aided results.
Top Detractors from Performance
Over the past year, diversification within the allocation to equity funds ultimately detracted from returns relative to the performance benchmark. Market gains were led by U.S. large-cap growth names, and the underlying fund exposure to mid- and small-cap equities generally hindered relative results.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Global Allocation Fund – Conservative (Class D Shares/JMSCX) | 7.77% | 2.84)% | 2.83)% |
| Bloomberg Global Aggregate Bond Index | 0.93% | (2.02)% | (0.42)% |
| Global Conservative Allocation Index | 8.05% | 3.14)% | 3.23)% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
The Global Conservative Allocation Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the Bloomberg Global Aggregate Bond Index (60%) and the MSCI All Country World IndexSM (40%).
Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Key Fund Statistics
| Net assets | $135M% |
| Number of portfolio holdings | $19% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $111% |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Fixed Income Funds | 36.5) |
| Equity Funds | 31.6) |
| Exchange-Traded Funds (ETFs) | 30.7) |
| Money Markets | 1.2) |
| Other | (0.0) |
Top 5 Holdings (% of net assets)
| Janus Henderson Developed World Bond Fund - Class N Shares | 20.5 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 14.9 |
| Janus Henderson Overseas Fund - Class N Shares | 13.7 |
| iShares Core International Aggregate Bond | 9.6 |
| iShares JP Morgan USD Emerging Markets Bond | 8.3 |
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, 2023.
Effective June 20, 2024, the Fund's investment strategy changed to provide the Fund with flexibility to invest up to 35% of its assets in underlying funds that are not sponsored by Janus Henderson Investors US LLC, the Fund's investment adviser. In connection with this change, the Fund's principal investment risks were revised to include the following risk factors: Investment Process Risk, Equity Securities Risk, High-Yield Bond Risk, Small- and Mid-Sized Companies Risk, and Passive Investment Risk. The following risk factors were removed from the Fund's principal investment risks: Investment Process Risk, REIT Risk, and Commodity-Linked Investments Risk.
Where can I find more information?
At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-800-525-3713.
225-65-70688D 08-24
Janus Henderson Global Allocation Fund – Conservative
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class I Shares:JCAIX
This annual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Conservative (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Global Allocation Fund – Conservative (Class I Shares/JCAIX) | $26 | 0.25% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Global Allocation Fund – Conservative Class I Shares returned 7.73%. Its broad-based benchmark, the Bloomberg Global Aggregate Bond Index, returned 0.93%. Its performance benchmark, the Global Conservative Allocation Index, returned 8.05%.
Top Contributors to Performance
The Fund’s broad asset allocation decisions proved beneficial to returns relative to the performance benchmark. The fund actively allocates across a range of underlying mutual funds, and a modest overweight to equities versus the performance benchmark aided results.
Top Detractors from Performance
Over the past year, diversification within the allocation to equity funds ultimately detracted from returns relative to the performance benchmark. Market gains were led by U.S. large-cap growth names, and the underlying fund exposure to mid- and small-cap equities generally hindered relative results.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Global Allocation Fund – Conservative (Class I Shares/JCAIX) | 7.73% | 2.87)% | 2.87)% |
| Bloomberg Global Aggregate Bond Index | 0.93% | (2.02)% | (0.42)% |
| Global Conservative Allocation Index | 8.05% | 3.14)% | 3.23)% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
The Global Conservative Allocation Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the Bloomberg Global Aggregate Bond Index (60%) and the MSCI All Country World IndexSM (40%).
Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Key Fund Statistics
| Net assets | $135M% |
| Number of portfolio holdings | $19% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $111% |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Fixed Income Funds | 36.5) |
| Equity Funds | 31.6) |
| Exchange-Traded Funds (ETFs) | 30.7) |
| Money Markets | 1.2) |
| Other | (0.0) |
Top 5 Holdings (% of net assets)
| Janus Henderson Developed World Bond Fund - Class N Shares | 20.5 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 14.9 |
| Janus Henderson Overseas Fund - Class N Shares | 13.7 |
| iShares Core International Aggregate Bond | 9.6 |
| iShares JP Morgan USD Emerging Markets Bond | 8.3 |
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, 2023.
Effective June 20, 2024, the Fund's investment strategy changed to provide the Fund with flexibility to invest up to 35% of its assets in underlying funds that are not sponsored by Janus Henderson Investors US LLC, the Fund's investment adviser. In connection with this change, the Fund's principal investment risks were revised to include the following risk factors: Investment Process Risk, Equity Securities Risk, High-Yield Bond Risk, Small- and Mid-Sized Companies Risk, and Passive Investment Risk. The following risk factors were removed from the Fund's principal investment risks: Investment Process Risk, REIT Risk, and Commodity-Linked Investments Risk.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70689I 08-24
Janus Henderson Global Allocation Fund – Conservative
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class S Shares:JCASX
This annual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Conservative (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Global Allocation Fund – Conservative (Class S Shares/JCASX) | $67 | 0.65% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Global Allocation Fund – Conservative Class S Shares returned 7.33%. Its broad-based benchmark, the Bloomberg Global Aggregate Bond Index, returned 0.93%. Its performance benchmark, the Global Conservative Allocation Index, returned 8.05%.
Top Contributors to Performance
The Fund’s broad asset allocation decisions proved beneficial to returns relative to the performance benchmark. The fund actively allocates across a range of underlying mutual funds, and a modest overweight to equities versus the performance benchmark aided results.
Top Detractors from Performance
Over the past year, diversification within the allocation to equity funds ultimately detracted from returns relative to the performance benchmark. Market gains were led by U.S. large-cap growth names, and the underlying fund exposure to mid- and small-cap equities generally hindered relative results.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Global Allocation Fund – Conservative (Class S Shares/JCASX) | 7.33% | 2.43)% | 2.44)% |
| Bloomberg Global Aggregate Bond Index | 0.93% | (2.02)% | (0.42)% |
| Global Conservative Allocation Index | 8.05% | 3.14)% | 3.23)% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
The Global Conservative Allocation Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the Bloomberg Global Aggregate Bond Index (60%) and the MSCI All Country World IndexSM (40%).
Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Key Fund Statistics
| Net assets | $135M% |
| Number of portfolio holdings | $19% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $111% |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Fixed Income Funds | 36.5) |
| Equity Funds | 31.6) |
| Exchange-Traded Funds (ETFs) | 30.7) |
| Money Markets | 1.2) |
| Other | (0.0) |
Top 5 Holdings (% of net assets)
| Janus Henderson Developed World Bond Fund - Class N Shares | 20.5 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 14.9 |
| Janus Henderson Overseas Fund - Class N Shares | 13.7 |
| iShares Core International Aggregate Bond | 9.6 |
| iShares JP Morgan USD Emerging Markets Bond | 8.3 |
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, 2023.
Effective June 20, 2024, the Fund's investment strategy changed to provide the Fund with flexibility to invest up to 35% of its assets in underlying funds that are not sponsored by Janus Henderson Investors US LLC, the Fund's investment adviser. In connection with this change, the Fund's principal investment risks were revised to include the following risk factors: Investment Process Risk, Equity Securities Risk, High-Yield Bond Risk, Small- and Mid-Sized Companies Risk, and Passive Investment Risk. The following risk factors were removed from the Fund's principal investment risks: Investment Process Risk, REIT Risk, and Commodity-Linked Investments Risk.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70690S 08-24
Janus Henderson Global Allocation Fund – Conservative
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class T Shares:JSPCX
This annual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Conservative (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Global Allocation Fund – Conservative (Class T Shares/JSPCX) | $35 | 0.34% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Global Allocation Fund – Conservative Class T Shares returned 7.65%. Its broad-based benchmark, the Bloomberg Global Aggregate Bond Index, returned 0.93%. Its performance benchmark, the Global Conservative Allocation Index, returned 8.05%.
Top Contributors to Performance
The Fund’s broad asset allocation decisions proved beneficial to returns relative to the performance benchmark. The fund actively allocates across a range of underlying mutual funds, and a modest overweight to equities versus the performance benchmark aided results.
Top Detractors from Performance
Over the past year, diversification within the allocation to equity funds ultimately detracted from returns relative to the performance benchmark. Market gains were led by U.S. large-cap growth names, and the underlying fund exposure to mid- and small-cap equities generally hindered relative results.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Global Allocation Fund – Conservative (Class T Shares/JSPCX) | 7.65% | 2.76)% | 2.74)% |
| Bloomberg Global Aggregate Bond Index | 0.93% | (2.02)% | (0.42)% |
| Global Conservative Allocation Index | 8.05% | 3.14)% | 3.23)% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
The Global Conservative Allocation Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the Bloomberg Global Aggregate Bond Index (60%) and the MSCI All Country World IndexSM (40%).
Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Key Fund Statistics
| Net assets | $135M% |
| Number of portfolio holdings | $19% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $111% |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Fixed Income Funds | 36.5) |
| Equity Funds | 31.6) |
| Exchange-Traded Funds (ETFs) | 30.7) |
| Money Markets | 1.2) |
| Other | (0.0) |
Top 5 Holdings (% of net assets)
| Janus Henderson Developed World Bond Fund - Class N Shares | 20.5 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 14.9 |
| Janus Henderson Overseas Fund - Class N Shares | 13.7 |
| iShares Core International Aggregate Bond | 9.6 |
| iShares JP Morgan USD Emerging Markets Bond | 8.3 |
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, 2023.
Effective June 20, 2024, the Fund's investment strategy changed to provide the Fund with flexibility to invest up to 35% of its assets in underlying funds that are not sponsored by Janus Henderson Investors US LLC, the Fund's investment adviser. In connection with this change, the Fund's principal investment risks were revised to include the following risk factors: Investment Process Risk, Equity Securities Risk, High-Yield Bond Risk, Small- and Mid-Sized Companies Risk, and Passive Investment Risk. The following risk factors were removed from the Fund's principal investment risks: Investment Process Risk, REIT Risk, and Commodity-Linked Investments Risk.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70691T 08-24
Janus Henderson Global Allocation Fund – Growth
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class A Shares:JGCAX
This annual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Growth (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Global Allocation Fund – Growth (Class A Shares/JGCAX) | $49 | 0.46% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Global Allocation Fund – Growth Class A Shares returned 12.46%. Its broad-based benchmark, the MSCI All Country World IndexSM, returned 19.38%. Its performance benchmark, the Global Growth Allocation Index, returned 15.51%.
Top Contributors to Performance
The Fund’s broad asset allocation decisions proved beneficial to returns relative to the performance benchmark. The fund actively allocates across a range of underlying mutual funds, and a modest overweight to equities versus the performance benchmark aided results.
Top Detractors from Performance
Over the past year, diversification within the allocation to equity funds weighed on returns relative to the performance benchmark. Market gains were led by U.S. large-cap growth names, and the underlying fund exposure to mid- and small-cap equities generally detracted from relative results. Underlying fund alpha (fund return less its respective benchmark return) further hindered results in the equity allocation.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Global Allocation Fund – Growth (Class A Shares/JGCAX) at NAV | 12.46% | 5.84% | 4.97% |
| Janus Henderson Global Allocation Fund – Growth (Class A Shares/JGCAX) at Maximum Offering Price - 5.75% | 6.01% | 4.59% | 4.35% |
| MSCI All Country World IndexSM | 19.38% | 10.76% | 8.43% |
| Global Growth Allocation Index | 15.51% | 8.24% | 6.74% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
The Global Growth Allocation Index is an internally calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (80%) and the Bloomberg Global Aggregate Bond Index (20%).
Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Key Fund Statistics
| Net assets | $233M% |
| Number of portfolio holdings | $19% |
| Total investment advisory fee paid | $0.1M% |
| Portfolio turnover rate | $100% |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Equity Funds | 60.0) |
| Exchange-Traded Funds (ETFs) | 28.9) |
| Fixed Income Funds | 9.6) |
| Money Markets | 1.5) |
| Other | (0.0) |
Top 5 Holdings (% of net assets)
| Janus Henderson Overseas Fund - Class N Shares | 26.0 |
| Vanguard FTSE Emerging Markets | 14.2 |
| Janus Henderson Growth and Income Fund - Class N Shares | 9.8 |
| Janus Henderson Enterprise Fund - Class N Shares | 8.9 |
| Janus Henderson Research Fund - Class N Shares | 7.9 |
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, 2023.
Effective June 20, 2024, the Fund's investment strategy changed to provide the Fund with flexibility to invest up to 35% of its assets in underlying funds that are not sponsored by Janus Henderson Investors US LLC, the Fund's investment adviser. In connection with this change, the Fund's principal investment risks were revised to include the following risk factors: Investment Process Risk, Equity Securities Risk, High-Yield Bond Risk, Small- and Mid-Sized Companies Risk, and Passive Investment Risk. The following risk factors were removed from the Fund's principal investment risks: Investment Process Risk, REIT Risk, and Commodity-Linked Investments Risk.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70692A 08-24
Janus Henderson Global Allocation Fund – Growth
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class C Shares:JGCCX
This annual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Growth (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Global Allocation Fund – Growth (Class C Shares/JGCCX) | $126 | 1.19% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Global Allocation Fund – Growth Class C Shares returned 11.58%. Its broad-based benchmark, the MSCI All Country World IndexSM, returned 19.38%. Its performance benchmark, the Global Growth Allocation Index, returned 15.51%.
Top Contributors to Performance
The Fund’s broad asset allocation decisions proved beneficial to returns relative to the performance benchmark. The fund actively allocates across a range of underlying mutual funds, and a modest overweight to equities versus the performance benchmark aided results.
Top Detractors from Performance
Over the past year, diversification within the allocation to equity funds weighed on returns relative to the performance benchmark. Market gains were led by U.S. large-cap growth names, and the underlying fund exposure to mid- and small-cap equities generally detracted from relative results. Underlying fund alpha (fund return less its respective benchmark return) further hindered results in the equity allocation.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Global Allocation Fund – Growth (Class C Shares/JGCCX) at NAV | 11.58%* | 5.07% | 4.26% |
| Janus Henderson Global Allocation Fund – Growth (Class C Shares/JGCCX) with Contingent Deferred Sales Charge | 10.58%* | 5.07% | 4.26% |
| MSCI All Country World IndexSM | 19.38%* | 10.76% | 8.43% |
| Global Growth Allocation Index | 15.51%* | 8.24% | 6.74% |
* | Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
The Global Growth Allocation Index is an internally calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (80%) and the Bloomberg Global Aggregate Bond Index (20%).
Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Key Fund Statistics
| Net assets | $233M% |
| Number of portfolio holdings | $19% |
| Total investment advisory fee paid | $0.1M% |
| Portfolio turnover rate | $100% |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Equity Funds | 60.0) |
| Exchange-Traded Funds (ETFs) | 28.9) |
| Fixed Income Funds | 9.6) |
| Money Markets | 1.5) |
| Other | (0.0) |
Top 5 Holdings (% of net assets)
| Janus Henderson Overseas Fund - Class N Shares | 26.0 |
| Vanguard FTSE Emerging Markets | 14.2 |
| Janus Henderson Growth and Income Fund - Class N Shares | 9.8 |
| Janus Henderson Enterprise Fund - Class N Shares | 8.9 |
| Janus Henderson Research Fund - Class N Shares | 7.9 |
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, 2023.
Effective June 20, 2024, the Fund's investment strategy changed to provide the Fund with flexibility to invest up to 35% of its assets in underlying funds that are not sponsored by Janus Henderson Investors US LLC, the Fund's investment adviser. In connection with this change, the Fund's principal investment risks were revised to include the following risk factors: Investment Process Risk, Equity Securities Risk, High-Yield Bond Risk, Small- and Mid-Sized Companies Risk, and Passive Investment Risk. The following risk factors were removed from the Fund's principal investment risks: Investment Process Risk, REIT Risk, and Commodity-Linked Investments Risk.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70693C 08-24
Janus Henderson Global Allocation Fund – Growth
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class D Shares:JNSGX
This annual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Growth (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Global Allocation Fund – Growth (Class D Shares/JNSGX) | $29 | 0.27% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Global Allocation Fund – Growth Class D Shares returned 12.60%. Its broad-based benchmark, the MSCI All Country World IndexSM, returned 19.38%. Its performance benchmark, the Global Growth Allocation Index, returned 15.51%.
Top Contributors to Performance
The Fund’s broad asset allocation decisions proved beneficial to returns relative to the performance benchmark. The fund actively allocates across a range of underlying mutual funds, and a modest overweight to equities versus the performance benchmark aided results.
Top Detractors from Performance
Over the past year, diversification within the allocation to equity funds weighed on returns relative to the performance benchmark. Market gains were led by U.S. large-cap growth names, and the underlying fund exposure to mid- and small-cap equities generally detracted from relative results. Underlying fund alpha (fund return less its respective benchmark return) further hindered results in the equity allocation.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Global Allocation Fund – Growth (Class D Shares/JNSGX) | 12.60% | 6.02% | 5.15% |
| MSCI All Country World IndexSM | 19.38% | 10.76% | 8.43% |
| Global Growth Allocation Index | 15.51% | 8.24% | 6.74% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
The Global Growth Allocation Index is an internally calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (80%) and the Bloomberg Global Aggregate Bond Index (20%).
Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Key Fund Statistics
| Net assets | $233M% |
| Number of portfolio holdings | $19% |
| Total investment advisory fee paid | $0.1M% |
| Portfolio turnover rate | $100% |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Equity Funds | 60.0) |
| Exchange-Traded Funds (ETFs) | 28.9) |
| Fixed Income Funds | 9.6) |
| Money Markets | 1.5) |
| Other | (0.0) |
Top 5 Holdings (% of net assets)
| Janus Henderson Overseas Fund - Class N Shares | 26.0 |
| Vanguard FTSE Emerging Markets | 14.2 |
| Janus Henderson Growth and Income Fund - Class N Shares | 9.8 |
| Janus Henderson Enterprise Fund - Class N Shares | 8.9 |
| Janus Henderson Research Fund - Class N Shares | 7.9 |
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, 2023.
Effective June 20, 2024, the Fund's investment strategy changed to provide the Fund with flexibility to invest up to 35% of its assets in underlying funds that are not sponsored by Janus Henderson Investors US LLC, the Fund's investment adviser. In connection with this change, the Fund's principal investment risks were revised to include the following risk factors: Investment Process Risk, Equity Securities Risk, High-Yield Bond Risk, Small- and Mid-Sized Companies Risk, and Passive Investment Risk. The following risk factors were removed from the Fund's principal investment risks: Investment Process Risk, REIT Risk, and Commodity-Linked Investments Risk.
Where can I find more information?
At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-800-525-3713.
225-65-70694D 08-24
Janus Henderson Global Allocation Fund – Growth
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class I Shares:JGCIX
This annual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Growth (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Global Allocation Fund – Growth (Class I Shares/JGCIX) | $24 | 0.23% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Global Allocation Fund – Growth Class I Shares returned 12.63%. Its broad-based benchmark, the MSCI All Country World IndexSM, returned 19.38%. Its performance benchmark, the Global Growth Allocation Index, returned 15.51%.
Top Contributors to Performance
The Fund’s broad asset allocation decisions proved beneficial to returns relative to the performance benchmark. The fund actively allocates across a range of underlying mutual funds, and a modest overweight to equities versus the performance benchmark aided results.
Top Detractors from Performance
Over the past year, diversification within the allocation to equity funds weighed on returns relative to the performance benchmark. Market gains were led by U.S. large-cap growth names, and the underlying fund exposure to mid- and small-cap equities generally detracted from relative results. Underlying fund alpha (fund return less its respective benchmark return) further hindered results in the equity allocation.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Global Allocation Fund – Growth (Class I Shares/JGCIX) | 12.63% | 6.08% | 5.22% |
| MSCI All Country World IndexSM | 19.38% | 10.76% | 8.43% |
| Global Growth Allocation Index | 15.51% | 8.24% | 6.74% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
The Global Growth Allocation Index is an internally calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (80%) and the Bloomberg Global Aggregate Bond Index (20%).
Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Key Fund Statistics
| Net assets | $233M% |
| Number of portfolio holdings | $19% |
| Total investment advisory fee paid | $0.1M% |
| Portfolio turnover rate | $100% |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Equity Funds | 60.0) |
| Exchange-Traded Funds (ETFs) | 28.9) |
| Fixed Income Funds | 9.6) |
| Money Markets | 1.5) |
| Other | (0.0) |
Top 5 Holdings (% of net assets)
| Janus Henderson Overseas Fund - Class N Shares | 26.0 |
| Vanguard FTSE Emerging Markets | 14.2 |
| Janus Henderson Growth and Income Fund - Class N Shares | 9.8 |
| Janus Henderson Enterprise Fund - Class N Shares | 8.9 |
| Janus Henderson Research Fund - Class N Shares | 7.9 |
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, 2023.
Effective June 20, 2024, the Fund's investment strategy changed to provide the Fund with flexibility to invest up to 35% of its assets in underlying funds that are not sponsored by Janus Henderson Investors US LLC, the Fund's investment adviser. In connection with this change, the Fund's principal investment risks were revised to include the following risk factors: Investment Process Risk, Equity Securities Risk, High-Yield Bond Risk, Small- and Mid-Sized Companies Risk, and Passive Investment Risk. The following risk factors were removed from the Fund's principal investment risks: Investment Process Risk, REIT Risk, and Commodity-Linked Investments Risk.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70695I 08-24
Janus Henderson Global Allocation Fund – Growth
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class S Shares:JGCSX
This annual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Growth (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Global Allocation Fund – Growth (Class S Shares/JGCSX) | $67 | 0.63% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Global Allocation Fund – Growth Class S Shares returned 12.17%. Its broad-based benchmark, the MSCI All Country World IndexSM, returned 19.38%. Its performance benchmark, the Global Growth Allocation Index, returned 15.51%.
Top Contributors to Performance
The Fund’s broad asset allocation decisions proved beneficial to returns relative to the performance benchmark. The fund actively allocates across a range of underlying mutual funds, and a modest overweight to equities versus the performance benchmark aided results.
Top Detractors from Performance
Over the past year, diversification within the allocation to equity funds weighed on returns relative to the performance benchmark. Market gains were led by U.S. large-cap growth names, and the underlying fund exposure to mid- and small-cap equities generally detracted from relative results. Underlying fund alpha (fund return less its respective benchmark return) further hindered results in the equity allocation.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Global Allocation Fund – Growth (Class S Shares/JGCSX) | 12.17% | 5.64% | 4.79% |
| MSCI All Country World IndexSM | 19.38% | 10.76% | 8.43% |
| Global Growth Allocation Index | 15.51% | 8.24% | 6.74% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
The Global Growth Allocation Index is an internally calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (80%) and the Bloomberg Global Aggregate Bond Index (20%).
Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Key Fund Statistics
| Net assets | $233M% |
| Number of portfolio holdings | $19% |
| Total investment advisory fee paid | $0.1M% |
| Portfolio turnover rate | $100% |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Equity Funds | 60.0) |
| Exchange-Traded Funds (ETFs) | 28.9) |
| Fixed Income Funds | 9.6) |
| Money Markets | 1.5) |
| Other | (0.0) |
Top 5 Holdings (% of net assets)
| Janus Henderson Overseas Fund - Class N Shares | 26.0 |
| Vanguard FTSE Emerging Markets | 14.2 |
| Janus Henderson Growth and Income Fund - Class N Shares | 9.8 |
| Janus Henderson Enterprise Fund - Class N Shares | 8.9 |
| Janus Henderson Research Fund - Class N Shares | 7.9 |
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, 2023.
Effective June 20, 2024, the Fund's investment strategy changed to provide the Fund with flexibility to invest up to 35% of its assets in underlying funds that are not sponsored by Janus Henderson Investors US LLC, the Fund's investment adviser. In connection with this change, the Fund's principal investment risks were revised to include the following risk factors: Investment Process Risk, Equity Securities Risk, High-Yield Bond Risk, Small- and Mid-Sized Companies Risk, and Passive Investment Risk. The following risk factors were removed from the Fund's principal investment risks: Investment Process Risk, REIT Risk, and Commodity-Linked Investments Risk.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70696S 08-24
Janus Henderson Global Allocation Fund – Growth
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class T Shares:JSPGX
This annual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Growth (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Global Allocation Fund – Growth (Class T Shares/JSPGX) | $36 | 0.34% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Global Allocation Fund – Growth Class T Shares returned 12.52%. Its broad-based benchmark, the MSCI All Country World IndexSM, returned 19.38%. Its performance benchmark, the Global Growth Allocation Index, returned 15.51%.
Top Contributors to Performance
The Fund’s broad asset allocation decisions proved beneficial to returns relative to the performance benchmark. The fund actively allocates across a range of underlying mutual funds, and a modest overweight to equities versus the performance benchmark aided results.
Top Detractors from Performance
Over the past year, diversification within the allocation to equity funds weighed on returns relative to the performance benchmark. Market gains were led by U.S. large-cap growth names, and the underlying fund exposure to mid- and small-cap equities generally detracted from relative results. Underlying fund alpha (fund return less its respective benchmark return) further hindered results in the equity allocation.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Global Allocation Fund – Growth (Class T Shares/JSPGX) | 12.52% | 5.94% | 5.09% |
| MSCI All Country World IndexSM | 19.38% | 10.76% | 8.43% |
| Global Growth Allocation Index | 15.51% | 8.24% | 6.74% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
The Global Growth Allocation Index is an internally calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (80%) and the Bloomberg Global Aggregate Bond Index (20%).
Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Key Fund Statistics
| Net assets | $233M% |
| Number of portfolio holdings | $19% |
| Total investment advisory fee paid | $0.1M% |
| Portfolio turnover rate | $100% |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Equity Funds | 60.0) |
| Exchange-Traded Funds (ETFs) | 28.9) |
| Fixed Income Funds | 9.6) |
| Money Markets | 1.5) |
| Other | (0.0) |
Top 5 Holdings (% of net assets)
| Janus Henderson Overseas Fund - Class N Shares | 26.0 |
| Vanguard FTSE Emerging Markets | 14.2 |
| Janus Henderson Growth and Income Fund - Class N Shares | 9.8 |
| Janus Henderson Enterprise Fund - Class N Shares | 8.9 |
| Janus Henderson Research Fund - Class N Shares | 7.9 |
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, 2023.
Effective June 20, 2024, the Fund's investment strategy changed to provide the Fund with flexibility to invest up to 35% of its assets in underlying funds that are not sponsored by Janus Henderson Investors US LLC, the Fund's investment adviser. In connection with this change, the Fund's principal investment risks were revised to include the following risk factors: Investment Process Risk, Equity Securities Risk, High-Yield Bond Risk, Small- and Mid-Sized Companies Risk, and Passive Investment Risk. The following risk factors were removed from the Fund's principal investment risks: Investment Process Risk, REIT Risk, and Commodity-Linked Investments Risk.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70697T 08-24
Janus Henderson Global Allocation Fund – Moderate
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class A Shares:JMOAX
This annual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Moderate (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Global Allocation Fund – Moderate (Class A Shares/JMOAX) | $45 | 0.43% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Global Allocation Fund – Moderate Class A Shares returned 9.98%. Its broad-based benchmark, the MSCI All Country World IndexSM, returned 19.38%. Its performance benchmark, the Global Moderate Allocation Index, returned 11.73%.
Top Contributors to Performance
The Fund’s broad asset allocation decisions proved beneficial to returns relative to the performance benchmark. The fund actively allocates across a range of underlying mutual funds, and a modest overweight to equities versus the performance benchmark aided results.
Top Detractors from Performance
Over the past year, diversification within the allocation to equity funds weighed on returns relative to the performance benchmark. Market gains were led by U.S. large-cap growth names, and the underlying fund exposure to mid- and small-cap equities generally detracted from relative results. Underlying fund alpha (fund return less its respective benchmark return) further hindered results in the equity allocation.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Global Allocation Fund – Moderate (Class A Shares/JMOAX) at NAV | 9.98% | 4.29% | 3.80% |
| Janus Henderson Global Allocation Fund – Moderate (Class A Shares/JMOAX) at Maximum Offering Price - 5.75% | 3.64% | 3.05% | 3.19% |
| MSCI All Country World IndexSM | 19.38% | 10.76% | 8.43% |
| Global Moderate Allocation Index | 11.73% | 5.70% | 5.01% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
The Global Moderate Allocation Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (60%) and the Bloomberg Global Aggregate Bond Index (40%).
Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Key Fund Statistics
| Net assets | $190M% |
| Number of portfolio holdings | $19% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $104% |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Equity Funds | 46.0) |
| Exchange-Traded Funds (ETFs) | 29.9) |
| Fixed Income Funds | 23.2) |
| Money Markets | 0.9) |
| Other | (0.0) |
Top 5 Holdings (% of net assets)
| Janus Henderson Overseas Fund - Class N Shares | 19.9 |
| Janus Henderson Developed World Bond Fund - Class N Shares | 13.1 |
| Vanguard FTSE Emerging Markets | 10.9 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 9.5 |
| Janus Henderson Growth and Income Fund - Class N Shares | 7.5 |
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, 2023.
Effective June 20, 2024, the Fund's investment strategy changed to provide the Fund with flexibility to invest up to 35% of its assets in underlying funds that are not sponsored by Janus Henderson Investors US LLC, the Fund's investment adviser. In connection with this change, the Fund's principal investment risks were revised to include the following risk factors: Investment Process Risk, Equity Securities Risk, High-Yield Bond Risk, Small- and Mid-Sized Companies Risk, and Passive Investment Risk. The following risk factors were removed from the Fund's principal investment risks: Investment Process Risk, REIT Risk, and Commodity-Linked Investments Risk.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70698A 08-24
Janus Henderson Global Allocation Fund – Moderate
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class C Shares:JMOCX
This annual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Moderate (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Global Allocation Fund – Moderate (Class C Shares/JMOCX) | $119 | 1.14% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Global Allocation Fund – Moderate Class C Shares returned 9.15%. Its broad-based benchmark, the MSCI All Country World IndexSM, returned 19.38%. Its performance benchmark, the Global Moderate Allocation Index, returned 11.73%.
Top Contributors to Performance
The Fund’s broad asset allocation decisions proved beneficial to returns relative to the performance benchmark. The fund actively allocates across a range of underlying mutual funds, and a modest overweight to equities versus the performance benchmark aided results.
Top Detractors from Performance
Over the past year, diversification within the allocation to equity funds weighed on returns relative to the performance benchmark. Market gains were led by U.S. large-cap growth names, and the underlying fund exposure to mid- and small-cap equities generally detracted from relative results. Underlying fund alpha (fund return less its respective benchmark return) further hindered results in the equity allocation.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Global Allocation Fund – Moderate (Class C Shares/JMOCX) at NAV | 9.15%* | 3.54% | 3.10% |
| Janus Henderson Global Allocation Fund – Moderate (Class C Shares/JMOCX) with Contingent Deferred Sales Charge | 8.15%* | 3.54% | 3.10% |
| MSCI All Country World IndexSM | 19.38%* | 10.76% | 8.43% |
| Global Moderate Allocation Index | 11.73%* | 5.70% | 5.01% |
* | Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
The Global Moderate Allocation Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (60%) and the Bloomberg Global Aggregate Bond Index (40%).
Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Key Fund Statistics
| Net assets | $190M% |
| Number of portfolio holdings | $19% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $104% |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Equity Funds | 46.0) |
| Exchange-Traded Funds (ETFs) | 29.9) |
| Fixed Income Funds | 23.2) |
| Money Markets | 0.9) |
| Other | (0.0) |
Top 5 Holdings (% of net assets)
| Janus Henderson Overseas Fund - Class N Shares | 19.9 |
| Janus Henderson Developed World Bond Fund - Class N Shares | 13.1 |
| Vanguard FTSE Emerging Markets | 10.9 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 9.5 |
| Janus Henderson Growth and Income Fund - Class N Shares | 7.5 |
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, 2023.
Effective June 20, 2024, the Fund's investment strategy changed to provide the Fund with flexibility to invest up to 35% of its assets in underlying funds that are not sponsored by Janus Henderson Investors US LLC, the Fund's investment adviser. In connection with this change, the Fund's principal investment risks were revised to include the following risk factors: Investment Process Risk, Equity Securities Risk, High-Yield Bond Risk, Small- and Mid-Sized Companies Risk, and Passive Investment Risk. The following risk factors were removed from the Fund's principal investment risks: Investment Process Risk, REIT Risk, and Commodity-Linked Investments Risk.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70699C 08-24
Janus Henderson Global Allocation Fund – Moderate
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class D Shares:JNSMX
This annual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Moderate (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Global Allocation Fund – Moderate (Class D Shares/JNSMX) | $26 | 0.25% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Global Allocation Fund – Moderate Class D Shares returned 10.19%. Its broad-based benchmark, the MSCI All Country World IndexSM, returned 19.38%. Its performance benchmark, the Global Moderate Allocation Index, returned 11.73%.
Top Contributors to Performance
The Fund’s broad asset allocation decisions proved beneficial to returns relative to the performance benchmark. The fund actively allocates across a range of underlying mutual funds, and a modest overweight to equities versus the performance benchmark aided results.
Top Detractors from Performance
Over the past year, diversification within the allocation to equity funds weighed on returns relative to the performance benchmark. Market gains were led by U.S. large-cap growth names, and the underlying fund exposure to mid- and small-cap equities generally detracted from relative results. Underlying fund alpha (fund return less its respective benchmark return) further hindered results in the equity allocation.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Global Allocation Fund – Moderate (Class D Shares/JNSMX) | 10.19% | 4.48% | 3.99% |
| MSCI All Country World IndexSM | 19.38% | 10.76% | 8.43% |
| Global Moderate Allocation Index | 11.73% | 5.70% | 5.01% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
The Global Moderate Allocation Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (60%) and the Bloomberg Global Aggregate Bond Index (40%).
Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Key Fund Statistics
| Net assets | $190M% |
| Number of portfolio holdings | $19% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $104% |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Equity Funds | 46.0) |
| Exchange-Traded Funds (ETFs) | 29.9) |
| Fixed Income Funds | 23.2) |
| Money Markets | 0.9) |
| Other | (0.0) |
Top 5 Holdings (% of net assets)
| Janus Henderson Overseas Fund - Class N Shares | 19.9 |
| Janus Henderson Developed World Bond Fund - Class N Shares | 13.1 |
| Vanguard FTSE Emerging Markets | 10.9 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 9.5 |
| Janus Henderson Growth and Income Fund - Class N Shares | 7.5 |
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, 2023.
Effective June 20, 2024, the Fund's investment strategy changed to provide the Fund with flexibility to invest up to 35% of its assets in underlying funds that are not sponsored by Janus Henderson Investors US LLC, the Fund's investment adviser. In connection with this change, the Fund's principal investment risks were revised to include the following risk factors: Investment Process Risk, Equity Securities Risk, High-Yield Bond Risk, Small- and Mid-Sized Companies Risk, and Passive Investment Risk. The following risk factors were removed from the Fund's principal investment risks: Investment Process Risk, REIT Risk, and Commodity-Linked Investments Risk.
Where can I find more information?
At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-800-525-3713.
225-65-70700D 08-24
Janus Henderson Global Allocation Fund – Moderate
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class I Shares:JMOIX
This annual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Moderate (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Global Allocation Fund – Moderate (Class I Shares/JMOIX) | $23 | 0.22% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Global Allocation Fund – Moderate Class I Shares returned 10.21%. Its broad-based benchmark, the MSCI All Country World IndexSM, returned 19.38%. Its performance benchmark, the Global Moderate Allocation Index, returned 11.73%.
Top Contributors to Performance
The Fund’s broad asset allocation decisions proved beneficial to returns relative to the performance benchmark. The fund actively allocates across a range of underlying mutual funds, and a modest overweight to equities versus the performance benchmark aided results.
Top Detractors from Performance
Over the past year, diversification within the allocation to equity funds weighed on returns relative to the performance benchmark. Market gains were led by U.S. large-cap growth names, and the underlying fund exposure to mid- and small-cap equities generally detracted from relative results. Underlying fund alpha (fund return less its respective benchmark return) further hindered results in the equity allocation.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Global Allocation Fund – Moderate (Class I Shares/JMOIX) | 10.21% | 4.51% | 4.03% |
| MSCI All Country World IndexSM | 19.38% | 10.76% | 8.43% |
| Global Moderate Allocation Index | 11.73% | 5.70% | 5.01% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
The Global Moderate Allocation Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (60%) and the Bloomberg Global Aggregate Bond Index (40%).
Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Key Fund Statistics
| Net assets | $190M% |
| Number of portfolio holdings | $19% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $104% |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Equity Funds | 46.0) |
| Exchange-Traded Funds (ETFs) | 29.9) |
| Fixed Income Funds | 23.2) |
| Money Markets | 0.9) |
| Other | (0.0) |
Top 5 Holdings (% of net assets)
| Janus Henderson Overseas Fund - Class N Shares | 19.9 |
| Janus Henderson Developed World Bond Fund - Class N Shares | 13.1 |
| Vanguard FTSE Emerging Markets | 10.9 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 9.5 |
| Janus Henderson Growth and Income Fund - Class N Shares | 7.5 |
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, 2023.
Effective June 20, 2024, the Fund's investment strategy changed to provide the Fund with flexibility to invest up to 35% of its assets in underlying funds that are not sponsored by Janus Henderson Investors US LLC, the Fund's investment adviser. In connection with this change, the Fund's principal investment risks were revised to include the following risk factors: Investment Process Risk, Equity Securities Risk, High-Yield Bond Risk, Small- and Mid-Sized Companies Risk, and Passive Investment Risk. The following risk factors were removed from the Fund's principal investment risks: Investment Process Risk, REIT Risk, and Commodity-Linked Investments Risk.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70701I 08-24
Janus Henderson Global Allocation Fund – Moderate
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class S Shares:JMOSX
This annual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Moderate (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Global Allocation Fund – Moderate (Class S Shares/JMOSX) | $65 | 0.62% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Global Allocation Fund – Moderate Class S Shares returned 9.80%. Its broad-based benchmark, the MSCI All Country World IndexSM, returned 19.38%. Its performance benchmark, the Global Moderate Allocation Index, returned 11.73%.
Top Contributors to Performance
The Fund’s broad asset allocation decisions proved beneficial to returns relative to the performance benchmark. The fund actively allocates across a range of underlying mutual funds, and a modest overweight to equities versus the performance benchmark aided results.
Top Detractors from Performance
Over the past year, diversification within the allocation to equity funds weighed on returns relative to the performance benchmark. Market gains were led by U.S. large-cap growth names, and the underlying fund exposure to mid- and small-cap equities generally detracted from relative results. Underlying fund alpha (fund return less its respective benchmark return) further hindered results in the equity allocation.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Global Allocation Fund – Moderate (Class S Shares/JMOSX) | 9.80% | 4.08% | 3.61% |
| MSCI All Country World IndexSM | 19.38% | 10.76% | 8.43% |
| Global Moderate Allocation Index | 11.73% | 5.70% | 5.01% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
The Global Moderate Allocation Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (60%) and the Bloomberg Global Aggregate Bond Index (40%).
Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Key Fund Statistics
| Net assets | $190M% |
| Number of portfolio holdings | $19% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $104% |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Equity Funds | 46.0) |
| Exchange-Traded Funds (ETFs) | 29.9) |
| Fixed Income Funds | 23.2) |
| Money Markets | 0.9) |
| Other | (0.0) |
Top 5 Holdings (% of net assets)
| Janus Henderson Overseas Fund - Class N Shares | 19.9 |
| Janus Henderson Developed World Bond Fund - Class N Shares | 13.1 |
| Vanguard FTSE Emerging Markets | 10.9 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 9.5 |
| Janus Henderson Growth and Income Fund - Class N Shares | 7.5 |
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, 2023.
Effective June 20, 2024, the Fund's investment strategy changed to provide the Fund with flexibility to invest up to 35% of its assets in underlying funds that are not sponsored by Janus Henderson Investors US LLC, the Fund's investment adviser. In connection with this change, the Fund's principal investment risks were revised to include the following risk factors: Investment Process Risk, Equity Securities Risk, High-Yield Bond Risk, Small- and Mid-Sized Companies Risk, and Passive Investment Risk. The following risk factors were removed from the Fund's principal investment risks: Investment Process Risk, REIT Risk, and Commodity-Linked Investments Risk.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70702S 08-24
Janus Henderson Global Allocation Fund – Moderate
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class T Shares:JSPMX
This annual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Moderate (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Global Allocation Fund – Moderate (Class T Shares/JSPMX) | $35 | 0.33% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Global Allocation Fund – Moderate Class T Shares returned 10.13%. Its broad-based benchmark, the MSCI All Country World IndexSM, returned 19.38%. Its performance benchmark, the Global Moderate Allocation Index, returned 11.73%.
Top Contributors to Performance
The Fund’s broad asset allocation decisions proved beneficial to returns relative to the performance benchmark. The fund actively allocates across a range of underlying mutual funds, and a modest overweight to equities versus the performance benchmark aided results.
Top Detractors from Performance
Over the past year, diversification within the allocation to equity funds weighed on returns relative to the performance benchmark. Market gains were led by U.S. large-cap growth names, and the underlying fund exposure to mid- and small-cap equities generally detracted from relative results. Underlying fund alpha (fund return less its respective benchmark return) further hindered results in the equity allocation.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Global Allocation Fund – Moderate (Class T Shares/JSPMX) | 10.13% | 4.40% | 3.92% |
| MSCI All Country World IndexSM | 19.38% | 10.76% | 8.43% |
| Global Moderate Allocation Index | 11.73% | 5.70% | 5.01% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
The Global Moderate Allocation Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the MSCI All Country World Index (60%) and the Bloomberg Global Aggregate Bond Index (40%).
Effective June 20, 2024, the Fund changed its investment strategy. Performance prior to June 20, 2024 reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Key Fund Statistics
| Net assets | $190M% |
| Number of portfolio holdings | $19% |
| Total investment advisory fee paid | $0.0M% |
| Portfolio turnover rate | $104% |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Equity Funds | 46.0) |
| Exchange-Traded Funds (ETFs) | 29.9) |
| Fixed Income Funds | 23.2) |
| Money Markets | 0.9) |
| Other | (0.0) |
Top 5 Holdings (% of net assets)
| Janus Henderson Overseas Fund - Class N Shares | 19.9 |
| Janus Henderson Developed World Bond Fund - Class N Shares | 13.1 |
| Vanguard FTSE Emerging Markets | 10.9 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 9.5 |
| Janus Henderson Growth and Income Fund - Class N Shares | 7.5 |
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, 2023.
Effective June 20, 2024, the Fund's investment strategy changed to provide the Fund with flexibility to invest up to 35% of its assets in underlying funds that are not sponsored by Janus Henderson Investors US LLC, the Fund's investment adviser. In connection with this change, the Fund's principal investment risks were revised to include the following risk factors: Investment Process Risk, Equity Securities Risk, High-Yield Bond Risk, Small- and Mid-Sized Companies Risk, and Passive Investment Risk. The following risk factors were removed from the Fund's principal investment risks: Investment Process Risk, REIT Risk, and Commodity-Linked Investments Risk.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70703T 08-24
Janus Henderson Government Money Market Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class D Shares:JGVXX
This annual shareholder report contains important information about the Janus Henderson Government Money Market Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Government Money Market Fund (Class D Shares/JGVXX) | $58 | 0.57% |
Performance
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Government Money Market Fund (Class D Shares/JGVXX) | 4.88% | 1.80% | 1.15% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Key Fund Statistics
| Net assets | $390M |
| Number of portfolio holdings | $51 |
| Total investment advisory fee paid | $0.8M |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Repurchase Agreements | 36.6 |
| U.S. Government Agency Notes | 32.1 |
| U.S. Treasury Debt | 16.3 |
| Variable Rate Demand Notes | 15.0 |
| Other | 0.0 |
Where can I find more information?
At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-800-525-3713.
225-65-70704D 08-24
Janus Henderson Government Money Market Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class T Shares:JAGXX
This annual shareholder report contains important information about the Janus Henderson Government Money Market Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Government Money Market Fund (Class T Shares/JAGXX) | $60 | 0.59% |
Performance
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Government Money Market Fund (Class T Shares/JAGXX) | 4.86% | 1.79% | 1.14% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Key Fund Statistics
| Net assets | $390M |
| Number of portfolio holdings | $51 |
| Total investment advisory fee paid | $0.8M |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Repurchase Agreements | 36.6 |
| U.S. Government Agency Notes | 32.1 |
| U.S. Treasury Debt | 16.3 |
| Variable Rate Demand Notes | 15.0 |
| Other | 0.0 |
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70705T 08-24
Janus Henderson High-Yield Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class A Shares:JHYAX
This annual shareholder report contains important information about the Janus Henderson High-Yield Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson High-Yield Fund (Class A Shares/JHYAX) | $98 | 0.94% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson High-Yield Fund Class A Shares returned 9.34%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the Bloomberg U.S. Corporate High-Yield Bond Index, returned 10.44%.
Top Contributors to Performance
Security selection within high-yield corporate bonds contributed to returns relative to the performance benchmark. We rotated some of our corporate exposure into loans as we felt they offered attractive relative value, and this exposure further contributed. At an industry level, security selection within technology and finance companies and an underweight allocation to cable satellites was beneficial. On a single-name basis, Cruise operator Carnival Corporation contributed as the cruise industry saw a rebound in demand.
Top Detractors from Performance
Security selection within CCC rated bonds weighed on returns relative to the performance benchmark. At an industry level, security selection within packaging, healthcare, and metals and mining detracted. Individual detractors included Ard Finance, principal shareholder of packaging manufacturer Ardagh Group. The packaging industry generally lagged relative to other industries, and the company released a set of financial results that fell short of expectations during the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson High-Yield Fund (Class A Shares/JHYAX) at NAV | 9.34% | 2.54)% | 3.09% |
| Janus Henderson High-Yield Fund (Class A Shares/JHYAX) at Maximum Offering Price - 4.75% | 4.17% | 1.54)% | 2.59% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| Bloomberg U.S. Corporate High-Yield Bond Index | 10.44% | 3.92)% | 4.31% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $705M% |
| Number of portfolio holdings | $155% |
| Total investment advisory fee paid | $4.4M% |
| Portfolio turnover rate | $87% |
| Weighted average maturity | 5.1 Years |
| Effective duration | 3.2 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 85.9) |
| Bank Loans and Mezzanine Loans | 4.1) |
| Asset-Backed/Commercial Mortgage-Backed Securities | 3.5) |
| Investment Companies | 3.4) |
| Common Stocks | 1.9) |
| Investments Purchased with Cash Collateral from Securities Lending | 1.7) |
| Preferred Stocks | 0.4) |
| Convertible Preferred Stocks | 0.3) |
| Other | (1.2) |
Ratings Summary (% of net assets)†
| AA | 7.6 |
| BBB | 1.0 |
| BB | 34.0 |
| B | 39.2 |
| CCC | 7.7 |
| Not Rated | 5.6 |
| Other | 4.9 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70706A 08-24
Janus Henderson High-Yield Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class C Shares:JDHCX
This annual shareholder report contains important information about the Janus Henderson High-Yield Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson High-Yield Fund (Class C Shares/JDHCX) | $165 | 1.58% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson High-Yield Fund Class C Shares returned 8.64%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the Bloomberg U.S. Corporate High-Yield Bond Index, returned 10.44%.
Top Contributors to Performance
Security selection within high-yield corporate bonds contributed to returns relative to the performance benchmark. We rotated some of our corporate exposure into loans as we felt they offered attractive relative value, and this exposure further contributed. At an industry level, security selection within technology and finance companies and an underweight allocation to cable satellites was beneficial. On a single-name basis, Cruise operator Carnival Corporation contributed as the cruise industry saw a rebound in demand.
Top Detractors from Performance
Security selection within CCC rated bonds weighed on returns relative to the performance benchmark. At an industry level, security selection within packaging, healthcare, and metals and mining detracted. Individual detractors included Ard Finance, principal shareholder of packaging manufacturer Ardagh Group. The packaging industry generally lagged relative to other industries, and the company released a set of financial results that fell short of expectations during the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson High-Yield Fund (Class C Shares/JDHCX) at NAV | 8.64%* | 1.83)% | 2.39% |
| Janus Henderson High-Yield Fund (Class C Shares/JDHCX) with Contingent Deferred Sales Charge | 7.64%* | 1.83)% | 2.39% |
| Bloomberg U.S. Aggregate Bond Index | 2.63%* | (0.23)% | 1.35% |
| Bloomberg U.S. Corporate High-Yield Bond Index | 10.44%* | 3.92)% | 4.31% |
* | Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $705M% |
| Number of portfolio holdings | $155% |
| Total investment advisory fee paid | $4.4M% |
| Portfolio turnover rate | $87% |
| Weighted average maturity | 5.1 Years |
| Effective duration | 3.2 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 85.9) |
| Bank Loans and Mezzanine Loans | 4.1) |
| Asset-Backed/Commercial Mortgage-Backed Securities | 3.5) |
| Investment Companies | 3.4) |
| Common Stocks | 1.9) |
| Investments Purchased with Cash Collateral from Securities Lending | 1.7) |
| Preferred Stocks | 0.4) |
| Convertible Preferred Stocks | 0.3) |
| Other | (1.2) |
Ratings Summary (% of net assets)†
| AA | 7.6 |
| BBB | 1.0 |
| BB | 34.0 |
| B | 39.2 |
| CCC | 7.7 |
| Not Rated | 5.6 |
| Other | 4.9 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70707C 08-24
Janus Henderson High-Yield Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class D Shares:JNHYX
This annual shareholder report contains important information about the Janus Henderson High-Yield Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson High-Yield Fund (Class D Shares/JNHYX) | $80 | 0.76% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson High-Yield Fund Class D Shares returned 9.54%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the Bloomberg U.S. Corporate High-Yield Bond Index, returned 10.44%.
Top Contributors to Performance
Security selection within high-yield corporate bonds contributed to returns relative to the performance benchmark. We rotated some of our corporate exposure into loans as we felt they offered attractive relative value, and this exposure further contributed. At an industry level, security selection within technology and finance companies and an underweight allocation to cable satellites was beneficial. On a single-name basis, Cruise operator Carnival Corporation contributed as the cruise industry saw a rebound in demand.
Top Detractors from Performance
Security selection within CCC rated bonds weighed on returns relative to the performance benchmark. At an industry level, security selection within packaging, healthcare, and metals and mining detracted. Individual detractors included Ard Finance, principal shareholder of packaging manufacturer Ardagh Group. The packaging industry generally lagged relative to other industries, and the company released a set of financial results that fell short of expectations during the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson High-Yield Fund (Class D Shares/JNHYX) | 9.54% | 2.75)% | 3.31% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| Bloomberg U.S. Corporate High-Yield Bond Index | 10.44% | 3.92)% | 4.31% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $705M% |
| Number of portfolio holdings | $155% |
| Total investment advisory fee paid | $4.4M% |
| Portfolio turnover rate | $87% |
| Weighted average maturity | 5.1 Years |
| Effective duration | 3.2 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 85.9) |
| Bank Loans and Mezzanine Loans | 4.1) |
| Asset-Backed/Commercial Mortgage-Backed Securities | 3.5) |
| Investment Companies | 3.4) |
| Common Stocks | 1.9) |
| Investments Purchased with Cash Collateral from Securities Lending | 1.7) |
| Preferred Stocks | 0.4) |
| Convertible Preferred Stocks | 0.3) |
| Other | (1.2) |
Ratings Summary (% of net assets)†
| AA | 7.6 |
| BBB | 1.0 |
| BB | 34.0 |
| B | 39.2 |
| CCC | 7.7 |
| Not Rated | 5.6 |
| Other | 4.9 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-800-525-3713.
225-65-70708D 08-24
Janus Henderson High-Yield Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class I Shares:JHYFX
This annual shareholder report contains important information about the Janus Henderson High-Yield Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson High-Yield Fund (Class I Shares/JHYFX) | $78 | 0.74% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson High-Yield Fund Class I Shares returned 9.56%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the Bloomberg U.S. Corporate High-Yield Bond Index, returned 10.44%.
Top Contributors to Performance
Security selection within high-yield corporate bonds contributed to returns relative to the performance benchmark. We rotated some of our corporate exposure into loans as we felt they offered attractive relative value, and this exposure further contributed. At an industry level, security selection within technology and finance companies and an underweight allocation to cable satellites was beneficial. On a single-name basis, Cruise operator Carnival Corporation contributed as the cruise industry saw a rebound in demand.
Top Detractors from Performance
Security selection within CCC rated bonds weighed on returns relative to the performance benchmark. At an industry level, security selection within packaging, healthcare, and metals and mining detracted. Individual detractors included Ard Finance, principal shareholder of packaging manufacturer Ardagh Group. The packaging industry generally lagged relative to other industries, and the company released a set of financial results that fell short of expectations during the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson High-Yield Fund (Class I Shares/JHYFX) | 9.56% | 2.79)% | 3.36% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| Bloomberg U.S. Corporate High-Yield Bond Index | 10.44% | 3.92)% | 4.31% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $705M% |
| Number of portfolio holdings | $155% |
| Total investment advisory fee paid | $4.4M% |
| Portfolio turnover rate | $87% |
| Weighted average maturity | 5.1 Years |
| Effective duration | 3.2 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 85.9) |
| Bank Loans and Mezzanine Loans | 4.1) |
| Asset-Backed/Commercial Mortgage-Backed Securities | 3.5) |
| Investment Companies | 3.4) |
| Common Stocks | 1.9) |
| Investments Purchased with Cash Collateral from Securities Lending | 1.7) |
| Preferred Stocks | 0.4) |
| Convertible Preferred Stocks | 0.3) |
| Other | (1.2) |
Ratings Summary (% of net assets)†
| AA | 7.6 |
| BBB | 1.0 |
| BB | 34.0 |
| B | 39.2 |
| CCC | 7.7 |
| Not Rated | 5.6 |
| Other | 4.9 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70709I 08-24
Janus Henderson High-Yield Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class N Shares:JHYNX
This annual shareholder report contains important information about the Janus Henderson High-Yield Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson High-Yield Fund (Class N Shares/JHYNX) | $66 | 0.63% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson High-Yield Fund Class N Shares returned 9.68%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the Bloomberg U.S. Corporate High-Yield Bond Index, returned 10.44%.
Top Contributors to Performance
Security selection within high-yield corporate bonds contributed to returns relative to the performance benchmark. We rotated some of our corporate exposure into loans as we felt they offered attractive relative value, and this exposure further contributed. At an industry level, security selection within technology and finance companies and an underweight allocation to cable satellites was beneficial. On a single-name basis, Cruise operator Carnival Corporation contributed as the cruise industry saw a rebound in demand.
Top Detractors from Performance
Security selection within CCC rated bonds weighed on returns relative to the performance benchmark. At an industry level, security selection within packaging, healthcare, and metals and mining detracted. Individual detractors included Ard Finance, principal shareholder of packaging manufacturer Ardagh Group. The packaging industry generally lagged relative to other industries, and the company released a set of financial results that fell short of expectations during the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson High-Yield Fund (Class N Shares/JHYNX) | 9.68% | 2.89)% | 3.46% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| Bloomberg U.S. Corporate High-Yield Bond Index | 10.44% | 3.92)% | 4.31% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $705M% |
| Number of portfolio holdings | $155% |
| Total investment advisory fee paid | $4.4M% |
| Portfolio turnover rate | $87% |
| Weighted average maturity | 5.1 Years |
| Effective duration | 3.2 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 85.9) |
| Bank Loans and Mezzanine Loans | 4.1) |
| Asset-Backed/Commercial Mortgage-Backed Securities | 3.5) |
| Investment Companies | 3.4) |
| Common Stocks | 1.9) |
| Investments Purchased with Cash Collateral from Securities Lending | 1.7) |
| Preferred Stocks | 0.4) |
| Convertible Preferred Stocks | 0.3) |
| Other | (1.2) |
Ratings Summary (% of net assets)†
| AA | 7.6 |
| BBB | 1.0 |
| BB | 34.0 |
| B | 39.2 |
| CCC | 7.7 |
| Not Rated | 5.6 |
| Other | 4.9 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70710N 08-24
Janus Henderson High-Yield Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class R Shares:JHYRX
This annual shareholder report contains important information about the Janus Henderson High-Yield Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson High-Yield Fund (Class R Shares/JHYRX) | $143 | 1.37% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson High-Yield Fund Class R Shares returned 8.87%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the Bloomberg U.S. Corporate High-Yield Bond Index, returned 10.44%.
Top Contributors to Performance
Security selection within high-yield corporate bonds contributed to returns relative to the performance benchmark. We rotated some of our corporate exposure into loans as we felt they offered attractive relative value, and this exposure further contributed. At an industry level, security selection within technology and finance companies and an underweight allocation to cable satellites was beneficial. On a single-name basis, Cruise operator Carnival Corporation contributed as the cruise industry saw a rebound in demand.
Top Detractors from Performance
Security selection within CCC rated bonds weighed on returns relative to the performance benchmark. At an industry level, security selection within packaging, healthcare, and metals and mining detracted. Individual detractors included Ard Finance, principal shareholder of packaging manufacturer Ardagh Group. The packaging industry generally lagged relative to other industries, and the company released a set of financial results that fell short of expectations during the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson High-Yield Fund (Class R Shares/JHYRX) | 8.87% | 2.10)% | 2.65% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| Bloomberg U.S. Corporate High-Yield Bond Index | 10.44% | 3.92)% | 4.31% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $705M% |
| Number of portfolio holdings | $155% |
| Total investment advisory fee paid | $4.4M% |
| Portfolio turnover rate | $87% |
| Weighted average maturity | 5.1 Years |
| Effective duration | 3.2 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 85.9) |
| Bank Loans and Mezzanine Loans | 4.1) |
| Asset-Backed/Commercial Mortgage-Backed Securities | 3.5) |
| Investment Companies | 3.4) |
| Common Stocks | 1.9) |
| Investments Purchased with Cash Collateral from Securities Lending | 1.7) |
| Preferred Stocks | 0.4) |
| Convertible Preferred Stocks | 0.3) |
| Other | (1.2) |
Ratings Summary (% of net assets)†
| AA | 7.6 |
| BBB | 1.0 |
| BB | 34.0 |
| B | 39.2 |
| CCC | 7.7 |
| Not Rated | 5.6 |
| Other | 4.9 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70711R 08-24
Janus Henderson High-Yield Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class S Shares:JDHYX
This annual shareholder report contains important information about the Janus Henderson High-Yield Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson High-Yield Fund (Class S Shares/JDHYX) | $118 | 1.13% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson High-Yield Fund Class S Shares returned 9.14%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the Bloomberg U.S. Corporate High-Yield Bond Index, returned 10.44%.
Top Contributors to Performance
Security selection within high-yield corporate bonds contributed to returns relative to the performance benchmark. We rotated some of our corporate exposure into loans as we felt they offered attractive relative value, and this exposure further contributed. At an industry level, security selection within technology and finance companies and an underweight allocation to cable satellites was beneficial. On a single-name basis, Cruise operator Carnival Corporation contributed as the cruise industry saw a rebound in demand.
Top Detractors from Performance
Security selection within CCC rated bonds weighed on returns relative to the performance benchmark. At an industry level, security selection within packaging, healthcare, and metals and mining detracted. Individual detractors included Ard Finance, principal shareholder of packaging manufacturer Ardagh Group. The packaging industry generally lagged relative to other industries, and the company released a set of financial results that fell short of expectations during the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson High-Yield Fund (Class S Shares/JDHYX) | 9.14% | 2.37)% | 2.92% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| Bloomberg U.S. Corporate High-Yield Bond Index | 10.44% | 3.92)% | 4.31% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $705M% |
| Number of portfolio holdings | $155% |
| Total investment advisory fee paid | $4.4M% |
| Portfolio turnover rate | $87% |
| Weighted average maturity | 5.1 Years |
| Effective duration | 3.2 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 85.9) |
| Bank Loans and Mezzanine Loans | 4.1) |
| Asset-Backed/Commercial Mortgage-Backed Securities | 3.5) |
| Investment Companies | 3.4) |
| Common Stocks | 1.9) |
| Investments Purchased with Cash Collateral from Securities Lending | 1.7) |
| Preferred Stocks | 0.4) |
| Convertible Preferred Stocks | 0.3) |
| Other | (1.2) |
Ratings Summary (% of net assets)†
| AA | 7.6 |
| BBB | 1.0 |
| BB | 34.0 |
| B | 39.2 |
| CCC | 7.7 |
| Not Rated | 5.6 |
| Other | 4.9 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70712S 08-24
Janus Henderson High-Yield Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class T Shares:JAHYX
This annual shareholder report contains important information about the Janus Henderson High-Yield Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson High-Yield Fund (Class T Shares/JAHYX) | $90 | 0.86% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson High-Yield Fund Class T Shares returned 9.43%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the Bloomberg U.S. Corporate High-Yield Bond Index, returned 10.44%.
Top Contributors to Performance
Security selection within high-yield corporate bonds contributed to returns relative to the performance benchmark. We rotated some of our corporate exposure into loans as we felt they offered attractive relative value, and this exposure further contributed. At an industry level, security selection within technology and finance companies and an underweight allocation to cable satellites was beneficial. On a single-name basis, Cruise operator Carnival Corporation contributed as the cruise industry saw a rebound in demand.
Top Detractors from Performance
Security selection within CCC rated bonds weighed on returns relative to the performance benchmark. At an industry level, security selection within packaging, healthcare, and metals and mining detracted. Individual detractors included Ard Finance, principal shareholder of packaging manufacturer Ardagh Group. The packaging industry generally lagged relative to other industries, and the company released a set of financial results that fell short of expectations during the period.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson High-Yield Fund (Class T Shares/JAHYX) | 9.43% | 2.65)% | 3.22% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| Bloomberg U.S. Corporate High-Yield Bond Index | 10.44% | 3.92)% | 4.31% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $705M% |
| Number of portfolio holdings | $155% |
| Total investment advisory fee paid | $4.4M% |
| Portfolio turnover rate | $87% |
| Weighted average maturity | 5.1 Years |
| Effective duration | 3.2 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Corporate Bonds | 85.9) |
| Bank Loans and Mezzanine Loans | 4.1) |
| Asset-Backed/Commercial Mortgage-Backed Securities | 3.5) |
| Investment Companies | 3.4) |
| Common Stocks | 1.9) |
| Investments Purchased with Cash Collateral from Securities Lending | 1.7) |
| Preferred Stocks | 0.4) |
| Convertible Preferred Stocks | 0.3) |
| Other | (1.2) |
Ratings Summary (% of net assets)†
| AA | 7.6 |
| BBB | 1.0 |
| BB | 34.0 |
| B | 39.2 |
| CCC | 7.7 |
| Not Rated | 5.6 |
| Other | 4.9 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70713T 08-24
Janus Henderson Mid Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class A Shares:JDPAX
This annual shareholder report contains important information about the Janus Henderson Mid Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Mid Cap Value Fund (Class A Shares/JDPAX) | $111 | 1.04% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Mid Cap Value Fund Class A Shares returned 13.65%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell Midcap® Value Index, returned 11.98%.
Top Contributors to Performance
We were pleased to see many of our high-quality, attractively valued holdings perform defensively despite market volatility. Long-time holding Casey’s, which owns an expanding network of convenience stores and gasoline stations, was the top contributor relative to the performance benchmark, aided by strong fuel margins. Teradyne, a leader in automated test equipment, also contributed on expectations that artificial intelligence-related investments will drive more capital spending by semiconductor manufacturers.
Top Detractors from Performance
Insurer Globe Life was the top detractor from returns relative to the performance benchmark. Shares fell after a short-seller report questioned its life insurance sales practices. After learning that regulators were investigating these claims, we eliminated the holding due to heightened risk. We also exited our position in NICE, a provider of software-based technology solutions for call centers and data security. The holding detracted after the company announced weaker-than-expected earnings and its chief executive officer unexpectedly resigned.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Mid Cap Value Fund (Class A Shares/JDPAX) at NAV | 13.65% | 7.35% | 6.80% |
| Janus Henderson Mid Cap Value Fund (Class A Shares/JDPAX) at Maximum Offering Price - 5.75% | 7.10% | 6.08% | 6.17% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell Midcap® Value Index | 11.98% | 8.49% | 7.60% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,010M% |
| Number of portfolio holdings | $72% |
| Total investment advisory fee paid | $12.2M% |
| Portfolio turnover rate | $37% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Casey's General Stores Inc | 3.0 |
| Entergy Corp | 2.5 |
| Alliant Energy Corp | 2.4 |
| Freeport-McMoRan Inc | 2.4 |
| Marathon Oil Corp | 2.3 |
Asset Allocation (% of net assets)
| Common Stocks | 98.3 |
| Repurchase Agreements | 1.6 |
| Other | 0.1 |
Top Country Allocations (% of investments)
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, 2023.
The Fund’s net expense ratio materially changed from the prior fiscal year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell Midcap® Value Index.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70714A 08-24
Janus Henderson Mid Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class C Shares:JMVCX
This annual shareholder report contains important information about the Janus Henderson Mid Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Mid Cap Value Fund (Class C Shares/JMVCX) | $180 | 1.69% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Mid Cap Value Fund Class C Shares returned 12.81%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell Midcap® Value Index, returned 11.98%.
Top Contributors to Performance
We were pleased to see many of our high-quality, attractively valued holdings perform defensively despite market volatility. Long-time holding Casey’s, which owns an expanding network of convenience stores and gasoline stations, was the top contributor relative to the performance benchmark, aided by strong fuel margins. Teradyne, a leader in automated test equipment, also contributed on expectations that artificial intelligence-related investments will drive more capital spending by semiconductor manufacturers.
Top Detractors from Performance
Insurer Globe Life was the top detractor from returns relative to the performance benchmark. Shares fell after a short-seller report questioned its life insurance sales practices. After learning that regulators were investigating these claims, we eliminated the holding due to heightened risk. We also exited our position in NICE, a provider of software-based technology solutions for call centers and data security. The holding detracted after the company announced weaker-than-expected earnings and its chief executive officer unexpectedly resigned.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Mid Cap Value Fund (Class C Shares/JMVCX) at NAV | 12.81%* | 6.64% | 6.15% |
| Janus Henderson Mid Cap Value Fund (Class C Shares/JMVCX) with Contingent Deferred Sales Charge | 11.81%* | 6.64% | 6.15% |
| Russell 3000® Index | 23.13%* | 14.14% | 12.15% |
| Russell Midcap® Value Index | 11.98%* | 8.49% | 7.60% |
* | Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,010M% |
| Number of portfolio holdings | $72% |
| Total investment advisory fee paid | $12.2M% |
| Portfolio turnover rate | $37% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Casey's General Stores Inc | 3.0 |
| Entergy Corp | 2.5 |
| Alliant Energy Corp | 2.4 |
| Freeport-McMoRan Inc | 2.4 |
| Marathon Oil Corp | 2.3 |
Asset Allocation (% of net assets)
| Common Stocks | 98.3 |
| Repurchase Agreements | 1.6 |
| Other | 0.1 |
Top Country Allocations (% of investments)
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, 2023.
The Fund’s net expense ratio materially changed from the prior fiscal year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell Midcap® Value Index.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70715C 08-24
Janus Henderson Mid Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class D Shares:JNMCX
This annual shareholder report contains important information about the Janus Henderson Mid Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Mid Cap Value Fund (Class D Shares/JNMCX) | $83 | 0.78% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Mid Cap Value Fund Class D Shares returned 13.87%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell Midcap® Value Index, returned 11.98%.
Top Contributors to Performance
We were pleased to see many of our high-quality, attractively valued holdings perform defensively despite market volatility. Long-time holding Casey’s, which owns an expanding network of convenience stores and gasoline stations, was the top contributor relative to the performance benchmark, aided by strong fuel margins. Teradyne, a leader in automated test equipment, also contributed on expectations that artificial intelligence-related investments will drive more capital spending by semiconductor manufacturers.
Top Detractors from Performance
Insurer Globe Life was the top detractor from returns relative to the performance benchmark. Shares fell after a short-seller report questioned its life insurance sales practices. After learning that regulators were investigating these claims, we eliminated the holding due to heightened risk. We also exited our position in NICE, a provider of software-based technology solutions for call centers and data security. The holding detracted after the company announced weaker-than-expected earnings and its chief executive officer unexpectedly resigned.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Mid Cap Value Fund (Class D Shares/JNMCX) | 13.87% | 7.65% | 7.11% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell Midcap® Value Index | 11.98% | 8.49% | 7.60% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,010M% |
| Number of portfolio holdings | $72% |
| Total investment advisory fee paid | $12.2M% |
| Portfolio turnover rate | $37% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Casey's General Stores Inc | 3.0 |
| Entergy Corp | 2.5 |
| Alliant Energy Corp | 2.4 |
| Freeport-McMoRan Inc | 2.4 |
| Marathon Oil Corp | 2.3 |
Asset Allocation (% of net assets)
| Common Stocks | 98.3 |
| Repurchase Agreements | 1.6 |
| Other | 0.1 |
Top Country Allocations (% of investments)
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, 2023.
The Fund’s net expense ratio materially changed from the prior fiscal year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell Midcap® Value Index.
Where can I find more information?
At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-800-525-3713.
225-65-70716D 08-24
Janus Henderson Mid Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class I Shares:JMVAX
This annual shareholder report contains important information about the Janus Henderson Mid Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Mid Cap Value Fund (Class I Shares/JMVAX) | $79 | 0.74% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Mid Cap Value Fund Class I Shares returned 13.94%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell Midcap® Value Index, returned 11.98%.
Top Contributors to Performance
We were pleased to see many of our high-quality, attractively valued holdings perform defensively despite market volatility. Long-time holding Casey’s, which owns an expanding network of convenience stores and gasoline stations, was the top contributor relative to the performance benchmark, aided by strong fuel margins. Teradyne, a leader in automated test equipment, also contributed on expectations that artificial intelligence-related investments will drive more capital spending by semiconductor manufacturers.
Top Detractors from Performance
Insurer Globe Life was the top detractor from returns relative to the performance benchmark. Shares fell after a short-seller report questioned its life insurance sales practices. After learning that regulators were investigating these claims, we eliminated the holding due to heightened risk. We also exited our position in NICE, a provider of software-based technology solutions for call centers and data security. The holding detracted after the company announced weaker-than-expected earnings and its chief executive officer unexpectedly resigned.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Mid Cap Value Fund (Class I Shares/JMVAX) | 13.94% | 7.70% | 7.15% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell Midcap® Value Index | 11.98% | 8.49% | 7.60% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,010M% |
| Number of portfolio holdings | $72% |
| Total investment advisory fee paid | $12.2M% |
| Portfolio turnover rate | $37% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Casey's General Stores Inc | 3.0 |
| Entergy Corp | 2.5 |
| Alliant Energy Corp | 2.4 |
| Freeport-McMoRan Inc | 2.4 |
| Marathon Oil Corp | 2.3 |
Asset Allocation (% of net assets)
| Common Stocks | 98.3 |
| Repurchase Agreements | 1.6 |
| Other | 0.1 |
Top Country Allocations (% of investments)
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, 2023.
The Fund’s net expense ratio materially changed from the prior fiscal year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell Midcap® Value Index.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70717I 08-24
Janus Henderson Mid Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class N Shares:JDPNX
This annual shareholder report contains important information about the Janus Henderson Mid Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Mid Cap Value Fund (Class N Shares/JDPNX) | $70 | 0.65% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Mid Cap Value Fund Class N Shares returned 14.09%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell Midcap® Value Index, returned 11.98%.
Top Contributors to Performance
We were pleased to see many of our high-quality, attractively valued holdings perform defensively despite market volatility. Long-time holding Casey’s, which owns an expanding network of convenience stores and gasoline stations, was the top contributor relative to the performance benchmark, aided by strong fuel margins. Teradyne, a leader in automated test equipment, also contributed on expectations that artificial intelligence-related investments will drive more capital spending by semiconductor manufacturers.
Top Detractors from Performance
Insurer Globe Life was the top detractor from returns relative to the performance benchmark. Shares fell after a short-seller report questioned its life insurance sales practices. After learning that regulators were investigating these claims, we eliminated the holding due to heightened risk. We also exited our position in NICE, a provider of software-based technology solutions for call centers and data security. The holding detracted after the company announced weaker-than-expected earnings and its chief executive officer unexpectedly resigned.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Mid Cap Value Fund (Class N Shares/JDPNX) | 14.09% | 7.80% | 7.26% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell Midcap® Value Index | 11.98% | 8.49% | 7.60% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,010M% |
| Number of portfolio holdings | $72% |
| Total investment advisory fee paid | $12.2M% |
| Portfolio turnover rate | $37% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Casey's General Stores Inc | 3.0 |
| Entergy Corp | 2.5 |
| Alliant Energy Corp | 2.4 |
| Freeport-McMoRan Inc | 2.4 |
| Marathon Oil Corp | 2.3 |
Asset Allocation (% of net assets)
| Common Stocks | 98.3 |
| Repurchase Agreements | 1.6 |
| Other | 0.1 |
Top Country Allocations (% of investments)
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, 2023.
The Fund’s net expense ratio materially changed from the prior fiscal year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell Midcap® Value Index.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70718N 08-24
Janus Henderson Mid Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class R Shares:JDPRX
This annual shareholder report contains important information about the Janus Henderson Mid Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Mid Cap Value Fund (Class R Shares/JDPRX) | $148 | 1.39% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Mid Cap Value Fund Class R Shares returned 13.23%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell Midcap® Value Index, returned 11.98%.
Top Contributors to Performance
We were pleased to see many of our high-quality, attractively valued holdings perform defensively despite market volatility. Long-time holding Casey’s, which owns an expanding network of convenience stores and gasoline stations, was the top contributor relative to the performance benchmark, aided by strong fuel margins. Teradyne, a leader in automated test equipment, also contributed on expectations that artificial intelligence-related investments will drive more capital spending by semiconductor manufacturers.
Top Detractors from Performance
Insurer Globe Life was the top detractor from returns relative to the performance benchmark. Shares fell after a short-seller report questioned its life insurance sales practices. After learning that regulators were investigating these claims, we eliminated the holding due to heightened risk. We also exited our position in NICE, a provider of software-based technology solutions for call centers and data security. The holding detracted after the company announced weaker-than-expected earnings and its chief executive officer unexpectedly resigned.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Mid Cap Value Fund (Class R Shares/JDPRX) | 13.23% | 6.99% | 6.46% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell Midcap® Value Index | 11.98% | 8.49% | 7.60% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,010M% |
| Number of portfolio holdings | $72% |
| Total investment advisory fee paid | $12.2M% |
| Portfolio turnover rate | $37% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Casey's General Stores Inc | 3.0 |
| Entergy Corp | 2.5 |
| Alliant Energy Corp | 2.4 |
| Freeport-McMoRan Inc | 2.4 |
| Marathon Oil Corp | 2.3 |
Asset Allocation (% of net assets)
| Common Stocks | 98.3 |
| Repurchase Agreements | 1.6 |
| Other | 0.1 |
Top Country Allocations (% of investments)
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, 2023.
The Fund’s net expense ratio materially changed from the prior fiscal year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell Midcap® Value Index.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70719R 08-24
Janus Henderson Mid Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class S Shares:JMVIX
This annual shareholder report contains important information about the Janus Henderson Mid Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Mid Cap Value Fund (Class S Shares/JMVIX) | $122 | 1.14% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Mid Cap Value Fund Class S Shares returned 13.50%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell Midcap® Value Index, returned 11.98%.
Top Contributors to Performance
We were pleased to see many of our high-quality, attractively valued holdings perform defensively despite market volatility. Long-time holding Casey’s, which owns an expanding network of convenience stores and gasoline stations, was the top contributor relative to the performance benchmark, aided by strong fuel margins. Teradyne, a leader in automated test equipment, also contributed on expectations that artificial intelligence-related investments will drive more capital spending by semiconductor manufacturers.
Top Detractors from Performance
Insurer Globe Life was the top detractor from returns relative to the performance benchmark. Shares fell after a short-seller report questioned its life insurance sales practices. After learning that regulators were investigating these claims, we eliminated the holding due to heightened risk. We also exited our position in NICE, a provider of software-based technology solutions for call centers and data security. The holding detracted after the company announced weaker-than-expected earnings and its chief executive officer unexpectedly resigned.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Mid Cap Value Fund (Class S Shares/JMVIX) | 13.50% | 7.26% | 6.73% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell Midcap® Value Index | 11.98% | 8.49% | 7.60% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,010M% |
| Number of portfolio holdings | $72% |
| Total investment advisory fee paid | $12.2M% |
| Portfolio turnover rate | $37% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Casey's General Stores Inc | 3.0 |
| Entergy Corp | 2.5 |
| Alliant Energy Corp | 2.4 |
| Freeport-McMoRan Inc | 2.4 |
| Marathon Oil Corp | 2.3 |
Asset Allocation (% of net assets)
| Common Stocks | 98.3 |
| Repurchase Agreements | 1.6 |
| Other | 0.1 |
Top Country Allocations (% of investments)
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, 2023.
The Fund’s net expense ratio materially changed from the prior fiscal year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell Midcap® Value Index.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70720S 08-24
Janus Henderson Mid Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class T Shares:JMCVX
This annual shareholder report contains important information about the Janus Henderson Mid Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Mid Cap Value Fund (Class T Shares/JMCVX) | $94 | 0.88% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Mid Cap Value Fund Class T Shares returned 13.76%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell Midcap® Value Index, returned 11.98%.
Top Contributors to Performance
We were pleased to see many of our high-quality, attractively valued holdings perform defensively despite market volatility. Long-time holding Casey’s, which owns an expanding network of convenience stores and gasoline stations, was the top contributor relative to the performance benchmark, aided by strong fuel margins. Teradyne, a leader in automated test equipment, also contributed on expectations that artificial intelligence-related investments will drive more capital spending by semiconductor manufacturers.
Top Detractors from Performance
Insurer Globe Life was the top detractor from returns relative to the performance benchmark. Shares fell after a short-seller report questioned its life insurance sales practices. After learning that regulators were investigating these claims, we eliminated the holding due to heightened risk. We also exited our position in NICE, a provider of software-based technology solutions for call centers and data security. The holding detracted after the company announced weaker-than-expected earnings and its chief executive officer unexpectedly resigned.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Mid Cap Value Fund (Class T Shares/JMCVX) | 13.76% | 7.54% | 7.01% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell Midcap® Value Index | 11.98% | 8.49% | 7.60% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,010M% |
| Number of portfolio holdings | $72% |
| Total investment advisory fee paid | $12.2M% |
| Portfolio turnover rate | $37% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Casey's General Stores Inc | 3.0 |
| Entergy Corp | 2.5 |
| Alliant Energy Corp | 2.4 |
| Freeport-McMoRan Inc | 2.4 |
| Marathon Oil Corp | 2.3 |
Asset Allocation (% of net assets)
| Common Stocks | 98.3 |
| Repurchase Agreements | 1.6 |
| Other | 0.1 |
Top Country Allocations (% of investments)
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, 2023.
The Fund’s net expense ratio materially changed from the prior fiscal year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell Midcap® Value Index.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70721T 08-24
Janus Henderson Money Market Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class D Shares:JNMXX
This annual shareholder report contains important information about the Janus Henderson Money Market Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Money Market Fund (Class D Shares/JNMXX) | $57 | 0.56% |
Performance
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Money Market Fund (Class D Shares/JNMXX) | 4.94% | 1.85% | 1.21% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Key Fund Statistics
| Net assets | $1,114M |
| Number of portfolio holdings | $70 |
| Total investment advisory fee paid | $2.2M |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Repurchase Agreements | 35.3 |
| Commercial Paper | 32.2 |
| Variable Rate Demand Notes | 16.1 |
| U.S. Government Agency Notes | 5.4 |
| Certificates of Deposit | 5.1 |
| U.S. Treasury Debt | 4.4 |
| Time Deposits | 1.3 |
| Other | 0.2 |
Where can I find more information?
At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-800-525-3713.
225-65-70722D 08-24
Janus Henderson Money Market Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class T Shares:JAMXX
This annual shareholder report contains important information about the Janus Henderson Money Market Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Money Market Fund (Class T Shares/JAMXX) | $59 | 0.58% |
Performance
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Money Market Fund (Class T Shares/JAMXX) | 4.92% | 1.84% | 1.19% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Key Fund Statistics
| Net assets | $1,114M |
| Number of portfolio holdings | $70 |
| Total investment advisory fee paid | $2.2M |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Repurchase Agreements | 35.3 |
| Commercial Paper | 32.2 |
| Variable Rate Demand Notes | 16.1 |
| U.S. Government Agency Notes | 5.4 |
| Certificates of Deposit | 5.1 |
| U.S. Treasury Debt | 4.4 |
| Time Deposits | 1.3 |
| Other | 0.2 |
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70723T 08-24
Janus Henderson Multi-Sector Income Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class A Shares:JMUAX
This annual shareholder report contains important information about the Janus Henderson Multi-Sector Income Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Multi-Sector Income Fund (Class A Shares/JMUAX) | $95 | 0.91% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Multi-Sector Income Fund Class A Shares returned 8.03%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%.
Top Contributors to Performance
Our overweight to credit spread risk, which reflected our belief in a higher probability of a soft economic landing, contributed to relative performance. In particular, we were overweight securitized sectors, believing their valuations were generally attractive throughout the period. Overweight allocations to high-yield corporates and bank loans also contributed given strong fundamentals and favorable demand-supply dynamics helped high yield outperform investment-grade corporates and Treasuries. We were underweight duration, and this contributed on a relative basis, particularly as rates rose toward period-end.
Top Detractors from Performance
Security selection within agency mortgage-backed securities (MBS) detracted. We did trim our allocation to MBS over the period, though we remained near benchmark weight. The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Multi-Sector Income Fund (Class A Shares/JMUAX) at NAV | 8.03% | 2.21)% | 3.31% |
| Janus Henderson Multi-Sector Income Fund (Class A Shares/JMUAX) at Maximum Offering Price - 4.75% | 2.91% | 1.23)% | 2.81% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $4,128M% |
| Number of portfolio holdings | $707% |
| Total investment advisory fee paid | $19.1M% |
| Portfolio turnover rate | $58% |
| Weighted average maturity | 5.4 Years |
| Effective duration | 4.0 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Asset-Backed/Commercial Mortgage-Backed Securities | 55.7) |
| Corporate Bonds | 23.3) |
| Mortgage-Backed Securities | 22.9) |
| Bank Loans and Mezzanine Loans | 10.7) |
| Investment Companies | 3.6) |
| Foreign Government Bonds | 3.2) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.4) |
| Common Stocks | 0.4) |
| Promissory Notes | 0.2) |
| Private Preferred Equity | 0.1) |
| Convertible Preferred Stocks | 0.0) |
| Preferred Stocks | 0.0) |
| Other | (20.5) |
Ratings Summary (% of net assets)†
| AAA | 2.8) |
| AA | 23.9) |
| A | 2.8) |
| BBB | 11.7) |
| BB | 14.1) |
| B | 13.0) |
| CCC | 1.2) |
| D | 0.0) |
| Not Rated | 48.1) |
| Other | (17.6) |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70724A 08-24
Janus Henderson Multi-Sector Income Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class C Shares:JMUCX
This annual shareholder report contains important information about the Janus Henderson Multi-Sector Income Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Multi-Sector Income Fund (Class C Shares/JMUCX) | $172 | 1.66% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Multi-Sector Income Fund Class C Shares returned 7.22%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%.
Top Contributors to Performance
Our overweight to credit spread risk, which reflected our belief in a higher probability of a soft economic landing, contributed to relative performance. In particular, we were overweight securitized sectors, believing their valuations were generally attractive throughout the period. Overweight allocations to high-yield corporates and bank loans also contributed given strong fundamentals and favorable demand-supply dynamics helped high yield outperform investment-grade corporates and Treasuries. We were underweight duration, and this contributed on a relative basis, particularly as rates rose toward period-end.
Top Detractors from Performance
Security selection within agency mortgage-backed securities (MBS) detracted. We did trim our allocation to MBS over the period, though we remained near benchmark weight. The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Multi-Sector Income Fund (Class C Shares/JMUCX) at NAV | 7.22%* | 1.45)% | 2.55% |
| Janus Henderson Multi-Sector Income Fund (Class C Shares/JMUCX) with Contingent Deferred Sales Charge | 6.22%* | 1.45)% | 2.55% |
| Bloomberg U.S. Aggregate Bond Index | 2.63%* | (0.23)% | 1.35% |
* | Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $4,128M% |
| Number of portfolio holdings | $707% |
| Total investment advisory fee paid | $19.1M% |
| Portfolio turnover rate | $58% |
| Weighted average maturity | 5.4 Years |
| Effective duration | 4.0 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Asset-Backed/Commercial Mortgage-Backed Securities | 55.7) |
| Corporate Bonds | 23.3) |
| Mortgage-Backed Securities | 22.9) |
| Bank Loans and Mezzanine Loans | 10.7) |
| Investment Companies | 3.6) |
| Foreign Government Bonds | 3.2) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.4) |
| Common Stocks | 0.4) |
| Promissory Notes | 0.2) |
| Private Preferred Equity | 0.1) |
| Convertible Preferred Stocks | 0.0) |
| Preferred Stocks | 0.0) |
| Other | (20.5) |
Ratings Summary (% of net assets)†
| AAA | 2.8) |
| AA | 23.9) |
| A | 2.8) |
| BBB | 11.7) |
| BB | 14.1) |
| B | 13.0) |
| CCC | 1.2) |
| D | 0.0) |
| Not Rated | 48.1) |
| Other | (17.6) |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70725C 08-24
Janus Henderson Multi-Sector Income Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class D Shares:JMUDX
This annual shareholder report contains important information about the Janus Henderson Multi-Sector Income Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Multi-Sector Income Fund (Class D Shares/JMUDX) | $77 | 0.74% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Multi-Sector Income Fund Class D Shares returned 8.21%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%.
Top Contributors to Performance
Our overweight to credit spread risk, which reflected our belief in a higher probability of a soft economic landing, contributed to relative performance. In particular, we were overweight securitized sectors, believing their valuations were generally attractive throughout the period. Overweight allocations to high-yield corporates and bank loans also contributed given strong fundamentals and favorable demand-supply dynamics helped high yield outperform investment-grade corporates and Treasuries. We were underweight duration, and this contributed on a relative basis, particularly as rates rose toward period-end.
Top Detractors from Performance
Security selection within agency mortgage-backed securities (MBS) detracted. We did trim our allocation to MBS over the period, though we remained near benchmark weight. The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Multi-Sector Income Fund (Class D Shares/JMUDX) | 8.21% | 2.38)% | 3.48% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $4,128M% |
| Number of portfolio holdings | $707% |
| Total investment advisory fee paid | $19.1M% |
| Portfolio turnover rate | $58% |
| Weighted average maturity | 5.4 Years |
| Effective duration | 4.0 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Asset-Backed/Commercial Mortgage-Backed Securities | 55.7) |
| Corporate Bonds | 23.3) |
| Mortgage-Backed Securities | 22.9) |
| Bank Loans and Mezzanine Loans | 10.7) |
| Investment Companies | 3.6) |
| Foreign Government Bonds | 3.2) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.4) |
| Common Stocks | 0.4) |
| Promissory Notes | 0.2) |
| Private Preferred Equity | 0.1) |
| Convertible Preferred Stocks | 0.0) |
| Preferred Stocks | 0.0) |
| Other | (20.5) |
Ratings Summary (% of net assets)†
| AAA | 2.8) |
| AA | 23.9) |
| A | 2.8) |
| BBB | 11.7) |
| BB | 14.1) |
| B | 13.0) |
| CCC | 1.2) |
| D | 0.0) |
| Not Rated | 48.1) |
| Other | (17.6) |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-800-525-3713.
225-65-70726D 08-24
Janus Henderson Multi-Sector Income Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class I Shares:JMUIX
This annual shareholder report contains important information about the Janus Henderson Multi-Sector Income Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Multi-Sector Income Fund (Class I Shares/JMUIX) | $73 | 0.70% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Multi-Sector Income Fund Class I Shares returned 8.26%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%.
Top Contributors to Performance
Our overweight to credit spread risk, which reflected our belief in a higher probability of a soft economic landing, contributed to relative performance. In particular, we were overweight securitized sectors, believing their valuations were generally attractive throughout the period. Overweight allocations to high-yield corporates and bank loans also contributed given strong fundamentals and favorable demand-supply dynamics helped high yield outperform investment-grade corporates and Treasuries. We were underweight duration, and this contributed on a relative basis, particularly as rates rose toward period-end.
Top Detractors from Performance
Security selection within agency mortgage-backed securities (MBS) detracted. We did trim our allocation to MBS over the period, though we remained near benchmark weight. The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Multi-Sector Income Fund (Class I Shares/JMUIX) | 8.26% | 2.43)% | 3.56% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $4,128M% |
| Number of portfolio holdings | $707% |
| Total investment advisory fee paid | $19.1M% |
| Portfolio turnover rate | $58% |
| Weighted average maturity | 5.4 Years |
| Effective duration | 4.0 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Asset-Backed/Commercial Mortgage-Backed Securities | 55.7) |
| Corporate Bonds | 23.3) |
| Mortgage-Backed Securities | 22.9) |
| Bank Loans and Mezzanine Loans | 10.7) |
| Investment Companies | 3.6) |
| Foreign Government Bonds | 3.2) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.4) |
| Common Stocks | 0.4) |
| Promissory Notes | 0.2) |
| Private Preferred Equity | 0.1) |
| Convertible Preferred Stocks | 0.0) |
| Preferred Stocks | 0.0) |
| Other | (20.5) |
Ratings Summary (% of net assets)†
| AAA | 2.8) |
| AA | 23.9) |
| A | 2.8) |
| BBB | 11.7) |
| BB | 14.1) |
| B | 13.0) |
| CCC | 1.2) |
| D | 0.0) |
| Not Rated | 48.1) |
| Other | (17.6) |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70727I 08-24
Janus Henderson Multi-Sector Income Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class N Shares:JMTNX
This annual shareholder report contains important information about the Janus Henderson Multi-Sector Income Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Multi-Sector Income Fund (Class N Shares/JMTNX) | $63 | 0.60% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Multi-Sector Income Fund Class N Shares returned 8.36%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%.
Top Contributors to Performance
Our overweight to credit spread risk, which reflected our belief in a higher probability of a soft economic landing, contributed to relative performance. In particular, we were overweight securitized sectors, believing their valuations were generally attractive throughout the period. Overweight allocations to high-yield corporates and bank loans also contributed given strong fundamentals and favorable demand-supply dynamics helped high yield outperform investment-grade corporates and Treasuries. We were underweight duration, and this contributed on a relative basis, particularly as rates rose toward period-end.
Top Detractors from Performance
Security selection within agency mortgage-backed securities (MBS) detracted. We did trim our allocation to MBS over the period, though we remained near benchmark weight. The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Multi-Sector Income Fund (Class N Shares/JMTNX) | 8.36% | 2.52)% | 3.62% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $4,128M% |
| Number of portfolio holdings | $707% |
| Total investment advisory fee paid | $19.1M% |
| Portfolio turnover rate | $58% |
| Weighted average maturity | 5.4 Years |
| Effective duration | 4.0 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Asset-Backed/Commercial Mortgage-Backed Securities | 55.7) |
| Corporate Bonds | 23.3) |
| Mortgage-Backed Securities | 22.9) |
| Bank Loans and Mezzanine Loans | 10.7) |
| Investment Companies | 3.6) |
| Foreign Government Bonds | 3.2) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.4) |
| Common Stocks | 0.4) |
| Promissory Notes | 0.2) |
| Private Preferred Equity | 0.1) |
| Convertible Preferred Stocks | 0.0) |
| Preferred Stocks | 0.0) |
| Other | (20.5) |
Ratings Summary (% of net assets)†
| AAA | 2.8) |
| AA | 23.9) |
| A | 2.8) |
| BBB | 11.7) |
| BB | 14.1) |
| B | 13.0) |
| CCC | 1.2) |
| D | 0.0) |
| Not Rated | 48.1) |
| Other | (17.6) |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70728N 08-24
Janus Henderson Multi-Sector Income Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class S Shares:JMUSX
This annual shareholder report contains important information about the Janus Henderson Multi-Sector Income Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Multi-Sector Income Fund (Class S Shares/JMUSX) | $118 | 1.14% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Multi-Sector Income Fund Class S Shares returned 7.79%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%.
Top Contributors to Performance
Our overweight to credit spread risk, which reflected our belief in a higher probability of a soft economic landing, contributed to relative performance. In particular, we were overweight securitized sectors, believing their valuations were generally attractive throughout the period. Overweight allocations to high-yield corporates and bank loans also contributed given strong fundamentals and favorable demand-supply dynamics helped high yield outperform investment-grade corporates and Treasuries. We were underweight duration, and this contributed on a relative basis, particularly as rates rose toward period-end.
Top Detractors from Performance
Security selection within agency mortgage-backed securities (MBS) detracted. We did trim our allocation to MBS over the period, though we remained near benchmark weight. The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Multi-Sector Income Fund (Class S Shares/JMUSX) | 7.79% | 2.04)% | 3.23% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $4,128M% |
| Number of portfolio holdings | $707% |
| Total investment advisory fee paid | $19.1M% |
| Portfolio turnover rate | $58% |
| Weighted average maturity | 5.4 Years |
| Effective duration | 4.0 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Asset-Backed/Commercial Mortgage-Backed Securities | 55.7) |
| Corporate Bonds | 23.3) |
| Mortgage-Backed Securities | 22.9) |
| Bank Loans and Mezzanine Loans | 10.7) |
| Investment Companies | 3.6) |
| Foreign Government Bonds | 3.2) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.4) |
| Common Stocks | 0.4) |
| Promissory Notes | 0.2) |
| Private Preferred Equity | 0.1) |
| Convertible Preferred Stocks | 0.0) |
| Preferred Stocks | 0.0) |
| Other | (20.5) |
Ratings Summary (% of net assets)†
| AAA | 2.8) |
| AA | 23.9) |
| A | 2.8) |
| BBB | 11.7) |
| BB | 14.1) |
| B | 13.0) |
| CCC | 1.2) |
| D | 0.0) |
| Not Rated | 48.1) |
| Other | (17.6) |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70729S 08-24
Janus Henderson Multi-Sector Income Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class T Shares:JMUTX
This annual shareholder report contains important information about the Janus Henderson Multi-Sector Income Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Multi-Sector Income Fund (Class T Shares/JMUTX) | $86 | 0.83% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Multi-Sector Income Fund Class T Shares returned 8.11%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%.
Top Contributors to Performance
Our overweight to credit spread risk, which reflected our belief in a higher probability of a soft economic landing, contributed to relative performance. In particular, we were overweight securitized sectors, believing their valuations were generally attractive throughout the period. Overweight allocations to high-yield corporates and bank loans also contributed given strong fundamentals and favorable demand-supply dynamics helped high yield outperform investment-grade corporates and Treasuries. We were underweight duration, and this contributed on a relative basis, particularly as rates rose toward period-end.
Top Detractors from Performance
Security selection within agency mortgage-backed securities (MBS) detracted. We did trim our allocation to MBS over the period, though we remained near benchmark weight. The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Multi-Sector Income Fund (Class T Shares/JMUTX) | 8.11% | 2.29)% | 3.39% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $4,128M% |
| Number of portfolio holdings | $707% |
| Total investment advisory fee paid | $19.1M% |
| Portfolio turnover rate | $58% |
| Weighted average maturity | 5.4 Years |
| Effective duration | 4.0 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Asset-Backed/Commercial Mortgage-Backed Securities | 55.7) |
| Corporate Bonds | 23.3) |
| Mortgage-Backed Securities | 22.9) |
| Bank Loans and Mezzanine Loans | 10.7) |
| Investment Companies | 3.6) |
| Foreign Government Bonds | 3.2) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.4) |
| Common Stocks | 0.4) |
| Promissory Notes | 0.2) |
| Private Preferred Equity | 0.1) |
| Convertible Preferred Stocks | 0.0) |
| Preferred Stocks | 0.0) |
| Other | (20.5) |
Ratings Summary (% of net assets)†
| AAA | 2.8) |
| AA | 23.9) |
| A | 2.8) |
| BBB | 11.7) |
| BB | 14.1) |
| B | 13.0) |
| CCC | 1.2) |
| D | 0.0) |
| Not Rated | 48.1) |
| Other | (17.6) |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70730T 08-24
Janus Henderson Responsible International Dividend Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class A Shares:HDAVX
This annual shareholder report contains important information about the Janus Henderson Responsible International Dividend Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Responsible International Dividend Fund (Class A Shares/HDAVX) | $126 | 1.16% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Responsible International Dividend Fund Class A Shares returned 16.97%. Its broad-based benchmark, the MSCI World ex-USA Index SM, returned 11.22%.
Top Contributors to Performance
Optimism around the adoption of artificial intelligence (AI) drove up the share price of chip manufacturer Taiwan Semiconductor, which contributed to returns relative to the performance benchmark due to the capital investment deployed by its customers to develop AI capabilities. UK bank NatWest and information services company RELX also bolstered relative returns as both companies delivered solid results, the former benefiting from the higher interest rate environment, and the latter from the deployment of AI.
Top Detractors from Performance
Chinese insurance company AIA detracted relative to the performance benchmark due to ongoing economic weakness in China that caused Asia to lag the rise in global markets early in 2024. Swiss food and beverage company Nestlé also detracted, despite exhibiting strong pricing power within its end market. Telecommunications company TELUS was another relative detractor owing to high capital expenditure requirements amid rising inflation.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Responsible International Dividend Fund (Class A Shares/HDAVX) at NAV | 16.97% | 8.27% | 5.89% |
| Janus Henderson Responsible International Dividend Fund (Class A Shares/HDAVX) at Maximum Offering Price - 5.75% | 10.26% | 6.99% | 5.35% |
| MSCI World ex-USA Index SM | 11.22% | 6.55% | 4.27% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Performance for periods prior to June 5, 2017 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.
Effective October 28, 2022, the Fund changed its investment strategy. The performance shown for periods prior to October 28, 2022, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $142M% |
| Number of portfolio holdings | $45% |
| Total investment advisory fee paid | $0.7M% |
| Portfolio turnover rate | $32% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.3 |
| RELX PLC | 3.8 |
| Unilever PLC | 3.3 |
| Samsung Electronics Co Ltd | 3.2 |
| Novo Nordisk A/S - Class B | 3.1 |
Asset Allocation (% of net assets)
| Common Stocks | 90.9 |
| Investment Companies | 4.2 |
| Preferred Stocks | 3.2 |
| Other | 1.7 |
Top Country Allocations (% of investments)
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70731A 08-24
Janus Henderson Responsible International Dividend Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class C Shares:HDCVX
This annual shareholder report contains important information about the Janus Henderson Responsible International Dividend Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Responsible International Dividend Fund (Class C Shares/HDCVX) | $200 | 1.85% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Responsible International Dividend Fund Class C Shares returned 16.16%. Its broad-based benchmark, the MSCI World ex-USA Index SM, returned 11.22%.
Top Contributors to Performance
Optimism around the adoption of artificial intelligence (AI) drove up the share price of chip manufacturer Taiwan Semiconductor, which contributed to returns relative to the performance benchmark due to the capital investment deployed by its customers to develop AI capabilities. UK bank NatWest and information services company RELX also bolstered relative returns as both companies delivered solid results, the former benefiting from the higher interest rate environment, and the latter from the deployment of AI.
Top Detractors from Performance
Chinese insurance company AIA detracted relative to the performance benchmark due to ongoing economic weakness in China that caused Asia to lag the rise in global markets early in 2024. Swiss food and beverage company Nestlé also detracted, despite exhibiting strong pricing power within its end market. Telecommunications company TELUS was another relative detractor owing to high capital expenditure requirements amid rising inflation.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Responsible International Dividend Fund (Class C Shares/HDCVX) at NAV | 16.16%* | 7.46% | 5.09% |
| Janus Henderson Responsible International Dividend Fund (Class C Shares/HDCVX) with Contingent Deferred Sales Charge | 15.16%* | 7.46% | 5.09% |
| MSCI World ex-USA Index SM | 11.22%* | 6.55% | 4.27% |
* | Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Performance for periods prior to June 5, 2017 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.
Effective October 28, 2022, the Fund changed its investment strategy. The performance shown for periods prior to October 28, 2022, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $142M% |
| Number of portfolio holdings | $45% |
| Total investment advisory fee paid | $0.7M% |
| Portfolio turnover rate | $32% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.3 |
| RELX PLC | 3.8 |
| Unilever PLC | 3.3 |
| Samsung Electronics Co Ltd | 3.2 |
| Novo Nordisk A/S - Class B | 3.1 |
Asset Allocation (% of net assets)
| Common Stocks | 90.9 |
| Investment Companies | 4.2 |
| Preferred Stocks | 3.2 |
| Other | 1.7 |
Top Country Allocations (% of investments)
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70732C 08-24
Janus Henderson Responsible International Dividend Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class D Shares:HDDVX
This annual shareholder report contains important information about the Janus Henderson Responsible International Dividend Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Responsible International Dividend Fund (Class D Shares/HDDVX) | $106 | 0.98% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Responsible International Dividend Fund Class D Shares returned 17.15%. Its broad-based benchmark, the MSCI World ex-USA Index SM, returned 11.22%.
Top Contributors to Performance
Optimism around the adoption of artificial intelligence (AI) drove up the share price of chip manufacturer Taiwan Semiconductor, which contributed to returns relative to the performance benchmark due to the capital investment deployed by its customers to develop AI capabilities. UK bank NatWest and information services company RELX also bolstered relative returns as both companies delivered solid results, the former benefiting from the higher interest rate environment, and the latter from the deployment of AI.
Top Detractors from Performance
Chinese insurance company AIA detracted relative to the performance benchmark due to ongoing economic weakness in China that caused Asia to lag the rise in global markets early in 2024. Swiss food and beverage company Nestlé also detracted, despite exhibiting strong pricing power within its end market. Telecommunications company TELUS was another relative detractor owing to high capital expenditure requirements amid rising inflation.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Responsible International Dividend Fund (Class D Shares/HDDVX) | 17.15% | 8.44% | 6.05% |
| MSCI World ex-USA Index SM | 11.22% | 6.55% | 4.27% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Performance for periods prior to June 5, 2017 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.
Effective October 28, 2022, the Fund changed its investment strategy. The performance shown for periods prior to October 28, 2022, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $142M% |
| Number of portfolio holdings | $45% |
| Total investment advisory fee paid | $0.7M% |
| Portfolio turnover rate | $32% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.3 |
| RELX PLC | 3.8 |
| Unilever PLC | 3.3 |
| Samsung Electronics Co Ltd | 3.2 |
| Novo Nordisk A/S - Class B | 3.1 |
Asset Allocation (% of net assets)
| Common Stocks | 90.9 |
| Investment Companies | 4.2 |
| Preferred Stocks | 3.2 |
| Other | 1.7 |
Top Country Allocations (% of investments)
Where can I find more information?
At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-800-525-3713.
225-65-70733D 08-24
Janus Henderson Responsible International Dividend Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class I Shares:HDIVX
This annual shareholder report contains important information about the Janus Henderson Responsible International Dividend Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Responsible International Dividend Fund (Class I Shares/HDIVX) | $101 | 0.93% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Responsible International Dividend Fund Class I Shares returned 17.25%. Its broad-based benchmark, the MSCI World ex-USA Index SM, returned 11.22%.
Top Contributors to Performance
Optimism around the adoption of artificial intelligence (AI) drove up the share price of chip manufacturer Taiwan Semiconductor, which contributed to returns relative to the performance benchmark due to the capital investment deployed by its customers to develop AI capabilities. UK bank NatWest and information services company RELX also bolstered relative returns as both companies delivered solid results, the former benefiting from the higher interest rate environment, and the latter from the deployment of AI.
Top Detractors from Performance
Chinese insurance company AIA detracted relative to the performance benchmark due to ongoing economic weakness in China that caused Asia to lag the rise in global markets early in 2024. Swiss food and beverage company Nestlé also detracted, despite exhibiting strong pricing power within its end market. Telecommunications company TELUS was another relative detractor owing to high capital expenditure requirements amid rising inflation.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Responsible International Dividend Fund (Class I Shares/HDIVX) | 17.25% | 8.49% | 6.13% |
| MSCI World ex-USA Index SM | 11.22% | 6.55% | 4.27% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Performance for periods prior to June 5, 2017 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.
Effective October 28, 2022, the Fund changed its investment strategy. The performance shown for periods prior to October 28, 2022, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $142M% |
| Number of portfolio holdings | $45% |
| Total investment advisory fee paid | $0.7M% |
| Portfolio turnover rate | $32% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.3 |
| RELX PLC | 3.8 |
| Unilever PLC | 3.3 |
| Samsung Electronics Co Ltd | 3.2 |
| Novo Nordisk A/S - Class B | 3.1 |
Asset Allocation (% of net assets)
| Common Stocks | 90.9 |
| Investment Companies | 4.2 |
| Preferred Stocks | 3.2 |
| Other | 1.7 |
Top Country Allocations (% of investments)
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70734I 08-24
Janus Henderson Responsible International Dividend Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class N Shares:HDRVX
This annual shareholder report contains important information about the Janus Henderson Responsible International Dividend Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Responsible International Dividend Fund (Class N Shares/HDRVX) | $91 | 0.84% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Responsible International Dividend Fund Class N Shares returned 17.31%. Its broad-based benchmark, the MSCI World ex-USA Index SM, returned 11.22%.
Top Contributors to Performance
Optimism around the adoption of artificial intelligence (AI) drove up the share price of chip manufacturer Taiwan Semiconductor, which contributed to returns relative to the performance benchmark due to the capital investment deployed by its customers to develop AI capabilities. UK bank NatWest and information services company RELX also bolstered relative returns as both companies delivered solid results, the former benefiting from the higher interest rate environment, and the latter from the deployment of AI.
Top Detractors from Performance
Chinese insurance company AIA detracted relative to the performance benchmark due to ongoing economic weakness in China that caused Asia to lag the rise in global markets early in 2024. Swiss food and beverage company Nestlé also detracted, despite exhibiting strong pricing power within its end market. Telecommunications company TELUS was another relative detractor owing to high capital expenditure requirements amid rising inflation.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Responsible International Dividend Fund (Class N Shares/HDRVX) | 17.31% | 8.58% | 6.15% |
| MSCI World ex-USA Index SM | 11.22% | 6.55% | 4.27% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Performance for periods prior to June 5, 2017 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.
Effective October 28, 2022, the Fund changed its investment strategy. The performance shown for periods prior to October 28, 2022, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $142M% |
| Number of portfolio holdings | $45% |
| Total investment advisory fee paid | $0.7M% |
| Portfolio turnover rate | $32% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.3 |
| RELX PLC | 3.8 |
| Unilever PLC | 3.3 |
| Samsung Electronics Co Ltd | 3.2 |
| Novo Nordisk A/S - Class B | 3.1 |
Asset Allocation (% of net assets)
| Common Stocks | 90.9 |
| Investment Companies | 4.2 |
| Preferred Stocks | 3.2 |
| Other | 1.7 |
Top Country Allocations (% of investments)
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70735N 08-24
Janus Henderson Responsible International Dividend Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class S Shares:HDQVX
This annual shareholder report contains important information about the Janus Henderson Responsible International Dividend Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Responsible International Dividend Fund (Class S Shares/HDQVX) | $116 | 1.07% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Responsible International Dividend Fund Class S Shares returned 17.06%. Its broad-based benchmark, the MSCI World ex-USA Index SM, returned 11.22%.
Top Contributors to Performance
Optimism around the adoption of artificial intelligence (AI) drove up the share price of chip manufacturer Taiwan Semiconductor, which contributed to returns relative to the performance benchmark due to the capital investment deployed by its customers to develop AI capabilities. UK bank NatWest and information services company RELX also bolstered relative returns as both companies delivered solid results, the former benefiting from the higher interest rate environment, and the latter from the deployment of AI.
Top Detractors from Performance
Chinese insurance company AIA detracted relative to the performance benchmark due to ongoing economic weakness in China that caused Asia to lag the rise in global markets early in 2024. Swiss food and beverage company Nestlé also detracted, despite exhibiting strong pricing power within its end market. Telecommunications company TELUS was another relative detractor owing to high capital expenditure requirements amid rising inflation.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Responsible International Dividend Fund (Class S Shares/HDQVX) | 17.06% | 8.43% | 5.91% |
| MSCI World ex-USA Index SM | 11.22% | 6.55% | 4.27% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Performance for periods prior to June 5, 2017 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.
Effective October 28, 2022, the Fund changed its investment strategy. The performance shown for periods prior to October 28, 2022, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $142M% |
| Number of portfolio holdings | $45% |
| Total investment advisory fee paid | $0.7M% |
| Portfolio turnover rate | $32% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.3 |
| RELX PLC | 3.8 |
| Unilever PLC | 3.3 |
| Samsung Electronics Co Ltd | 3.2 |
| Novo Nordisk A/S - Class B | 3.1 |
Asset Allocation (% of net assets)
| Common Stocks | 90.9 |
| Investment Companies | 4.2 |
| Preferred Stocks | 3.2 |
| Other | 1.7 |
Top Country Allocations (% of investments)
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70736S 08-24
Janus Henderson Responsible International Dividend Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class T Shares:HDTVX
This annual shareholder report contains important information about the Janus Henderson Responsible International Dividend Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Responsible International Dividend Fund (Class T Shares/HDTVX) | $118 | 1.09% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Responsible International Dividend Fund Class T Shares returned 17.01%. Its broad-based benchmark, the MSCI World ex-USA Index SM, returned 11.22%.
Top Contributors to Performance
Optimism around the adoption of artificial intelligence (AI) drove up the share price of chip manufacturer Taiwan Semiconductor, which contributed to returns relative to the performance benchmark due to the capital investment deployed by its customers to develop AI capabilities. UK bank NatWest and information services company RELX also bolstered relative returns as both companies delivered solid results, the former benefiting from the higher interest rate environment, and the latter from the deployment of AI.
Top Detractors from Performance
Chinese insurance company AIA detracted relative to the performance benchmark due to ongoing economic weakness in China that caused Asia to lag the rise in global markets early in 2024. Swiss food and beverage company Nestlé also detracted, despite exhibiting strong pricing power within its end market. Telecommunications company TELUS was another relative detractor owing to high capital expenditure requirements amid rising inflation.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Responsible International Dividend Fund (Class T Shares/HDTVX) | 17.01% | 8.31% | 5.94% |
| MSCI World ex-USA Index SM | 11.22% | 6.55% | 4.27% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Performance for periods prior to June 5, 2017 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.
Effective October 28, 2022, the Fund changed its investment strategy. The performance shown for periods prior to October 28, 2022, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $142M% |
| Number of portfolio holdings | $45% |
| Total investment advisory fee paid | $0.7M% |
| Portfolio turnover rate | $32% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.3 |
| RELX PLC | 3.8 |
| Unilever PLC | 3.3 |
| Samsung Electronics Co Ltd | 3.2 |
| Novo Nordisk A/S - Class B | 3.1 |
Asset Allocation (% of net assets)
| Common Stocks | 90.9 |
| Investment Companies | 4.2 |
| Preferred Stocks | 3.2 |
| Other | 1.7 |
Top Country Allocations (% of investments)
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70737T 08-24
Janus Henderson Short Duration Flexible Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class A Shares:JSHAX
This annual shareholder report contains important information about the Janus Henderson Short Duration Flexible Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Short Duration Flexible Bond Fund (Class A Shares/JSHAX) | $72 | 0.70% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Short Duration Flexible Bond Fund Class A Shares returned 6.16%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Index, returned 4.87%.
Top Contributors to Performance
Sector allocation decisions contributed to returns relative to the performance benchmark, particularly our overweight allocation to securitized credit. We maintained a favorable view on securitized credit valuations relative to corporate bonds during the period. Security selection within investment-grade corporates also contributed, as did our yield curve positioning, which we actively managed throughout the period and closed with a modest duration overweight.
Top Detractors from Performance
There were no material detractors from returns relative to the performance benchmark, though lack of exposure to real estate investment trusts did hold back results. The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Short Duration Flexible Bond Fund (Class A Shares/JSHAX) at NAV | 6.16% | 1.34)% | 1.27% |
| Janus Henderson Short Duration Flexible Bond Fund (Class A Shares/JSHAX) at Maximum Offering Price - 2.50% | 3.58% | 0.81)% | 1.01% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| Bloomberg 1-3 Year U.S. Government/Credit Index | 4.87% | 1.25)% | 1.35% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $709M% |
| Number of portfolio holdings | $392% |
| Total investment advisory fee paid | $2.2M% |
| Portfolio turnover rate | $105% |
| Weighted average maturity | 3.4 Years |
| Effective duration | 2.0 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Asset-Backed/Commercial Mortgage-Backed Securities | 46.4) |
| Corporate Bonds | 40.1) |
| Mortgage-Backed Securities | 4.8) |
| United States Treasury Notes/Bonds | 4.5) |
| Investment Companies | 3.0) |
| Bank Loans and Mezzanine Loans | 2.6) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.5) |
| Other | (1.9) |
Ratings Summary (% of net assets)†
| AAA | 2.9 |
| AA | 10.7 |
| A | 13.1 |
| BBB | 26.4 |
| BB | 6.6 |
| B | 1.0 |
| Not Rated | 38.6 |
| Other | 0.7 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70738A 08-24
Janus Henderson Short Duration Flexible Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class C Shares:JSHCX
This annual shareholder report contains important information about the Janus Henderson Short Duration Flexible Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Short Duration Flexible Bond Fund (Class C Shares/JSHCX) | $145 | 1.41% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Short Duration Flexible Bond Fund Class C Shares returned 5.79%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Index, returned 4.87%.
Top Contributors to Performance
Sector allocation decisions contributed to returns relative to the performance benchmark, particularly our overweight allocation to securitized credit. We maintained a favorable view on securitized credit valuations relative to corporate bonds during the period. Security selection within investment-grade corporates also contributed, as did our yield curve positioning, which we actively managed throughout the period and closed with a modest duration overweight.
Top Detractors from Performance
There were no material detractors from returns relative to the performance benchmark, though lack of exposure to real estate investment trusts did hold back results. The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Short Duration Flexible Bond Fund (Class C Shares/JSHCX) at NAV | 5.79%* | 0.73)% | 0.56% |
| Janus Henderson Short Duration Flexible Bond Fund (Class C Shares/JSHCX) with Contingent Deferred Sales Charge | 4.79%* | 0.73)% | 0.56% |
| Bloomberg U.S. Aggregate Bond Index | 2.63%* | (0.23)% | 1.35% |
| Bloomberg 1-3 Year U.S. Government/Credit Index | 4.87%* | 1.25)% | 1.35% |
* | Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $709M% |
| Number of portfolio holdings | $392% |
| Total investment advisory fee paid | $2.2M% |
| Portfolio turnover rate | $105% |
| Weighted average maturity | 3.4 Years |
| Effective duration | 2.0 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Asset-Backed/Commercial Mortgage-Backed Securities | 46.4) |
| Corporate Bonds | 40.1) |
| Mortgage-Backed Securities | 4.8) |
| United States Treasury Notes/Bonds | 4.5) |
| Investment Companies | 3.0) |
| Bank Loans and Mezzanine Loans | 2.6) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.5) |
| Other | (1.9) |
Ratings Summary (% of net assets)†
| AAA | 2.9 |
| AA | 10.7 |
| A | 13.1 |
| BBB | 26.4 |
| BB | 6.6 |
| B | 1.0 |
| Not Rated | 38.6 |
| Other | 0.7 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70739C 08-24
Janus Henderson Short Duration Flexible Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class D Shares:JNSTX
This annual shareholder report contains important information about the Janus Henderson Short Duration Flexible Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Short Duration Flexible Bond Fund (Class D Shares/JNSTX) | $54 | 0.52% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Short Duration Flexible Bond Fund Class D Shares returned 6.35%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Index, returned 4.87%.
Top Contributors to Performance
Sector allocation decisions contributed to returns relative to the performance benchmark, particularly our overweight allocation to securitized credit. We maintained a favorable view on securitized credit valuations relative to corporate bonds during the period. Security selection within investment-grade corporates also contributed, as did our yield curve positioning, which we actively managed throughout the period and closed with a modest duration overweight.
Top Detractors from Performance
There were no material detractors from returns relative to the performance benchmark, though lack of exposure to real estate investment trusts did hold back results. The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Short Duration Flexible Bond Fund (Class D Shares/JNSTX) | 6.35% | 1.51)% | 1.41% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| Bloomberg 1-3 Year U.S. Government/Credit Index | 4.87% | 1.25)% | 1.35% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $709M% |
| Number of portfolio holdings | $392% |
| Total investment advisory fee paid | $2.2M% |
| Portfolio turnover rate | $105% |
| Weighted average maturity | 3.4 Years |
| Effective duration | 2.0 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Asset-Backed/Commercial Mortgage-Backed Securities | 46.4) |
| Corporate Bonds | 40.1) |
| Mortgage-Backed Securities | 4.8) |
| United States Treasury Notes/Bonds | 4.5) |
| Investment Companies | 3.0) |
| Bank Loans and Mezzanine Loans | 2.6) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.5) |
| Other | (1.9) |
Ratings Summary (% of net assets)†
| AAA | 2.9 |
| AA | 10.7 |
| A | 13.1 |
| BBB | 26.4 |
| BB | 6.6 |
| B | 1.0 |
| Not Rated | 38.6 |
| Other | 0.7 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-800-525-3713.
225-65-70740D 08-24
Janus Henderson Short Duration Flexible Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class I Shares:JSHIX
This annual shareholder report contains important information about the Janus Henderson Short Duration Flexible Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Short Duration Flexible Bond Fund (Class I Shares/JSHIX) | $46 | 0.45% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Short Duration Flexible Bond Fund Class I Shares returned 6.42%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Index, returned 4.87%.
Top Contributors to Performance
Sector allocation decisions contributed to returns relative to the performance benchmark, particularly our overweight allocation to securitized credit. We maintained a favorable view on securitized credit valuations relative to corporate bonds during the period. Security selection within investment-grade corporates also contributed, as did our yield curve positioning, which we actively managed throughout the period and closed with a modest duration overweight.
Top Detractors from Performance
There were no material detractors from returns relative to the performance benchmark, though lack of exposure to real estate investment trusts did hold back results. The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Short Duration Flexible Bond Fund (Class I Shares/JSHIX) | 6.42% | 1.56)% | 1.50% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| Bloomberg 1-3 Year U.S. Government/Credit Index | 4.87% | 1.25)% | 1.35% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $709M% |
| Number of portfolio holdings | $392% |
| Total investment advisory fee paid | $2.2M% |
| Portfolio turnover rate | $105% |
| Weighted average maturity | 3.4 Years |
| Effective duration | 2.0 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Asset-Backed/Commercial Mortgage-Backed Securities | 46.4) |
| Corporate Bonds | 40.1) |
| Mortgage-Backed Securities | 4.8) |
| United States Treasury Notes/Bonds | 4.5) |
| Investment Companies | 3.0) |
| Bank Loans and Mezzanine Loans | 2.6) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.5) |
| Other | (1.9) |
Ratings Summary (% of net assets)†
| AAA | 2.9 |
| AA | 10.7 |
| A | 13.1 |
| BBB | 26.4 |
| BB | 6.6 |
| B | 1.0 |
| Not Rated | 38.6 |
| Other | 0.7 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70741I 08-24
Janus Henderson Short Duration Flexible Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class N Shares:JSHNX
This annual shareholder report contains important information about the Janus Henderson Short Duration Flexible Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Short Duration Flexible Bond Fund (Class N Shares/JSHNX) | $40 | 0.39% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Short Duration Flexible Bond Fund Class N Shares returned 6.49%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Index, returned 4.87%.
Top Contributors to Performance
Sector allocation decisions contributed to returns relative to the performance benchmark, particularly our overweight allocation to securitized credit. We maintained a favorable view on securitized credit valuations relative to corporate bonds during the period. Security selection within investment-grade corporates also contributed, as did our yield curve positioning, which we actively managed throughout the period and closed with a modest duration overweight.
Top Detractors from Performance
There were no material detractors from returns relative to the performance benchmark, though lack of exposure to real estate investment trusts did hold back results. The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Short Duration Flexible Bond Fund (Class N Shares/JSHNX) | 6.49% | 1.57)% | 1.50% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| Bloomberg 1-3 Year U.S. Government/Credit Index | 4.87% | 1.25)% | 1.35% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $709M% |
| Number of portfolio holdings | $392% |
| Total investment advisory fee paid | $2.2M% |
| Portfolio turnover rate | $105% |
| Weighted average maturity | 3.4 Years |
| Effective duration | 2.0 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Asset-Backed/Commercial Mortgage-Backed Securities | 46.4) |
| Corporate Bonds | 40.1) |
| Mortgage-Backed Securities | 4.8) |
| United States Treasury Notes/Bonds | 4.5) |
| Investment Companies | 3.0) |
| Bank Loans and Mezzanine Loans | 2.6) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.5) |
| Other | (1.9) |
Ratings Summary (% of net assets)†
| AAA | 2.9 |
| AA | 10.7 |
| A | 13.1 |
| BBB | 26.4 |
| BB | 6.6 |
| B | 1.0 |
| Not Rated | 38.6 |
| Other | 0.7 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70742N 08-24
Janus Henderson Short Duration Flexible Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class S Shares:JSHSX
This annual shareholder report contains important information about the Janus Henderson Short Duration Flexible Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Short Duration Flexible Bond Fund (Class S Shares/JSHSX) | $91 | 0.88% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Short Duration Flexible Bond Fund Class S Shares returned 6.35%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Index, returned 4.87%.
Top Contributors to Performance
Sector allocation decisions contributed to returns relative to the performance benchmark, particularly our overweight allocation to securitized credit. We maintained a favorable view on securitized credit valuations relative to corporate bonds during the period. Security selection within investment-grade corporates also contributed, as did our yield curve positioning, which we actively managed throughout the period and closed with a modest duration overweight.
Top Detractors from Performance
There were no material detractors from returns relative to the performance benchmark, though lack of exposure to real estate investment trusts did hold back results. The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Short Duration Flexible Bond Fund (Class S Shares/JSHSX) | 6.35% | 1.22)% | 1.10% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| Bloomberg 1-3 Year U.S. Government/Credit Index | 4.87% | 1.25)% | 1.35% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $709M% |
| Number of portfolio holdings | $392% |
| Total investment advisory fee paid | $2.2M% |
| Portfolio turnover rate | $105% |
| Weighted average maturity | 3.4 Years |
| Effective duration | 2.0 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Asset-Backed/Commercial Mortgage-Backed Securities | 46.4) |
| Corporate Bonds | 40.1) |
| Mortgage-Backed Securities | 4.8) |
| United States Treasury Notes/Bonds | 4.5) |
| Investment Companies | 3.0) |
| Bank Loans and Mezzanine Loans | 2.6) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.5) |
| Other | (1.9) |
Ratings Summary (% of net assets)†
| AAA | 2.9 |
| AA | 10.7 |
| A | 13.1 |
| BBB | 26.4 |
| BB | 6.6 |
| B | 1.0 |
| Not Rated | 38.6 |
| Other | 0.7 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70743S 08-24
Janus Henderson Short Duration Flexible Bond Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class T Shares:JASBX
This annual shareholder report contains important information about the Janus Henderson Short Duration Flexible Bond Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Short Duration Flexible Bond Fund (Class T Shares/JASBX) | $65 | 0.63% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Short Duration Flexible Bond Fund Class T Shares returned 6.23%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.63%. Its performance benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Index, returned 4.87%.
Top Contributors to Performance
Sector allocation decisions contributed to returns relative to the performance benchmark, particularly our overweight allocation to securitized credit. We maintained a favorable view on securitized credit valuations relative to corporate bonds during the period. Security selection within investment-grade corporates also contributed, as did our yield curve positioning, which we actively managed throughout the period and closed with a modest duration overweight.
Top Detractors from Performance
There were no material detractors from returns relative to the performance benchmark, though lack of exposure to real estate investment trusts did hold back results. The Fund made use of derivative instruments in the form of futures contracts in an effort to manage interest rate risk. Use of derivatives detracted for the 12-month period ended June 30, 2024.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Short Duration Flexible Bond Fund (Class T Shares/JASBX) | 6.23% | 1.40)% | 1.30% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | (0.23)% | 1.35% |
| Bloomberg 1-3 Year U.S. Government/Credit Index | 4.87% | 1.25)% | 1.35% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $709M% |
| Number of portfolio holdings | $392% |
| Total investment advisory fee paid | $2.2M% |
| Portfolio turnover rate | $105% |
| Weighted average maturity | 3.4 Years |
| Effective duration | 2.0 Years |
What did the Fund invest in?
Asset Allocation (% of net assets)
| Asset-Backed/Commercial Mortgage-Backed Securities | 46.4) |
| Corporate Bonds | 40.1) |
| Mortgage-Backed Securities | 4.8) |
| United States Treasury Notes/Bonds | 4.5) |
| Investment Companies | 3.0) |
| Bank Loans and Mezzanine Loans | 2.6) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.5) |
| Other | (1.9) |
Ratings Summary (% of net assets)†
| AAA | 2.9 |
| AA | 10.7 |
| A | 13.1 |
| BBB | 26.4 |
| BB | 6.6 |
| B | 1.0 |
| Not Rated | 38.6 |
| Other | 0.7 |
Top 5 Areas of Investment (% of net assets)
†Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70744T 08-24
Janus Henderson Small Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class A Shares:JDSAX
This annual shareholder report contains important information about the Janus Henderson Small Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Small Cap Value Fund (Class A Shares/JDSAX) | $130 | 1.22% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Small Cap Value Fund Class A Shares returned 12.57%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell 2000® Value Index, returned 10.90%.
Top Contributors to Performance
Stock selection aided results relative to the performance benchmark. A position in Fabrinet, a producer of optical packaging and precision equipment used in semiconductor production, rose on strong artificial intelligence-related customer sales and expectations that telecommunications spending gradually would improve. Soft drink bottler Coca-Cola also aided relative performance due to strong earnings and the announcement, in December 2023, of a regular quarterly cash dividend of $0.50 per share and a special cash dividend of $16.00 per share.
Top Detractors from Performance
Medical supplies company Owens & Minor was a top detractor relative to the performance benchmark. The stock sold off after the company warned of lower free cash flow for the coming year and commensurately announced a change to its chief financial officer. AerSale, a supplier of aftermarket aircraft, engines, and related components, also detracted as the stock faced headwinds due to inventory issues, deferred sales, and delayed product launches.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Small Cap Value Fund (Class A Shares/JDSAX) at NAV | 12.57% | 5.13% | 6.14% |
| Janus Henderson Small Cap Value Fund (Class A Shares/JDSAX) at Maximum Offering Price - 5.75% | 6.08% | 3.89% | 5.51% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell 2000® Value Index | 10.90% | 7.07% | 6.23% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,391M% |
| Number of portfolio holdings | $88% |
| Total investment advisory fee paid | $17.0M% |
| Portfolio turnover rate | $36% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Oasis Petroleum Inc | 3.0 |
| Piper Jaffray Cos | 2.5 |
| Kirby Corp | 2.4 |
| Ameris Bancorp | 2.3 |
| STAG Industrial Inc | 2.2 |
Asset Allocation (% of net assets)
| Common Stocks | 97.7) |
| Repurchase Agreements | 1.5) |
| Investment Companies | 0.6) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.3) |
| Other | (0.1) |
Top Country Allocations (% of investments)
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, 2023.
The Fund’s net expense ratio materially changed from the prior fiscal year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell 2000® Value Index.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70745A 08-24
Janus Henderson Small Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class C Shares:JCSCX
This annual shareholder report contains important information about the Janus Henderson Small Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Small Cap Value Fund (Class C Shares/JCSCX) | $191 | 1.80% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Small Cap Value Fund Class C Shares returned 11.96%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell 2000® Value Index, returned 10.90%.
Top Contributors to Performance
Stock selection aided results relative to the performance benchmark. A position in Fabrinet, a producer of optical packaging and precision equipment used in semiconductor production, rose on strong artificial intelligence-related customer sales and expectations that telecommunications spending gradually would improve. Soft drink bottler Coca-Cola also aided relative performance due to strong earnings and the announcement, in December 2023, of a regular quarterly cash dividend of $0.50 per share and a special cash dividend of $16.00 per share.
Top Detractors from Performance
Medical supplies company Owens & Minor was a top detractor relative to the performance benchmark. The stock sold off after the company warned of lower free cash flow for the coming year and commensurately announced a change to its chief financial officer. AerSale, a supplier of aftermarket aircraft, engines, and related components, also detracted as the stock faced headwinds due to inventory issues, deferred sales, and delayed product launches.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Small Cap Value Fund (Class C Shares/JCSCX) at NAV | 11.96%* | 4.47% | 5.50% |
| Janus Henderson Small Cap Value Fund (Class C Shares/JCSCX) with Contingent Deferred Sales Charge | 10.96%* | 4.47% | 5.50% |
| Russell 3000® Index | 23.13%* | 14.14% | 12.15% |
| Russell 2000® Value Index | 10.90%* | 7.07% | 6.23% |
* | Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,391M% |
| Number of portfolio holdings | $88% |
| Total investment advisory fee paid | $17.0M% |
| Portfolio turnover rate | $36% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Oasis Petroleum Inc | 3.0 |
| Piper Jaffray Cos | 2.5 |
| Kirby Corp | 2.4 |
| Ameris Bancorp | 2.3 |
| STAG Industrial Inc | 2.2 |
Asset Allocation (% of net assets)
| Common Stocks | 97.7) |
| Repurchase Agreements | 1.5) |
| Investment Companies | 0.6) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.3) |
| Other | (0.1) |
Top Country Allocations (% of investments)
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70746C 08-24
Janus Henderson Small Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class D Shares:JNPSX
This annual shareholder report contains important information about the Janus Henderson Small Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Small Cap Value Fund (Class D Shares/JNPSX) | $96 | 0.90% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Small Cap Value Fund Class D Shares returned 12.96%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell 2000® Value Index, returned 10.90%.
Top Contributors to Performance
Stock selection aided results relative to the performance benchmark. A position in Fabrinet, a producer of optical packaging and precision equipment used in semiconductor production, rose on strong artificial intelligence-related customer sales and expectations that telecommunications spending gradually would improve. Soft drink bottler Coca-Cola also aided relative performance due to strong earnings and the announcement, in December 2023, of a regular quarterly cash dividend of $0.50 per share and a special cash dividend of $16.00 per share.
Top Detractors from Performance
Medical supplies company Owens & Minor was a top detractor relative to the performance benchmark. The stock sold off after the company warned of lower free cash flow for the coming year and commensurately announced a change to its chief financial officer. AerSale, a supplier of aftermarket aircraft, engines, and related components, also detracted as the stock faced headwinds due to inventory issues, deferred sales, and delayed product launches.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Small Cap Value Fund (Class D Shares/JNPSX) | 12.96% | 5.45% | 6.46% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell 2000® Value Index | 10.90% | 7.07% | 6.23% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,391M% |
| Number of portfolio holdings | $88% |
| Total investment advisory fee paid | $17.0M% |
| Portfolio turnover rate | $36% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Oasis Petroleum Inc | 3.0 |
| Piper Jaffray Cos | 2.5 |
| Kirby Corp | 2.4 |
| Ameris Bancorp | 2.3 |
| STAG Industrial Inc | 2.2 |
Asset Allocation (% of net assets)
| Common Stocks | 97.7) |
| Repurchase Agreements | 1.5) |
| Investment Companies | 0.6) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.3) |
| Other | (0.1) |
Top Country Allocations (% of investments)
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, 2023.
The Fund’s net expense ratio materially changed from the prior fiscal year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell 2000® Value Index.
Where can I find more information?
At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-800-525-3713.
225-65-70747D 08-24
Janus Henderson Small Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class I Shares:JSCOX
This annual shareholder report contains important information about the Janus Henderson Small Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Small Cap Value Fund (Class I Shares/JSCOX) | $95 | 0.89% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Small Cap Value Fund Class I Shares returned 12.96%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell 2000® Value Index, returned 10.90%.
Top Contributors to Performance
Stock selection aided results relative to the performance benchmark. A position in Fabrinet, a producer of optical packaging and precision equipment used in semiconductor production, rose on strong artificial intelligence-related customer sales and expectations that telecommunications spending gradually would improve. Soft drink bottler Coca-Cola also aided relative performance due to strong earnings and the announcement, in December 2023, of a regular quarterly cash dividend of $0.50 per share and a special cash dividend of $16.00 per share.
Top Detractors from Performance
Medical supplies company Owens & Minor was a top detractor relative to the performance benchmark. The stock sold off after the company warned of lower free cash flow for the coming year and commensurately announced a change to its chief financial officer. AerSale, a supplier of aftermarket aircraft, engines, and related components, also detracted as the stock faced headwinds due to inventory issues, deferred sales, and delayed product launches.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Small Cap Value Fund (Class I Shares/JSCOX) | 12.96% | 5.46% | 6.49% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell 2000® Value Index | 10.90% | 7.07% | 6.23% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,391M% |
| Number of portfolio holdings | $88% |
| Total investment advisory fee paid | $17.0M% |
| Portfolio turnover rate | $36% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Oasis Petroleum Inc | 3.0 |
| Piper Jaffray Cos | 2.5 |
| Kirby Corp | 2.4 |
| Ameris Bancorp | 2.3 |
| STAG Industrial Inc | 2.2 |
Asset Allocation (% of net assets)
| Common Stocks | 97.7) |
| Repurchase Agreements | 1.5) |
| Investment Companies | 0.6) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.3) |
| Other | (0.1) |
Top Country Allocations (% of investments)
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, 2023.
The Fund’s net expense ratio materially changed from the prior fiscal year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell 2000® Value Index.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70748I 08-24
Janus Henderson Small Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class L Shares:JSIVX
This annual shareholder report contains important information about the Janus Henderson Small Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Small Cap Value Fund (Class L Shares/JSIVX) | $80 | 0.75% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Small Cap Value Fund Class L Shares returned 13.14%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell 2000® Value Index, returned 10.90%.
Top Contributors to Performance
Stock selection aided results relative to the performance benchmark. A position in Fabrinet, a producer of optical packaging and precision equipment used in semiconductor production, rose on strong artificial intelligence-related customer sales and expectations that telecommunications spending gradually would improve. Soft drink bottler Coca-Cola also aided relative performance due to strong earnings and the announcement, in December 2023, of a regular quarterly cash dividend of $0.50 per share and a special cash dividend of $16.00 per share.
Top Detractors from Performance
Medical supplies company Owens & Minor was a top detractor relative to the performance benchmark. The stock sold off after the company warned of lower free cash flow for the coming year and commensurately announced a change to its chief financial officer. AerSale, a supplier of aftermarket aircraft, engines, and related components, also detracted as the stock faced headwinds due to inventory issues, deferred sales, and delayed product launches.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Small Cap Value Fund (Class L Shares/JSIVX) | 13.14% | 5.60% | 6.60% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell 2000® Value Index | 10.90% | 7.07% | 6.23% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,391M% |
| Number of portfolio holdings | $88% |
| Total investment advisory fee paid | $17.0M% |
| Portfolio turnover rate | $36% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Oasis Petroleum Inc | 3.0 |
| Piper Jaffray Cos | 2.5 |
| Kirby Corp | 2.4 |
| Ameris Bancorp | 2.3 |
| STAG Industrial Inc | 2.2 |
Asset Allocation (% of net assets)
| Common Stocks | 97.7) |
| Repurchase Agreements | 1.5) |
| Investment Companies | 0.6) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.3) |
| Other | (0.1) |
Top Country Allocations (% of investments)
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, 2023.
The Fund’s net expense ratio materially changed from the prior fiscal year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell 2000® Value Index.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70749L 08-24
Janus Henderson Small Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class N Shares:JDSNX
This annual shareholder report contains important information about the Janus Henderson Small Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Small Cap Value Fund (Class N Shares/JDSNX) | $78 | 0.73% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Small Cap Value Fund Class N Shares returned 13.12%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell 2000® Value Index, returned 10.90%.
Top Contributors to Performance
Stock selection aided results relative to the performance benchmark. A position in Fabrinet, a producer of optical packaging and precision equipment used in semiconductor production, rose on strong artificial intelligence-related customer sales and expectations that telecommunications spending gradually would improve. Soft drink bottler Coca-Cola also aided relative performance due to strong earnings and the announcement, in December 2023, of a regular quarterly cash dividend of $0.50 per share and a special cash dividend of $16.00 per share.
Top Detractors from Performance
Medical supplies company Owens & Minor was a top detractor relative to the performance benchmark. The stock sold off after the company warned of lower free cash flow for the coming year and commensurately announced a change to its chief financial officer. AerSale, a supplier of aftermarket aircraft, engines, and related components, also detracted as the stock faced headwinds due to inventory issues, deferred sales, and delayed product launches.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Small Cap Value Fund (Class N Shares/JDSNX) | 13.12% | 5.61% | 6.63% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell 2000® Value Index | 10.90% | 7.07% | 6.23% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,391M% |
| Number of portfolio holdings | $88% |
| Total investment advisory fee paid | $17.0M% |
| Portfolio turnover rate | $36% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Oasis Petroleum Inc | 3.0 |
| Piper Jaffray Cos | 2.5 |
| Kirby Corp | 2.4 |
| Ameris Bancorp | 2.3 |
| STAG Industrial Inc | 2.2 |
Asset Allocation (% of net assets)
| Common Stocks | 97.7) |
| Repurchase Agreements | 1.5) |
| Investment Companies | 0.6) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.3) |
| Other | (0.1) |
Top Country Allocations (% of investments)
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, 2023.
The Fund’s net expense ratio materially changed from the prior fiscal year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell 2000® Value Index.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70750N 08-24
Janus Henderson Small Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class R Shares:JDSRX
This annual shareholder report contains important information about the Janus Henderson Small Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Small Cap Value Fund (Class R Shares/JDSRX) | $158 | 1.49% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Small Cap Value Fund Class R Shares returned 12.28%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell 2000® Value Index, returned 10.90%.
Top Contributors to Performance
Stock selection aided results relative to the performance benchmark. A position in Fabrinet, a producer of optical packaging and precision equipment used in semiconductor production, rose on strong artificial intelligence-related customer sales and expectations that telecommunications spending gradually would improve. Soft drink bottler Coca-Cola also aided relative performance due to strong earnings and the announcement, in December 2023, of a regular quarterly cash dividend of $0.50 per share and a special cash dividend of $16.00 per share.
Top Detractors from Performance
Medical supplies company Owens & Minor was a top detractor relative to the performance benchmark. The stock sold off after the company warned of lower free cash flow for the coming year and commensurately announced a change to its chief financial officer. AerSale, a supplier of aftermarket aircraft, engines, and related components, also detracted as the stock faced headwinds due to inventory issues, deferred sales, and delayed product launches.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Small Cap Value Fund (Class R Shares/JDSRX) | 12.28% | 4.82% | 5.83% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell 2000® Value Index | 10.90% | 7.07% | 6.23% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,391M% |
| Number of portfolio holdings | $88% |
| Total investment advisory fee paid | $17.0M% |
| Portfolio turnover rate | $36% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Oasis Petroleum Inc | 3.0 |
| Piper Jaffray Cos | 2.5 |
| Kirby Corp | 2.4 |
| Ameris Bancorp | 2.3 |
| STAG Industrial Inc | 2.2 |
Asset Allocation (% of net assets)
| Common Stocks | 97.7) |
| Repurchase Agreements | 1.5) |
| Investment Companies | 0.6) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.3) |
| Other | (0.1) |
Top Country Allocations (% of investments)
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, 2023.
The Fund’s net expense ratio materially changed from the prior fiscal year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell 2000® Value Index.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70751R 08-24
Janus Henderson Small Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class S Shares:JISCX
This annual shareholder report contains important information about the Janus Henderson Small Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Small Cap Value Fund (Class S Shares/JISCX) | $133 | 1.25% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Small Cap Value Fund Class S Shares returned 12.57%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell 2000® Value Index, returned 10.90%.
Top Contributors to Performance
Stock selection aided results relative to the performance benchmark. A position in Fabrinet, a producer of optical packaging and precision equipment used in semiconductor production, rose on strong artificial intelligence-related customer sales and expectations that telecommunications spending gradually would improve. Soft drink bottler Coca-Cola also aided relative performance due to strong earnings and the announcement, in December 2023, of a regular quarterly cash dividend of $0.50 per share and a special cash dividend of $16.00 per share.
Top Detractors from Performance
Medical supplies company Owens & Minor was a top detractor relative to the performance benchmark. The stock sold off after the company warned of lower free cash flow for the coming year and commensurately announced a change to its chief financial officer. AerSale, a supplier of aftermarket aircraft, engines, and related components, also detracted as the stock faced headwinds due to inventory issues, deferred sales, and delayed product launches.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Small Cap Value Fund (Class S Shares/JISCX) | 12.57% | 5.08% | 6.09% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell 2000® Value Index | 10.90% | 7.07% | 6.23% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,391M% |
| Number of portfolio holdings | $88% |
| Total investment advisory fee paid | $17.0M% |
| Portfolio turnover rate | $36% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Oasis Petroleum Inc | 3.0 |
| Piper Jaffray Cos | 2.5 |
| Kirby Corp | 2.4 |
| Ameris Bancorp | 2.3 |
| STAG Industrial Inc | 2.2 |
Asset Allocation (% of net assets)
| Common Stocks | 97.7) |
| Repurchase Agreements | 1.5) |
| Investment Companies | 0.6) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.3) |
| Other | (0.1) |
Top Country Allocations (% of investments)
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, 2023.
The Fund’s net expense ratio materially changed from the prior fiscal year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell 2000® Value Index.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70752S 08-24
Janus Henderson Small Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class T Shares:JSCVX
This annual shareholder report contains important information about the Janus Henderson Small Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Small Cap Value Fund (Class T Shares/JSCVX) | $104 | 0.98% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Small Cap Value Fund Class T Shares returned 12.87%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell 2000® Value Index, returned 10.90%.
Top Contributors to Performance
Stock selection aided results relative to the performance benchmark. A position in Fabrinet, a producer of optical packaging and precision equipment used in semiconductor production, rose on strong artificial intelligence-related customer sales and expectations that telecommunications spending gradually would improve. Soft drink bottler Coca-Cola also aided relative performance due to strong earnings and the announcement, in December 2023, of a regular quarterly cash dividend of $0.50 per share and a special cash dividend of $16.00 per share.
Top Detractors from Performance
Medical supplies company Owens & Minor was a top detractor relative to the performance benchmark. The stock sold off after the company warned of lower free cash flow for the coming year and commensurately announced a change to its chief financial officer. AerSale, a supplier of aftermarket aircraft, engines, and related components, also detracted as the stock faced headwinds due to inventory issues, deferred sales, and delayed product launches.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Small Cap Value Fund (Class T Shares/JSCVX) | 12.87% | 5.35% | 6.37% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell 2000® Value Index | 10.90% | 7.07% | 6.23% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
| Net assets | $2,391M% |
| Number of portfolio holdings | $88% |
| Total investment advisory fee paid | $17.0M% |
| Portfolio turnover rate | $36% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Oasis Petroleum Inc | 3.0 |
| Piper Jaffray Cos | 2.5 |
| Kirby Corp | 2.4 |
| Ameris Bancorp | 2.3 |
| STAG Industrial Inc | 2.2 |
Asset Allocation (% of net assets)
| Common Stocks | 97.7) |
| Repurchase Agreements | 1.5) |
| Investment Companies | 0.6) |
| Investments Purchased with Cash Collateral from Securities Lending | 0.3) |
| Other | (0.1) |
Top Country Allocations (% of investments)
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, 2023.
The Fund’s net expense ratio materially changed from the prior fiscal year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell 2000® Value Index.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70753T 08-24
Janus Henderson Small-Mid Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class A Shares:JVSAX
This annual shareholder report contains important information about the Janus Henderson Small-Mid Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Small-Mid Cap Value Fund (Class A Shares/JVSAX) | $126 | 1.15% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Small-Mid Cap Value Fund Class A Shares returned 18.99%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell 2500™ Value Index, returned 11.24%.
Top Contributors to Performance
Our investment in Kirby Corporation, a transporter of petroleum products and other bulk liquids, benefited returns relative to the performance benchmark, as the company delivered better-than-expected earnings, supported by its strong competitive position, pricing power, and limited industry supply. Retailer Boot Barn also was a notable performer, with strong earnings growth due to the popularity of its Western-style apparel.
Top Detractors from Performance
Embecta, a supplier of medical devices and consumables used to treat diabetes, weighed on returns relative to the performance benchmark. Medical device makers have faced concerns that new glucagon-like peptide-1 (GLP-1) drugs may lead to a paradigm shift in addressing obesity-related illnesses. We exited the position as we believe this shift could negatively impact demand for Embecta’s products. Processing equipment supplier Hillenbrand detracted due to its exposure to international markets, which weakened revenue growth.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Small-Mid Cap Value Fund (Class A Shares/JVSAX) at NAV | 18.99% | 6.93% | 7.58% |
| Janus Henderson Small-Mid Cap Value Fund (Class A Shares/JVSAX) at Maximum Offering Price - 5.75% | 12.15% | 5.68% | 6.95% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell 2500™ Value Index | 11.24% | 8.01% | 6.77% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Effective August 1, 2019, the Fund changed its investment strategy. The performance shown for periods prior to August 1, 2019, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $95M% |
| Number of portfolio holdings | $51% |
| Total investment advisory fee paid | $0.5M% |
| Portfolio turnover rate | $63% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Axis Capital Holdings Ltd | 3.0 |
| Globus Medical Inc | 2.9 |
| Lamar Advertising Co | 2.8 |
| Casey's General Stores Inc | 2.8 |
| Eastern Bankshares Inc | 2.6 |
Asset Allocation (% of net assets)
| Common Stocks | 98.9) |
| Repurchase Agreements | 1.2) |
| Other | (0.1) |
Top Country Allocations (% of investments)
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70754A 08-24
Janus Henderson Small-Mid Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class C Shares:JVSCX
This annual shareholder report contains important information about the Janus Henderson Small-Mid Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Small-Mid Cap Value Fund (Class C Shares/JVSCX) | $195 | 1.79% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Small-Mid Cap Value Fund Class C Shares returned 18.28%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell 2500™ Value Index, returned 11.24%.
Top Contributors to Performance
Our investment in Kirby Corporation, a transporter of petroleum products and other bulk liquids, benefited returns relative to the performance benchmark, as the company delivered better-than-expected earnings, supported by its strong competitive position, pricing power, and limited industry supply. Retailer Boot Barn also was a notable performer, with strong earnings growth due to the popularity of its Western-style apparel.
Top Detractors from Performance
Embecta, a supplier of medical devices and consumables used to treat diabetes, weighed on returns relative to the performance benchmark. Medical device makers have faced concerns that new glucagon-like peptide-1 (GLP-1) drugs may lead to a paradigm shift in addressing obesity-related illnesses. We exited the position as we believe this shift could negatively impact demand for Embecta’s products. Processing equipment supplier Hillenbrand detracted due to its exposure to international markets, which weakened revenue growth.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Small-Mid Cap Value Fund (Class C Shares/JVSCX) at NAV | 18.28%* | 6.15% | 6.76% |
| Janus Henderson Small-Mid Cap Value Fund (Class C Shares/JVSCX) with Contingent Deferred Sales Charge | 17.28%* | 6.15% | 6.76% |
| Russell 3000® Index | 23.13%* | 14.14% | 12.15% |
| Russell 2500™ Value Index | 11.24%* | 8.01% | 6.77% |
* | Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Effective August 1, 2019, the Fund changed its investment strategy. The performance shown for periods prior to August 1, 2019, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $95M% |
| Number of portfolio holdings | $51% |
| Total investment advisory fee paid | $0.5M% |
| Portfolio turnover rate | $63% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Axis Capital Holdings Ltd | 3.0 |
| Globus Medical Inc | 2.9 |
| Lamar Advertising Co | 2.8 |
| Casey's General Stores Inc | 2.8 |
| Eastern Bankshares Inc | 2.6 |
Asset Allocation (% of net assets)
| Common Stocks | 98.9) |
| Repurchase Agreements | 1.2) |
| Other | (0.1) |
Top Country Allocations (% of investments)
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70755C 08-24
Janus Henderson Small-Mid Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class D Shares:JSVDX
This annual shareholder report contains important information about the Janus Henderson Small-Mid Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Small-Mid Cap Value Fund (Class D Shares/JSVDX) | $100 | 0.91% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Small-Mid Cap Value Fund Class D Shares returned 19.34%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell 2500™ Value Index, returned 11.24%.
Top Contributors to Performance
Our investment in Kirby Corporation, a transporter of petroleum products and other bulk liquids, benefited returns relative to the performance benchmark, as the company delivered better-than-expected earnings, supported by its strong competitive position, pricing power, and limited industry supply. Retailer Boot Barn also was a notable performer, with strong earnings growth due to the popularity of its Western-style apparel.
Top Detractors from Performance
Embecta, a supplier of medical devices and consumables used to treat diabetes, weighed on returns relative to the performance benchmark. Medical device makers have faced concerns that new glucagon-like peptide-1 (GLP-1) drugs may lead to a paradigm shift in addressing obesity-related illnesses. We exited the position as we believe this shift could negatively impact demand for Embecta’s products. Processing equipment supplier Hillenbrand detracted due to its exposure to international markets, which weakened revenue growth.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Small-Mid Cap Value Fund (Class D Shares/JSVDX) | 19.34% | 7.17% | 7.81% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell 2500™ Value Index | 11.24% | 8.01% | 6.77% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Effective August 1, 2019, the Fund changed its investment strategy. The performance shown for periods prior to August 1, 2019, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $95M% |
| Number of portfolio holdings | $51% |
| Total investment advisory fee paid | $0.5M% |
| Portfolio turnover rate | $63% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Axis Capital Holdings Ltd | 3.0 |
| Globus Medical Inc | 2.9 |
| Lamar Advertising Co | 2.8 |
| Casey's General Stores Inc | 2.8 |
| Eastern Bankshares Inc | 2.6 |
Asset Allocation (% of net assets)
| Common Stocks | 98.9) |
| Repurchase Agreements | 1.2) |
| Other | (0.1) |
Top Country Allocations (% of investments)
Where can I find more information?
At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-800-525-3713.
225-65-70756D 08-24
Janus Henderson Small-Mid Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class I Shares:JVSIX
This annual shareholder report contains important information about the Janus Henderson Small-Mid Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Small-Mid Cap Value Fund (Class I Shares/JVSIX) | $94 | 0.86% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Small-Mid Cap Value Fund Class I Shares returned 19.32%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell 2500™ Value Index, returned 11.24%.
Top Contributors to Performance
Our investment in Kirby Corporation, a transporter of petroleum products and other bulk liquids, benefited returns relative to the performance benchmark, as the company delivered better-than-expected earnings, supported by its strong competitive position, pricing power, and limited industry supply. Retailer Boot Barn also was a notable performer, with strong earnings growth due to the popularity of its Western-style apparel.
Top Detractors from Performance
Embecta, a supplier of medical devices and consumables used to treat diabetes, weighed on returns relative to the performance benchmark. Medical device makers have faced concerns that new glucagon-like peptide-1 (GLP-1) drugs may lead to a paradigm shift in addressing obesity-related illnesses. We exited the position as we believe this shift could negatively impact demand for Embecta’s products. Processing equipment supplier Hillenbrand detracted due to its exposure to international markets, which weakened revenue growth.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Small-Mid Cap Value Fund (Class I Shares/JVSIX) | 19.32% | 7.19% | 7.85% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell 2500™ Value Index | 11.24% | 8.01% | 6.77% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Effective August 1, 2019, the Fund changed its investment strategy. The performance shown for periods prior to August 1, 2019, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $95M% |
| Number of portfolio holdings | $51% |
| Total investment advisory fee paid | $0.5M% |
| Portfolio turnover rate | $63% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Axis Capital Holdings Ltd | 3.0 |
| Globus Medical Inc | 2.9 |
| Lamar Advertising Co | 2.8 |
| Casey's General Stores Inc | 2.8 |
| Eastern Bankshares Inc | 2.6 |
Asset Allocation (% of net assets)
| Common Stocks | 98.9) |
| Repurchase Agreements | 1.2) |
| Other | (0.1) |
Top Country Allocations (% of investments)
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, 2023.
The Fund’s net expense ratio materially changed from the prior fiscal year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell 3000® Value Index.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70757I 08-24
Janus Henderson Small-Mid Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class N Shares:JVSNX
This annual shareholder report contains important information about the Janus Henderson Small-Mid Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
This report describes changes to the Fund that occurred during the reporting period.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Small-Mid Cap Value Fund (Class N Shares/JVSNX) | $84 | 0.77% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Small-Mid Cap Value Fund Class N Shares returned 19.42%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell 2500™ Value Index, returned 11.24%.
Top Contributors to Performance
Our investment in Kirby Corporation, a transporter of petroleum products and other bulk liquids, benefited returns relative to the performance benchmark, as the company delivered better-than-expected earnings, supported by its strong competitive position, pricing power, and limited industry supply. Retailer Boot Barn also was a notable performer, with strong earnings growth due to the popularity of its Western-style apparel.
Top Detractors from Performance
Embecta, a supplier of medical devices and consumables used to treat diabetes, weighed on returns relative to the performance benchmark. Medical device makers have faced concerns that new glucagon-like peptide-1 (GLP-1) drugs may lead to a paradigm shift in addressing obesity-related illnesses. We exited the position as we believe this shift could negatively impact demand for Embecta’s products. Processing equipment supplier Hillenbrand detracted due to its exposure to international markets, which weakened revenue growth.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Small-Mid Cap Value Fund (Class N Shares/JVSNX) | 19.42% | 7.30% | 7.90% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell 2500™ Value Index | 11.24% | 8.01% | 6.77% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Effective August 1, 2019, the Fund changed its investment strategy. The performance shown for periods prior to August 1, 2019, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $95M% |
| Number of portfolio holdings | $51% |
| Total investment advisory fee paid | $0.5M% |
| Portfolio turnover rate | $63% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Axis Capital Holdings Ltd | 3.0 |
| Globus Medical Inc | 2.9 |
| Lamar Advertising Co | 2.8 |
| Casey's General Stores Inc | 2.8 |
| Eastern Bankshares Inc | 2.6 |
Asset Allocation (% of net assets)
| Common Stocks | 98.9) |
| Repurchase Agreements | 1.2) |
| Other | (0.1) |
Top Country Allocations (% of investments)
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, 2023.
The Fund’s net expense ratio materially changed from the prior fiscal year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell 3000® Value Index.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70758N 08-24
Janus Henderson Small-Mid Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class S Shares:JSVSX
This annual shareholder report contains important information about the Janus Henderson Small-Mid Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Small-Mid Cap Value Fund (Class S Shares/JSVSX) | $122 | 1.11% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Small-Mid Cap Value Fund Class S Shares returned 19.04%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell 2500™ Value Index, returned 11.24%.
Top Contributors to Performance
Our investment in Kirby Corporation, a transporter of petroleum products and other bulk liquids, benefited returns relative to the performance benchmark, as the company delivered better-than-expected earnings, supported by its strong competitive position, pricing power, and limited industry supply. Retailer Boot Barn also was a notable performer, with strong earnings growth due to the popularity of its Western-style apparel.
Top Detractors from Performance
Embecta, a supplier of medical devices and consumables used to treat diabetes, weighed on returns relative to the performance benchmark. Medical device makers have faced concerns that new glucagon-like peptide-1 (GLP-1) drugs may lead to a paradigm shift in addressing obesity-related illnesses. We exited the position as we believe this shift could negatively impact demand for Embecta’s products. Processing equipment supplier Hillenbrand detracted due to its exposure to international markets, which weakened revenue growth.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Small-Mid Cap Value Fund (Class S Shares/JSVSX) | 19.04% | 6.85% | 7.55% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell 2500™ Value Index | 11.24% | 8.01% | 6.77% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Effective August 1, 2019, the Fund changed its investment strategy. The performance shown for periods prior to August 1, 2019, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $95M% |
| Number of portfolio holdings | $51% |
| Total investment advisory fee paid | $0.5M% |
| Portfolio turnover rate | $63% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Axis Capital Holdings Ltd | 3.0 |
| Globus Medical Inc | 2.9 |
| Lamar Advertising Co | 2.8 |
| Casey's General Stores Inc | 2.8 |
| Eastern Bankshares Inc | 2.6 |
Asset Allocation (% of net assets)
| Common Stocks | 98.9) |
| Repurchase Agreements | 1.2) |
| Other | (0.1) |
Top Country Allocations (% of investments)
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70759S 08-24
Janus Henderson Small-Mid Cap Value Fund
ANNUAL SHAREHOLDER REPORT
June 30, 2024
Class T Shares:JSVTX
This annual shareholder report contains important information about the Janus Henderson Small-Mid Cap Value Fund (the "Fund”) for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.
What were the costs for the year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Janus Henderson Small-Mid Cap Value Fund (Class T Shares/JSVTX) | $112 | 1.02% |
What impacted Fund performance over the reporting period?
For the 12-month period ended June 30, 2024, the Janus Henderson Small-Mid Cap Value Fund Class T Shares returned 19.20%. Its broad-based benchmark, the Russell 3000® Index, returned 23.13%. Its performance benchmark, the Russell 2500™ Value Index, returned 11.24%.
Top Contributors to Performance
Our investment in Kirby Corporation, a transporter of petroleum products and other bulk liquids, benefited returns relative to the performance benchmark, as the company delivered better-than-expected earnings, supported by its strong competitive position, pricing power, and limited industry supply. Retailer Boot Barn also was a notable performer, with strong earnings growth due to the popularity of its Western-style apparel.
Top Detractors from Performance
Embecta, a supplier of medical devices and consumables used to treat diabetes, weighed on returns relative to the performance benchmark. Medical device makers have faced concerns that new glucagon-like peptide-1 (GLP-1) drugs may lead to a paradigm shift in addressing obesity-related illnesses. We exited the position as we believe this shift could negatively impact demand for Embecta’s products. Processing equipment supplier Hillenbrand detracted due to its exposure to international markets, which weakened revenue growth.
Total return based on a $10,000 investment
June 30, 2014, through June 30, 2024
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
| Janus Henderson Small-Mid Cap Value Fund (Class T Shares/JSVTX) | 19.20% | 7.04% | 7.70% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell 2500™ Value Index | 11.24% | 8.01% | 6.77% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Effective August 1, 2019, the Fund changed its investment strategy. The performance shown for periods prior to August 1, 2019, does not reflect the new investment strategy and is not indicative of the current portfolio.
Key Fund Statistics
| Net assets | $95M% |
| Number of portfolio holdings | $51% |
| Total investment advisory fee paid | $0.5M% |
| Portfolio turnover rate | $63% |
What did the Fund invest in?
5 Largest Equity Holdings (% of net assets)
| Axis Capital Holdings Ltd | 3.0 |
| Globus Medical Inc | 2.9 |
| Lamar Advertising Co | 2.8 |
| Casey's General Stores Inc | 2.8 |
| Eastern Bankshares Inc | 2.6 |
Asset Allocation (% of net assets)
| Common Stocks | 98.9) |
| Repurchase Agreements | 1.2) |
| Other | (0.1) |
Top Country Allocations (% of investments)
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
- Prospectus
- Financial information
- Fund holdings
You can also request this information by contacting us at 1-877-335-2687.
125-65-70760T 08-24
Item 2 - Code of Ethics
Code of Ethics
(a) As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the “Fund Code of Ethics for Principal Executive Officer and Senior Financial Officers”) that applies to the Registrant’s Principal Executive Officer and Principal Financial Officer; the Registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the Registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the Registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not applicable.
(f)(3) The Registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the Registrant at 1-877-335-2687, and ask for a copy of the Fund Code of Ethics for Principal Executive Officer and Senior Financial Officers.
Item 3 - Audit Committee Financial Expert
The Registrant's Board of Trustees has determined that the following members of the Board's Audit Committee are "audit committee financial experts," as defined in Item 3 to Form N-CSR: Gary A. Poliner, Diane A. Wallace, and Cheryl D. Alston who are each "independent" under the standards set forth in Item 3 to Form N-CSR.
Item 4 - Principal Accountant Fees and Services
Janus Investment Fund (the "Trust"), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as an open-end investment company, offers 36 funds which include multiple series of shares with differing investment objectives and policies. The funds comprising the Trust have differing fiscal year ends (June 30 and September 30). This Form N-CSR relates to funds with June 30 fiscal year ends (the "Funds").
(a) Audit Fees
The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds' annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $786,228 in the fiscal year ended 2024 and $878,359 in the fiscal year ended 2023.
(b) Audit-Related Fees
The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Funds' financial statements and are not reported under paragraph (a) of this Item were $0 in the fiscal year ended 2024 and $0 in the fiscal year ended 2023.
(c) Tax Fees
The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $182,869 in the fiscal year ended 2024 and $175,839 in the fiscal year ended 2023.
The nature of the services comprising the fees disclosed under this category includes tax compliance, tax planning, tax advice, and corporate actions review.
(d) All Other Fees
The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $0 in the fiscal year ended 2024 and $0 in the fiscal year ended 2023.
(e) (1) The Registrant's Audit Committee Charter requires the Registrant's Audit Committee to pre-approve any engagement of the principal accountant (i) to provide audit or non-audit services to the Registrant or (ii) to provide non-audit services to the Registrant's investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X. The Chairman of the Audit Committee or, if the Chairman is unavailable, another member of the Audit Committee who is an independent Trustee, may grant the pre-approval. All such delegated pre-approvals must be presented to the Audit Committee no later than the next Audit Committee meeting.
(2) No services described in paragraphs (b) through (d) of this Item were approved by the Registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable as less than 50%
(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant were $182,869 in the fiscal year ended 2024 and $175,839 in the fiscal year ended 2023.
(h) The Registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.
(i) Not applicable.
(j) Not applicable.
Item 5 - Audit Committee of Listed Registrants
Not applicable.
Item 6 - Investments
(a) Schedule of Investments is contained in the Reports to Shareholders included under Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7 - Financial Statements and Financial Highlights for Open-Ended Management Investment Companies
ANNUAL FINANCIAL STATEMENTS
June 30, 2024
June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Janus Investment Fund
Janus Henderson Absolute Return Income Opportunities Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – 15.4% | |||
Ally Bank Auto Credit-Linked Notes 2024-A B, 5.8270%, 5/17/32ž | $250,000 | $249,940 | |
Bayview Opportunity Master Fund VII 2024-CAR1 C, US 30 Day Average SOFR + 1.5000%, 6.8354%, 12/26/31ž,‡ | 538,290 | 538,287 | |
BX Commercial Mortgage Trust 2024-VLT4 A, CME Term SOFR 1 Month + 1.4914%, 6.8114%, 7/16/29ž,‡ | 400,000 | 398,602 | |
CENT Trust 2023-CITY A, CME Term SOFR 1 Month + 2.6200%, 7.9488%, 9/15/38ž,‡ | 300,000 | 301,315 | |
Connecticut Avenue Securities Trust 2021-R01 1M2, US 30 Day Average SOFR + 1.5500%, 6.8854%, 10/25/41ž,‡ | 154,153 | 154,664 | |
Connecticut Avenue Securities Trust 2021-R02 2M2, US 30 Day Average SOFR + 2.0000%, 7.3354%, 11/25/41ž,‡ | 550,000 | 553,360 | |
Connecticut Avenue Securities Trust 2022-R01 1M1, US 30 Day Average SOFR + 1.0000%, 6.3354%, 12/25/41ž,‡ | 117,284 | 117,284 | |
Connecticut Avenue Securities Trust 2022-R05 2M1, US 30 Day Average SOFR + 1.9000%, 7.2354%, 4/25/42ž,‡ | 47,577 | 47,971 | |
Connecticut Avenue Securities Trust 2022-R08 1M1, US 30 Day Average SOFR + 2.5500%, 7.8854%, 7/25/42ž,‡ | 63,839 | 65,649 | |
Connecticut Avenue Securities Trust 2022-R09 2M1, US 30 Day Average SOFR + 2.5000%, 7.8350%, 9/25/42ž,‡ | 220,714 | 224,947 | |
Connecticut Avenue Securities Trust 2023-R01 1M1, US 30 Day Average SOFR + 2.4000%, 7.7350%, 12/25/42ž,‡ | 281,632 | 289,727 | |
Connecticut Avenue Securities Trust 2023-R03 2M1, US 30 Day Average SOFR + 2.5000%, 7.8354%, 4/27/43ž,‡ | 127,977 | 130,326 | |
Connecticut Avenue Securities Trust 2023-R04 1M1, US 30 Day Average SOFR + 2.3000%, 7.6350%, 5/25/43ž,‡ | 168,441 | 172,671 | |
Connecticut Avenue Securities Trust 2023-R06 1M1, US 30 Day Average SOFR + 1.7000%, 7.0354%, 7/27/43ž,‡ | 152,616 | 153,655 | |
Connecticut Avenue Securities Trust 2024-R02 1M1, US 30 Day Average SOFR + 1.1000%, 6.4354%, 2/25/44ž,‡ | 49,153 | 49,199 | |
Connecticut Avenue Securities Trust 2024-R03 2M2, US 30 Day Average SOFR + 1.9500%, 7.2850%, 3/25/44ž,‡ | 804,000 | 808,146 | |
Connecticut Avenue Securities Trust 2024-R04 1M2, US 30 Day Average SOFR + 1.6500%, 6.9737%, 5/25/44ž,‡ | 203,137 | 203,694 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 M1, US 30 Day Average SOFR + 0.8500%, 6.1854%, 11/25/41ž,‡ | 18,616 | 18,590 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA6 M1A, US 30 Day Average SOFR + 2.1500%, 7.4854%, 9/25/42ž,‡ | 67,902 | 68,689 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA3 M1A, US 30 Day Average SOFR + 2.3000%, 7.6354%, 8/25/42ž,‡ | 103,538 | 105,988 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA1 M1A, US 30 Day Average SOFR + 2.1000%, 7.4354%, 3/25/43ž,‡ | 185,258 | 188,535 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA2 M1A, US 30 Day Average SOFR + 2.1000%, 7.4350%, 4/27/43ž,‡ | 50,304 | 51,250 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA1 M1A, US 30 Day Average SOFR + 2.0000%, 7.3354%, 5/25/43ž,‡ | 110,962 | 112,226 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA2 M1A, US 30 Day Average SOFR + 2.0000%, 7.3354%, 6/25/43ž,‡ | 350,629 | 352,947 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 M1, US 30 Day Average SOFR + 1.8500%, 7.1854%, 11/25/43ž,‡ | 88,357 | 89,541 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA1 M1, US 30 Day Average SOFR + 1.3500%, 6.6854%, 2/25/44ž,‡ | 135,627 | 136,122 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2024-HQA1 M1, US 30 Day Average SOFR + 1.2500%, 6.5854%, 3/25/44ž,‡ | 63,422 | 63,471 | |
Liberty Funding Pty Ltd 2024-1A A, 30 Day Australian Bank Bill Rate + 1.2000%, 5.4990%, 5/25/32‡ | 500,000 | AUD | 333,449 |
Now Trust 2024-1 A, 30 Day Australian Bank Bill Rate + 1.4000%, 5.6944%, 6/14/32‡ | 400,000 | AUD | 266,758 |
NRTH PARK Mortgage Trust 2024-PARK A, CME Term SOFR 1 Month + 1.6413%, 6.9701%, 3/15/41ž,‡ | 600,000 | 598,017 | |
Subway Funding LLC 2024-1A A2I, 6.0280%, 7/30/54ž | 270,000 | 272,779 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 1
Janus Henderson Absolute Return Income Opportunities Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – (continued) | |||
Taco Bell Funding LLC 2018-1A A2II, 4.9400%, 11/25/48ž | $262,560 | $254,917 | |
The Huntington National Bank 2024-1 B1, 6.1530%, 5/20/32ž | 250,000 | 250,020 | |
UK Logistics 2024-1A B, SONIA Interest Rate Benchmark + 2.5500%, 0%, 5/17/34ž,‡ | 330,000 | GBP | 416,890 |
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $7,992,534) | 8,039,626 | ||
Corporate Bonds – 79.1% | |||
Banking – 16.6% | |||
Australia & New Zealand Banking Group Ltd, 90 Day Australian Bank Bill Rate + 2.0000%, 6.3564%, 7/26/29‡ | 1,800,000 | AUD | 1,201,416 |
Australian Central Credit Union Ltd, 90 Day Australian Bank Bill Rate + 2.4000%, 6.7539%, 9/16/31‡ | 200,000 | AUD | 131,657 |
Commonwealth Bank of Australia, 90 Day Australian Bank Bill Rate + 1.3200%, 5.6529%, 8/20/31‡ | 1,500,000 | AUD | 1,001,187 |
Danske Bank A/S, US Treasury Yield Curve Rate 1 Year + 0.9500%, 5.4270%, 3/1/28ž,‡ | 500,000 | 500,314 | |
ING Groep NV, SOFR + 1.5600%, 6.0830%, 9/11/27‡ | 600,000 | 606,659 | |
Lloyds Banking Group PLC, US Treasury Yield Curve Rate 1 Year + 1.4800%, 5.9850%, 8/7/27‡ | 300,000 | 301,776 | |
Lloyds Banking Group PLC, 90 Day Australian Bank Bill Rate + 1.6800%, 6.0233%, 3/6/30‡ | 130,000 | AUD | 87,035 |
Macquarie Bank Ltd, 90 Day Australian Bank Bill Rate + 1.5500%, 5.9039%, 6/17/31‡ | 1,700,000 | AUD | 1,138,284 |
Macquarie Bank Ltd, 90 Day Australian Bank Bill Rate + 1.9500%, 6.2875%, 3/1/34‡ | 290,000 | AUD | 194,700 |
National Australia Bank Ltd, 90 Day Australian Bank Bill Rate + 2.0200%, 6.3600%, 11/18/31‡ | 2,300,000 | AUD | 1,558,606 |
Teachers Mutual Bank Ltd, 90 Day Australian Bank Bill Rate + 1.3000%, 0%, 6/21/27‡ | 370,000 | AUD | 246,586 |
Westpac Banking Corp, 90 Day Australian Bank Bill Rate + 1.9800%, 6.3149%, 8/27/29‡ | 1,400,000 | AUD | 935,179 |
Westpac Banking Corp, 90 Day Australian Bank Bill Rate + 1.8800%, 6.2255%, 4/3/34‡ | 1,200,000 | AUD | 808,542 |
8,711,941 | |||
Basic Industry – 0.7% | |||
Celanese US Holdings LLC, 6.1650%, 7/15/27 | 275,000 | 279,102 | |
Novelis Corp, 3.2500%, 11/15/26ž | 77,000 | 72,457 | |
351,559 | |||
Brokerage – 1.7% | |||
LPL Holdings Inc, 5.7000%, 5/20/27 | 250,000 | 250,989 | |
LPL Holdings Inc, 4.6250%, 11/15/27ž | 670,000 | 648,309 | |
899,298 | |||
Capital Goods – 4.5% | |||
Ashtead Capital Inc, 1.5000%, 8/12/26ž | 625,000 | 569,701 | |
CNH Industrial Capital Australia Pty Ltd, 5.4000%, 5/17/27 | 800,000 | AUD | 531,521 |
Regal Rexnord Corp, 6.0500%, 2/15/26 | 950,000 | 952,328 | |
Trinity Industries Inc, 7.7500%, 7/15/28ž | 300,000 | 310,561 | |
2,364,111 | |||
Consumer Cyclical – 11.0% | |||
Ford Motor Credit Co LLC, 2.3000%, 2/10/25 | 520,000 | 508,424 | |
Ford Motor Credit Co LLC, 5.8000%, 3/5/27 | 375,000 | 375,008 | |
Ford Motor Credit Co LLC, 7.3500%, 11/4/27 | 500,000 | 520,997 | |
General Motors Financial Co Inc, 1.5500%, 9/2/25 | 40,000 | AUD | 25,389 |
General Motors Financial Co Inc, 5.4000%, 4/6/26 | 255,000 | 254,420 | |
General Motors Financial Co Inc, 5.1500%, 8/15/26 | 110,000 | GBP | 137,836 |
Hyundai Capital America, 5.5000%, 3/30/26ž | 950,000 | 948,998 | |
LKQ Corp, 5.7500%, 6/15/28 | 600,000 | 605,652 | |
VICI Properties LP / Vici Note Co Inc, 4.6250%, 6/15/25ž | 966,000 | 953,371 | |
VICI Properties LP / Vici Note Co Inc, 4.5000%, 9/1/26ž | 150,000 | 145,765 | |
Volkswagen Financial Services NV, 6.5000%, 9/18/27 | 1,000,000 | GBP | 1,304,066 |
5,779,926 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
2 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Corporate Bonds – (continued) | |||
Consumer Non-Cyclical – 4.8% | |||
Icon Investments Six DAC, 5.8090%, 5/8/27 | $265,000 | $267,655 | |
Solventum Corp, 5.4500%, 2/25/27ž | 545,000 | 544,468 | |
Solventum Corp, 5.4000%, 3/1/29ž | 275,000 | 274,161 | |
Teva Pharmaceutical Finance Netherlands III BV, 3.1500%, 10/1/26 | 700,000 | 656,976 | |
Universal Health Services Inc, 1.6500%, 9/1/26 | 825,000 | 758,766 | |
2,502,026 | |||
Electric – 4.8% | |||
Algonquin Power & Utilities Corp, 5.3650%, 6/15/26Ç | 165,000 | 164,201 | |
Liberty Utilities Co, 5.5770%, 1/31/29ž | 605,000 | 607,523 | |
NRG Energy Inc, 2.4500%, 12/2/27ž | 553,000 | 499,064 | |
Vistra Operations Co LLC, 3.5500%, 7/15/24ž | 222,000 | 221,743 | |
Vistra Operations Co LLC, 5.1250%, 5/13/25ž | 1,045,000 | 1,038,703 | |
2,531,234 | |||
Energy – 4.1% | |||
Antero Resources Corp, 8.3750%, 7/15/26ž | 600,000 | 619,803 | |
Columbia Pipelines Holding Company LLC, 6.0550%, 8/15/26ž | 125,000 | 125,996 | |
EQM Midstream Partners LP, 6.5000%, 7/1/27ž | 511,000 | 516,486 | |
Hess Midstream Operations LP, 5.6250%, 2/15/26ž | 550,000 | 545,854 | |
Hess Midstream Operations LP, 6.5000%, 6/1/29ž | 89,000 | 90,225 | |
Occidental Petroleum Corp, 3.4000%, 4/15/26 | 275,000 | 263,958 | |
2,162,322 | |||
Finance Companies – 13.4% | |||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.6500%, 10/29/24 | 200,000 | 197,290 | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.7500%, 1/30/26 | 350,000 | 329,693 | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.4500%, 10/29/26 | 425,000 | 396,454 | |
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.1000%, 1/15/27 | 200,000 | 202,934 | |
Air Lease Corp, 1.8750%, 8/15/26 | 450,000 | 417,289 | |
Air Lease Corp, 2.1000%, 9/1/28 | 360,000 | 316,112 | |
Aviation Capital Group LLC, 1.9500%, 1/30/26ž | 1,000,000 | 940,978 | |
Aviation Capital Group LLC, 1.9500%, 9/20/26ž | 200,000 | 184,322 | |
Blackstone Private Credit Fund, 3.2500%, 3/15/27 | 290,000 | 267,728 | |
Blue Owl Credit Income Corp, 5.5000%, 3/21/25 | 775,000 | 770,954 | |
Heartland Australia Group Pty Ltd, 90 Day Australian Bank Bill Rate + 2.0000%, 6.3468%, 7/9/24‡ | 2,500,000 | AUD | 1,666,462 |
Macquarie Airfinance Holdings Ltd, 8.3750%, 5/1/28ž | 135,000 | 142,286 | |
Macquarie Airfinance Holdings Ltd, 8.1250%, 3/30/29ž | 260,000 | 274,871 | |
OneMain Finance Corp, 7.1250%, 3/15/26 | 215,000 | 218,473 | |
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc, 2.8750%, 10/15/26ž | 750,000 | 700,415 | |
7,026,261 | |||
Financial Institutions – 3.9% | |||
GGAM Finance Ltd, 7.7500%, 5/15/26ž | 300,000 | 306,127 | |
GGAM Finance Ltd, 8.0000%, 6/15/28ž | 183,000 | 192,744 | |
Liberty Financial Pty Ltd, 90 Day Australian Bank Bill Rate + 2.4500%, 6.8039%, 3/17/25‡ | 610,000 | AUD | 408,028 |
Liberty Financial Pty Ltd, 90 Day Australian Bank Bill Rate + 3.8000%, 8.1539%, 3/16/28‡ | 800,000 | AUD | 553,579 |
QIC Finance Shopping Center Fund Pty Ltd, 90 Day Australian Bank Bill Rate + 1.2700%, 5.6176%, 8/15/25‡ | 880,000 | AUD | 586,101 |
2,046,579 | |||
Industrial – 1.4% | |||
Downer Group Finance Pty Ltd, 3.7000%, 4/29/26 | 1,100,000 | AUD | 706,856 |
Insurance – 5.9% | |||
Athene Global Funding, 5.6840%, 2/23/26ž | 160,000 | 160,363 | |
Athene Global Funding, 1.6080%, 6/29/26ž | 1,022,000 | 946,236 | |
Centene Corp, 4.2500%, 12/15/27 | 700,000 | 668,350 | |
Insurance Australia Group Ltd, 90 Day Australian Bank Bill Rate + 2.3500%, 6.6948%, 6/15/45‡ | 620,000 | AUD | 416,348 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 3
Janus Henderson Absolute Return Income Opportunities Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Corporate Bonds – (continued) | |||
Insurance – (continued) | |||
Suncorp Group Ltd, 90 Day Australian Bank Bill Rate + 2.3000%, 6.6375%, 6/1/37‡ | 850,000 | AUD | $576,727 |
Suncorp Group Ltd, 90 Day Australian Bank Bill Rate + 2.6500%, 6.9875%, 12/1/38‡ | 500,000 | AUD | 343,421 |
3,111,445 | |||
Real Estate Investment Trusts (REITs) – 2.5% | |||
Vicinity Centres Trust, 4.0000%, 4/26/27 | 2,020,000 | AUD | 1,295,875 |
Technology – 3.8% | |||
CoStar Group Inc, 2.8000%, 7/15/30ž | $200,000 | 169,123 | |
Gartner Inc, 4.5000%, 7/1/28ž | 280,000 | 269,856 | |
MSCI Inc, 4.0000%, 11/15/29ž | 615,000 | 574,617 | |
Qorvo Inc, 1.7500%, 12/15/24 | 750,000 | 734,099 | |
SK Hynix Inc, 5.5000%, 1/16/27ž | 235,000 | 234,337 | |
1,982,032 | |||
Total Corporate Bonds (cost $42,552,294) | 41,471,465 | ||
Investment Companies – 2.4% | |||
Exchange-Traded Funds (ETFs) – 2.4% | |||
Janus Henderson AAA CLO£ (cost $1,239,780) | 25,100 | 1,277,088 | |
Commercial Paper – 1.6% | |||
Global Payments Inc, 0%, 7/1/24◊ | 600,000 | 599,701 | |
Southern California Edison Co, 0%, 7/1/24±,◊ | 250,000 | 249,883 | |
Total Commercial Paper (cost $849,588) | 849,584 | ||
Total Investments (total cost $52,634,196) – 98.5% | 51,637,763 | ||
Cash, Receivables and Other Assets, net of Liabilities – 1.5% | 766,753 | ||
Net Assets – 100% | $52,404,516 |
Summary of Investments by Country - (Long Positions) (unaudited) | ||
Country | Value | % of Investment Securities |
United States | $29,852,127 | 57.8 % |
Australia | 13,234,820 | 25.6 |
United Kingdom | 1,792,559 | 3.5 |
New Zealand | 1,666,462 | 3.2 |
Ireland | 1,625,242 | 3.1 |
Germany | 1,304,066 | 2.5 |
Israel | 656,976 | 1.3 |
Netherlands | 606,659 | 1.2 |
Denmark | 500,314 | 1.0 |
South Korea | 234,337 | 0.5 |
Canada | 164,201 | 0.3 |
Total | $51,637,763 | 100.0 % |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
4 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Schedule of Affiliated Investments - (% of Net Assets) | ||||||||
Affiliate | Affiliated Investments, at Value at 6/30/23 | Purchases | Sales Proceeds | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Affiliated Investments, at Value at 6/30/24 | Ending Shares | Dividend Income |
Investment Companies - 2.4% | ||||||||
Exchange-Traded Funds (ETFs) - 2.4% | ||||||||
Janus Henderson AAA CLO | ||||||||
$1,251,235 | $- | $- | $- | $25,853 | $1,277,088 | 25,100 | $81,175 | |
Schedule of Forward Foreign Currency Exchange Contracts | ||||
Counterparty/ Foreign Currency | Settlement Date | Foreign Currency Amount (Sold)/ Purchased | USD Currency Amount (Sold)/ Purchased | Market Value and Unrealized Appreciation/ (Depreciation) |
Citibank, National Association: | ||||
Australian Dollar | 7/26/24 | 700,000 | $(465,843) | $1,335 |
HSBC Securities (USA), Inc.: | ||||
New Zealand Dollar | 7/26/24 | (267,000) | 158,323 | (4,252) |
JPMorgan Chase Bank, National Association: | ||||
Australian Dollar | 7/26/24 | (21,600,000) | 14,069,644 | (346,117) |
British Pound | 7/26/24 | (1,224,000) | 1,526,331 | (20,912) |
(367,029) | ||||
Morgan Stanley & Co. International PLC: | ||||
Australian Dollar | 7/26/24 | (2,060,000) | 1,367,902 | (6,935) |
British Pound | 7/26/24 | (330,000) | 415,712 | (1,437) |
(8,372) | ||||
Total | $(378,318) | |||
Schedule of Futures | ||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/(Depreciation) |
Futures Long: | ||||
2-Year Canadian Bond | 75 | 9/27/24 | $5,668,178 | $27,641 |
3-Month SOFR | 33 | 3/18/26 | 7,922,475 | 28,306 |
Euro-Schatz | 95 | 9/10/24 | 10,752,452 | 29,540 |
Total - Futures Long | 85,487 | |||
Futures Short: | ||||
2 Year US Treasury Note | 36 | 10/3/24 | (7,351,875) | (25,175) |
3-Month SOFR | 33 | 3/17/27 | (7,943,925) | (25,855) |
3-Year Australian Bond | 30 | 9/16/24 | (2,109,867) | 6,148 |
5 Year US Treasury Note | 17 | 10/3/24 | (1,811,828) | (15,937) |
Euro-Bund | 5 | 9/10/24 | (704,694) | (2,609) |
Total - Futures Short | (63,428) | |||
Total | $22,059 | |||
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 5
Janus Henderson Absolute Return Income Opportunities Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Schedule of Centrally Cleared Interest Rate Swaps | ||||||||
Payments made by Fund | Payments received by Fund | Payment Frequency | Maturity Date | Notional Amount | Premiums Paid/ (Received) | Unrealized Appreciation/ (Depreciation) | Value | |
NDBB3M | 5.615% Fixed Rate | Quarterly | 7/13/25 | 863,400 | NZD | $- | $8,390 | $8,390 |
NDBB3M | 5.3775% Fixed Rate | Quarterly | 7/19/25 | 863,400 | NZD | - | 6,763 | 6,763 |
NDBB3M | 5.44% Fixed Rate | Quarterly | 7/27/25 | 1,650,000 | NZD | - | 13,724 | 13,724 |
NDBB3M | 5.51% Fixed Rate | Quarterly | 8/16/25 | 820,000 | NZD | - | 7,641 | 7,641 |
NDBB3M | 5.3125% Fixed Rate | Quarterly | 11/9/25 | 1,600,000 | NZD | - | 581 | 581 |
4.533% Fixed Rate | BBSW3M | Quarterly | 11/8/25 | 1,487,500 | AUD | - | (1,760) | (1,760) |
NDBB3M | 5.12% Fixed Rate | Quarterly | 4/22/26 | 1,930,000 | NZD | - | 461 | 461 |
4.495% Fixed Rate | NDBB3M | Quarterly | 5/21/34 | 273,000 | NZD | - | 263 | 263 |
NDBB3M | 4.9275% Fixed Rate | Quarterly | 5/21/26 | 1,134,000 | NZD | - | (1,492) | (1,492) |
Total | $0 | $34,571 | $34,571 | |||||
The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of June 30, 2024.
Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2024 | |||
Currency Contracts | Interest Rate Contracts | Total | |
Asset Derivatives: | |||
Forward foreign currency exchange contracts | $1,335 | $- | $1,335 |
*Futures contracts | 91,635 | $91,635 | |
*Swaps - centrally cleared | 37,823 | $37,823 | |
Total Asset Derivatives | $1,335 | $129,458 | $130,793 |
Liability Derivatives: | |||
Forward foreign currency exchange contracts | $379,653 | $- | $379,653 |
*Futures contracts | 69,576 | $69,576 | |
*Swaps - centrally cleared | 3,252 | $3,252 | |
Total Liability Derivatives | $379,653 | $72,828 | $452,481 |
* | The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended June 30, 2024.
The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended June 30, 2024 | ||||
Amount of Realized Gain/(Loss) Recognized on Derivatives | ||||
Derivative | Credit Contracts | Currency Contracts | Interest Rate Contracts | Total |
Purchased swaption contracts | $(82,566) | $- | $- | $(82,566) |
Futures contracts | - | - | (119,226) | $(119,226) |
Forward foreign currency exchange contracts | - | 475,059 | - | $475,059 |
Swap contracts | - | - | (53,481) | $(53,481) |
Written swaption contracts | 42,337 | - | - | $42,337 |
Total | $(40,229) | $475,059 | $(172,707) | $262,123 |
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives | |||
Derivative | Currency Contracts | Interest Rate Contracts | Total |
Futures contracts | $- | $21,919 | $21,919 |
Forward foreign currency exchange contracts | (209,144) | - | $(209,144) |
Swap contracts | - | 34,571 | $34,571 |
Total | $(209,144) | $56,490 | $(152,654) |
Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund’s Statement of Operations.
Average Ending Monthly Value of Derivative Instruments During the Year Ended June 30, 2024 | |
Forward foreign currency exchange contracts: | |
Average amounts purchased - in USD | $1,272,130 |
Average amounts sold - in USD | 21,698,909 |
Futures contracts: | |
Average notional amount of contracts - long | 12,509,826 |
Average notional amount of contracts - short | 9,477,709 |
Interest rate swaps: | |
Average notional amount - pay fixed rate/receive floating rate | 1,530,462 |
Average notional amount - receive fixed rate/pay floating rate | 6,030,738 |
Swaptions: | |
Average value of swaption contracts purchased | 12,114 |
Average value of swaption contracts written | 5,927 |
Offsetting of Financial Assets and Derivative Assets | ||||
Counterparty | Gross Amounts of Recognized Assets | Offsetting Asset or Liability(a) | Collateral Pledged(b) | Net Amount |
Citibank, National Association | $1,335 | $— | $— | $1,335 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 7
Janus Henderson Absolute Return Income Opportunities Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Offsetting of Financial Liabilities and Derivative Liabilities | ||||
Counterparty | Gross Amounts of Recognized Liabilities | Offsetting Asset or Liability | Collateral Pledged | Net Amount |
HSBC Securities (USA), Inc. | $4,252 | $— | $— | $4,252 |
JPMorgan Chase Bank, National Association | 367,029 | — | — | 367,029 |
Morgan Stanley & Co. International PLC | 8,372 | — | — | 8,372 |
Total | $379,653 | $— | $— | $379,653 |
(a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
(b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
LLC | Limited Liability Company |
LP | Limited Partnership |
PLC | Public Limited Company |
SOFR | Secured Overnight Financing Rate |
SONIA | Sterling Overnight Interbank Average Rate |
ž | Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the year ended June 30, 2024 is $21,769,196, which represents 41.5% of net assets. |
± | Securities sold under Section 4(2) of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 4(2) securities as of the year ended June 30, 2024 is $249,883, which represents 0.5% of net assets. |
‡ | Variable or floating rate security. Rate shown is the current rate as of June 30, 2024. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description. |
Ç | Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate. |
◊ | Zero coupon bond. |
£ | The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. |
Janus Investment Fund | 9
Janus Henderson Absolute Return Income Opportunities Fund
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2024. See Notes to Financial Statements for more information.
Valuation Inputs Summary | |||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | |
Assets | |||
Investments In Securities: | |||
Asset-Backed/Commercial Mortgage-Backed Securities | $- | $8,039,626 | $- |
Corporate Bonds | - | 41,471,465 | - |
Investment Companies | 1,277,088 | - | - |
Commercial Paper | - | 849,584 | - |
Total Investments in Securities | $1,277,088 | $50,360,675 | $- |
Other Financial Instruments(a): | |||
Forward Foreign Currency Exchange Contracts | - | 1,335 | - |
Futures Contracts | 91,635 | - | - |
Centrally Cleared Swaps | - | 37,823 | - |
Total Assets | $1,368,723 | $50,399,833 | $- |
Liabilities | |||
Other Financial Instruments(a): | |||
Forward Foreign Currency Exchange Contracts | $- | $379,653 | $- |
Futures Contracts | 69,576 | - | - |
Centrally Cleared Swaps | - | 3,252 | - |
Total Liabilities | $69,576 | $382,905 | $- |
(a) | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |
10 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Assets: | |
Unaffiliated investments, at value (cost $51,394,416) | $50,360,675 |
Affiliated investments, at value (cost $1,239,780) | 1,277,088 |
Cash | 188,806 |
Deposits with brokers for centrally cleared derivatives | 27,458 |
Deposits with brokers for futures | 290,000 |
Forward foreign currency exchange contracts | 1,335 |
Cash denominated in foreign currency (cost $426,336) | 426,336 |
Variation margin receivable on futures contracts | 9,223 |
Trustees' deferred compensation | 1,441 |
Receivables: | |
Interest | 516,162 |
Fund shares sold | 240,840 |
Due from adviser | 31,349 |
Other assets | 185 |
Total Assets | 53,370,898 |
Liabilities: | |
Forward foreign currency exchange contracts | 379,653 |
Variation margin payable on futures contracts | 8,757 |
Variation margin payable on centrally cleared swaps | 2,098 |
Payables: | |
Fund shares repurchased | 357,144 |
Professional fees | 99,058 |
Advisory fees | 27,924 |
Dividends | 10,455 |
Transfer agent fees and expenses | 7,566 |
12b-1 Distribution and shareholder servicing fees | 4,696 |
Investments purchased | 1,993 |
Custodian fees | 1,667 |
Trustees' deferred compensation fees | 1,441 |
Trustees' fees and expenses | 299 |
Affiliated fund administration fees payable | 106 |
Accrued expenses and other payables | 63,525 |
Total Liabilities | 966,382 |
Commitments and contingent liabilities (Note 4) | |
Net Assets | $52,404,516 |
See footnotes at the end of the Statement.
See Notes to Financial Statements.
Janus Investment Fund | 11
Janus Henderson Absolute Return Income Opportunities Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Net Assets Consist of: | |
Capital (par value and paid-in surplus) | $233,694,839 |
Total distributable earnings (loss) | (181,290,323) |
Total Net Assets | $52,404,516 |
Net Assets - Class A Shares | $8,470,674 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 956,595 |
Net Asset Value Per Share(1) | $8.86 |
Maximum Offering Price Per Share(2) | $9.30 |
Net Assets - Class C Shares | $3,311,868 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 374,322 |
Net Asset Value Per Share(1) | $8.85 |
Net Assets - Class D Shares | $17,952,179 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2,026,843 |
Net Asset Value Per Share | $8.86 |
Net Assets - Class I Shares | $15,207,872 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1,717,954 |
Net Asset Value Per Share | $8.85 |
Net Assets - Class N Shares | $543,962 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 61,443 |
Net Asset Value Per Share | $8.85 |
Net Assets - Class R Shares | $365,215 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 41,217 |
Net Asset Value Per Share | $8.86 |
Net Assets - Class S Shares | $315,610 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 35,619 |
Net Asset Value Per Share | $8.86 |
Net Assets - Class T Shares | $6,237,136 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 704,913 |
Net Asset Value Per Share | $8.85 |
(1) | Redemption price per share may be reduced for any applicable contingent deferred sales charge. |
(2) | Maximum offering price is computed at 100/95.25 of net asset value. |
See Notes to Financial Statements.
12 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Investment Income: | |
Interest | $2,704,347 |
Dividends from affiliates | 81,175 |
Other income | 47,240 |
Total Investment Income | 2,832,762 |
Expenses: | |
Advisory fees | 355,515 |
12b-1 Distribution and shareholder servicing fees: | |
Class A Shares | 21,855 |
Class C Shares | 37,365 |
Class R Shares | 2,016 |
Class S Shares | 844 |
Transfer agent administrative fees and expenses: | |
Class D Shares | 20,338 |
Class R Shares | 1,008 |
Class S Shares | 844 |
Class T Shares | 15,568 |
Transfer agent networking and omnibus fees: | |
Class A Shares | 5,945 |
Class C Shares | 2,646 |
Class I Shares | 16,076 |
Other transfer agent fees and expenses: | |
Class A Shares | 623 |
Class C Shares | 226 |
Class D Shares | 3,276 |
Class I Shares | 1,084 |
Class N Shares | 39 |
Class R Shares | 15 |
Class S Shares | 13 |
Class T Shares | 215 |
Registration fees | 127,076 |
Professional fees | 79,813 |
Non-affiliated fund administration fees | 41,282 |
Pricing valuation fees | 38,465 |
Accounting systems fees | 29,467 |
Shareholder reports expense | 12,143 |
Custodian fees | 11,995 |
Affiliated fund administration fees | 1,367 |
Trustees' fees and expenses | 1,154 |
Other expenses | 32,839 |
Total Expenses | 861,112 |
Less: Excess Expense Reimbursement and Waivers | (388,399) |
Net Expenses | 472,713 |
Net Investment Income/(Loss) | 2,360,049 |
See Notes to Financial Statements.
Janus Investment Fund | 13
Janus Henderson Absolute Return Income Opportunities Fund
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Net Realized Gain/(Loss) on Investments: | |
Investments and foreign currency transactions | $(1,227,511) |
Purchased swaption contracts | (82,566) |
Forward foreign currency exchange contracts | 475,059 |
Futures contracts | (119,226) |
Swap contracts | (53,481) |
Written swaption contracts | 42,337 |
Total Net Realized Gain/(Loss) on Investments | (965,388) |
Change in Unrealized Net Appreciation/Depreciation: | |
Investments, foreign currency translations and Trustees' deferred compensation | 2,137,105 |
Investments in affiliates | 25,853 |
Forward foreign currency exchange contracts | (209,144) |
Futures contracts | 21,919 |
Swap contracts | 34,571 |
Total Change in Unrealized Net Appreciation/Depreciation | 2,010,304 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $3,404,965 |
See Notes to Financial Statements.
14 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Statements of Changes in Net Assets
Statements of Changes in Net Assets
Year ended June 30, 2024 | Year ended June 30, 2023 | |
Operations: | ||
Net investment income/(loss) | $2,360,049 | $1,703,396 |
Net realized gain/(loss) on investments | (965,388) | (174,583) |
Change in unrealized net appreciation/depreciation | 2,010,304 | 1,162,975 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 3,404,965 | 2,691,788 |
Dividends and Distributions to Shareholders: | ||
Class A Shares | (365,026) | (258,322) |
Class C Shares | (128,655) | (125,496) |
Class D Shares | (780,757) | (530,490) |
Class I Shares | (734,973) | (623,910) |
Class N Shares | (28,045) | (19,901) |
Class R Shares | (15,103) | (10,494) |
Class S Shares | (13,493) | (7,979) |
Class T Shares | (266,008) | (197,250) |
Net Decrease from Dividends and Distributions to Shareholders | (2,332,060) | (1,773,842) |
Capital Share Transactions: | ||
Class A Shares | (802,082) | (345,144) |
Class C Shares | (1,027,048) | (3,696,669) |
Class D Shares | (296,888) | 1,287,597 |
Class I Shares | (4,039,858) | (9,334,736) |
Class N Shares | (231,751) | 148,444 |
Class R Shares | (71,516) | (51,699) |
Class S Shares | (9,347) | 135,022 |
Class T Shares | (245,891) | (1,492,987) |
Net Increase/(Decrease) from Capital Share Transactions | (6,724,381) | (13,350,172) |
Net Increase/(Decrease) in Net Assets | (5,651,476) | (12,432,226) |
Net Assets: | ||
Beginning of period | 58,055,992 | 70,488,218 |
End of period | $52,404,516 | $58,055,992 |
See Notes to Financial Statements.
Janus Investment Fund | 15
Janus Henderson Absolute Return Income Opportunities Fund
Financial Highlights
Financial Highlights
Class A Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $8.69 | $8.56 | $9.02 | $9.01 | $8.93 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.37 | 0.23 | 0.09 | 0.10 | 0.17 |
Net realized and unrealized gain/(loss) | 0.17 | 0.14 | (0.44) | 0.02 | 0.15 |
Total from Investment Operations | 0.54 | 0.37 | (0.35) | 0.12 | 0.32 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.37) | (0.24) | (0.11) | (0.11) | (0.24) |
Total Dividends and Distributions | (0.37) | (0.24) | (0.11) | (0.11) | (0.24) |
Net Asset Value, End of Period | $8.86 | $8.69 | $8.56 | $9.02 | $9.01 |
Total Return* | 6.28% | 4.39% | (3.86)% | 1.38% | 3.64% |
Net Assets, End of Period (in thousands) | $8,471 | $9,102 | $9,312 | $15,300 | $16,158 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.63% | 1.51% | 1.35% | 1.26% | 1.24% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.95% | 0.96% | 0.95% | 0.95% | 0.98% |
Ratio of Net Investment Income/(Loss) | 4.21% | 2.68% | 1.06% | 1.16% | 1.87% |
Portfolio Turnover Rate | 61% | 56% | 69% | 47% | 11% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
16 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Financial Highlights
Financial Highlights
Class C Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $8.68 | $8.56 | $9.01 | $9.01 | $8.92 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.30 | 0.16 | 0.03 | 0.04 | 0.10 |
Net realized and unrealized gain/(loss) | 0.17 | 0.14 | (0.43) | 0.01 | 0.17 |
Total from Investment Operations | 0.47 | 0.30 | (0.40) | 0.05 | 0.27 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.30) | (0.18) | (0.05) | (0.05) | (0.18) |
Total Dividends and Distributions | (0.30) | (0.18) | (0.05) | (0.05) | (0.18) |
Net Asset Value, End of Period | $8.85 | $8.68 | $8.56 | $9.01 | $9.01 |
Total Return* | 5.50% | 3.55% | (4.48)% | 0.56% | 3.03% |
Net Assets, End of Period (in thousands) | $3,312 | $4,264 | $7,870 | $8,407 | $14,388 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 2.41% | 2.19% | 2.12% | 1.96% | 1.96% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.69% | 1.64% | 1.70% | 1.64% | 1.68% |
Ratio of Net Investment Income/(Loss) | 3.45% | 1.89% | 0.32% | 0.48% | 1.12% |
Portfolio Turnover Rate | 61% | 56% | 69% | 47% | 11% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 17
Janus Henderson Absolute Return Income Opportunities Fund
Financial Highlights
Financial Highlights
Class D Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $8.69 | $8.57 | $9.02 | $9.01 | $8.94 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.39 | 0.25 | 0.11 | 0.12 | 0.16 |
Net realized and unrealized gain/(loss) | 0.16 | 0.13 | (0.43) | 0.02 | 0.17 |
Total from Investment Operations | 0.55 | 0.38 | (0.32) | 0.14 | 0.33 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.38) | (0.26) | (0.13) | (0.13) | (0.26) |
Total Dividends and Distributions | (0.38) | (0.26) | (0.13) | (0.13) | (0.26) |
Net Asset Value, End of Period | $8.86 | $8.69 | $8.57 | $9.02 | $9.01 |
Total Return* | 6.48% | 4.47% | (3.57)% | 1.57% | 3.69% |
Net Assets, End of Period (in thousands) | $17,952 | $17,901 | $16,350 | $15,929 | $19,646 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.47% | 1.33% | 1.17% | 1.09% | 1.17% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.76% | 0.77% | 0.77% | 0.77% | 0.80% |
Ratio of Net Investment Income/(Loss) | 4.41% | 2.89% | 1.25% | 1.34% | 1.84% |
Portfolio Turnover Rate | 61% | 56% | 69% | 47% | 11% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
18 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Financial Highlights
Financial Highlights
Class I Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $8.68 | $8.56 | $9.00 | $9.00 | $8.92 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.39 | 0.25 | 0.12 | 0.13 | 0.19 |
Net realized and unrealized gain/(loss) | 0.16 | 0.13 | (0.42) | 0.01 | 0.15 |
Total from Investment Operations | 0.55 | 0.38 | (0.30) | 0.14 | 0.34 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.38) | (0.26) | (0.14) | (0.14) | (0.26) |
Total Dividends and Distributions | (0.38) | (0.26) | (0.14) | (0.14) | (0.26) |
Net Asset Value, End of Period | $8.85 | $8.68 | $8.56 | $9.00 | $9.00 |
Total Return* | 6.51% | 4.51% | (3.42)% | 1.51% | 3.88% |
Net Assets, End of Period (in thousands) | $15,208 | $18,919 | $27,937 | $33,808 | $36,831 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.39% | 1.25% | 1.09% | 1.01% | 1.00% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.73% | 0.73% | 0.71% | 0.71% | 0.73% |
Ratio of Net Investment Income/(Loss) | 4.41% | 2.85% | 1.30% | 1.40% | 2.09% |
Portfolio Turnover Rate | 61% | 56% | 69% | 47% | 11% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 19
Janus Henderson Absolute Return Income Opportunities Fund
Financial Highlights
Financial Highlights
Class N Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $8.69 | $8.56 | $9.01 | $9.01 | $8.93 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.40 | 0.26 | 0.12 | 0.13 | 0.19 |
Net realized and unrealized gain/(loss) | 0.15 | 0.14 | (0.43) | 0.01 | 0.16 |
Total from Investment Operations | 0.55 | 0.40 | (0.31) | 0.14 | 0.35 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.39) | (0.27) | (0.14) | (0.14) | (0.27) |
Total Dividends and Distributions | (0.39) | (0.27) | (0.14) | (0.14) | (0.27) |
Net Asset Value, End of Period | $8.85 | $8.69 | $8.56 | $9.01 | $9.01 |
Total Return* | 6.49% | 4.73% | (3.50)% | 1.58% | 3.94% |
Net Assets, End of Period (in thousands) | $544 | $761 | $604 | $1,803 | $2,534 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.74% | 1.64% | 1.30% | 1.06% | 1.06% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.63% | 0.64% | 0.64% | 0.64% | 0.67% |
Ratio of Net Investment Income/(Loss) | 4.49% | 3.03% | 1.35% | 1.47% | 2.10% |
Portfolio Turnover Rate | 61% | 56% | 69% | 47% | 11% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
20 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Financial Highlights
Financial Highlights
Class R Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $8.69 | $8.57 | $9.02 | $9.02 | $8.94 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.33 | 0.19 | 0.06 | 0.07 | 0.13 |
Net realized and unrealized gain/(loss) | 0.17 | 0.13 | (0.43) | — (2) | 0.15 |
Total from Investment Operations | 0.50 | 0.32 | (0.37) | 0.07 | 0.28 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.33) | (0.20) | (0.08) | (0.07) | (0.20) |
Total Dividends and Distributions | (0.33) | (0.20) | (0.08) | (0.07) | (0.20) |
Net Asset Value, End of Period | $8.86 | $8.69 | $8.57 | $9.02 | $9.02 |
Total Return* | 5.83% | 3.82% | (4.15)% | 0.83% | 3.17% |
Net Assets, End of Period (in thousands) | $365 | $429 | $474 | $516 | $654 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 2.76% | 2.58% | 2.33% | 2.20% | 2.04% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.37% | 1.39% | 1.37% | 1.39% | 1.42% |
Ratio of Net Investment Income/(Loss) | 3.77% | 2.24% | 0.65% | 0.73% | 1.40% |
Portfolio Turnover Rate | 61% | 56% | 69% | 47% | 11% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
See Notes to Financial Statements.
Janus Investment Fund | 21
Janus Henderson Absolute Return Income Opportunities Fund
Financial Highlights
Financial Highlights
Class S Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $8.69 | $8.57 | $9.02 | $9.02 | $8.94 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.35 | 0.23 | 0.08 | 0.09 | 0.15 |
Net realized and unrealized gain/(loss) | 0.17 | 0.12 | (0.43) | 0.01 | 0.15 |
Total from Investment Operations | 0.52 | 0.35 | (0.35) | 0.10 | 0.30 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.35) | (0.23) | (0.10) | (0.10) | (0.22) |
Total Dividends and Distributions | (0.35) | (0.23) | (0.10) | (0.10) | (0.22) |
Net Asset Value, End of Period | $8.86 | $8.69 | $8.57 | $9.02 | $9.02 |
Total Return* | 6.09% | 4.08% | (3.93)% | 1.08% | 3.44% |
Net Assets, End of Period (in thousands) | $316 | $318 | $178 | $230 | $153 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 2.66% | 2.73% | 3.10% | 3.07% | 3.45% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.12% | 1.14% | 1.14% | 1.14% | 1.16% |
Ratio of Net Investment Income/(Loss) | 4.02% | 2.63% | 0.88% | 0.96% | 1.62% |
Portfolio Turnover Rate | 61% | 56% | 69% | 47% | 11% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
22 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Financial Highlights
Financial Highlights
Class T Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $8.68 | $8.56 | $9.01 | $9.01 | $8.92 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.38 | 0.24 | 0.10 | 0.11 | 0.17 |
Net realized and unrealized gain/(loss) | 0.16 | 0.13 | (0.43) | 0.01 | 0.17 |
Total from Investment Operations | 0.54 | 0.37 | (0.33) | 0.12 | 0.34 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.37) | (0.25) | (0.12) | (0.12) | (0.25) |
Total Dividends and Distributions | (0.37) | (0.25) | (0.12) | (0.12) | (0.25) |
Net Asset Value, End of Period | $8.85 | $8.68 | $8.56 | $9.01 | $9.01 |
Total Return* | 6.37% | 4.37% | (3.68)% | 1.36% | 3.82% |
Net Assets, End of Period (in thousands) | $6,237 | $6,361 | $7,763 | $11,109 | $15,003 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.57% | 1.44% | 1.29% | 1.20% | 1.20% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.86% | 0.87% | 0.87% | 0.86% | 0.91% |
Ratio of Net Investment Income/(Loss) | 4.30% | 2.73% | 1.14% | 1.25% | 1.92% |
Portfolio Turnover Rate | 61% | 56% | 69% | 47% | 11% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 23
Janus Henderson Absolute Return Income Opportunities Fund
Notes to Financial Statements
Notes to Financial Statements
1.
Organization and Significant Accounting Policies
Janus Henderson Absolute Return Income Opportunities Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 36 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to maximize total return, consistent with preservation of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
24 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Notes to Financial Statements
Notes to Financial Statements
Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
Investment Valuation
Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.
Valuation Inputs Summary
FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:
Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.
Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Janus Investment Fund | 25
Janus Henderson Absolute Return Income Opportunities Fund
Notes to Financial Statements
Notes to Financial Statements
Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.
Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2024 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations
26 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Notes to Financial Statements
Notes to Financial Statements
arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.
Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.
Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
Dividends and Distributions
Dividends are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2.
Derivative Instruments
The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended June 30, 2024 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.
The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.
Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.
Janus Investment Fund | 27
Janus Henderson Absolute Return Income Opportunities Fund
Notes to Financial Statements
Notes to Financial Statements
In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:
• Commodity Risk – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.
• Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.
• Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.
• Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.
• Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.
• Index Risk – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.
• Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.
• Leverage Risk – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.
• Liquidity Risk – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.
Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser’s needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.
In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser’s ability to establish and maintain appropriate systems and trading.
Forward Foreign Currency Exchange Contracts
A forward foreign currency exchange contract (“forward currency contract”) is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward
28 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Notes to Financial Statements
Notes to Financial Statements
currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.
Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).
During the year, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.
During the year, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.
Futures Contracts
A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.
Futures contracts are valued at the settlement price on valuation date on the exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or “ASET” price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used.
Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract.
Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund’s futures commission merchant.
With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.
During the year, the Fund purchased interest rate futures to increase exposure to interest rate risk.
During the year, the Fund sold interest rate futures to decrease exposure to interest rate risk.
Options on Swap Contracts (Swaptions)
The Fund may purchase or write covered and uncovered put and call options on swap contracts, commonly referred to as “swaptions”. Swaption contracts grant the purchaser the right, but not the obligation, to enter into a swap transaction at preset terms detailed in the underlying agreement within a specified period of time.
Swaptions can be used for a variety of purposes, including to manage the Fund’s overall exposure to changes in interest or foreign currency exchange rates and credit quality; as an efficient means of adjusting the Fund's exposure to certain markets; in an effort to enhance income or total return or protect the value of portfolio securities; to serve as a cash management tool; and to adjust portfolio duration or credit risk. Because the use of swaptions generally does not involve
Janus Investment Fund | 29
Janus Henderson Absolute Return Income Opportunities Fund
Notes to Financial Statements
Notes to Financial Statements
the delivery of securities or other underlying assets or principal, the risk of loss with respect to swaptions generally is limited to the net amount of payments that the Fund is contractually obligated to make. There is also a risk of a default by the other party to a swaption, in which case the Fund may not receive the net amount of payments that it contractually is entitled to receive. Entering into a swaption contract involves, to varying degrees, the elements of credit, market, and interest rate risk, associated with both option contracts and swap contracts.
Interest rate written receiver swaptions, if exercised by the purchaser, allow the Fund to short interest rates by entering into a pay fixed/receive float interest rate swap. Selling the interest rate receiver option reduces the exposure to interest rates and the short position becomes more valuable to the Fund as interest rates rise and/or implied interest rate volatility decreases. Interest rate written payer swaptions, if exercised by the purchaser, allow the Fund to take a long position on interest rates by entering into a receive fixed/pay float interest rate swap. Selling the interest rate payer option increases the exposure to interest rates and the short position becomes more valuable to the Fund as interest rates fall and/or implied interest rate volatility decreases. Credit default written receiver swaptions, if exercised by the purchaser, allow the Fund to buy credit protection through credit default swaps. Selling the credit default receiver option reduces the exposure to the credit risk of the individual issuers and/or indices of issuers and the short position becomes more valuable to the Fund as the likelihood of a credit event on the reference asset(s) increases. Credit default written payer swaptions, if exercised by the purchaser, allow the Fund to sell credit protection through credit default swaps. Selling the credit default payer option increases the exposure to the credit risk of the individual issuers and/or indices of issuers and the short position becomes more valuable to the Fund as the likelihood of a credit event on the reference asset(s) decreases.
Swaptions purchased are reported in the Schedule of Investments (if applicable). Swaptions written are reported as a liability on the Statement of Assets and Liabilities as “Swaptions written, at value” (if applicable).
During the year, the Fund purchased credit default payer swaptions (put) and bought protection via the credit default swap market in order to reduce credit risk exposure to individual corporates, countries and/or credit indices.
There were no purchased swaptions held at June 30, 2024.
During the year, the Fund sold credit default payer swaptions (put) in order to gain credit market volatility exposure and to gain credit exposure.
There were no written swaptions held at June 30, 2024.
Swaps
Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return.
Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty (“CCP”). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant (“FCM”) that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the “Executing Dealer”) and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading
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Notes to Financial Statements
Notes to Financial Statements
Commission (“CFTC”). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.
Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades.
The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund’s Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund’s Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the year is included in the Statement of Operations (if applicable).
The Fund’s maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty.
The Fund’s use of interest rate swaps involves investment techniques and risks different from those associated with ordinary portfolio security transactions. Interest rate swaps do not involve the delivery of securities, other underlying assets, or principal. Interest rate swaps involve the exchange by two parties of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments). Interest rate swaps may result in potential losses if interest rates do not move as expected or if the counterparties are unable to satisfy their obligations. Interest rate swaps are generally entered into on a net basis. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that the Fund is contractually obligated to make.
During the year, the Fund entered into interest rate swaps paying a fixed interest rate and receiving a floating interest rate in order to decrease interest rate risk (duration) exposure. As interest rates rise, the Fund benefits by receiving a higher expected future floating rate, while paying a fixed rate that has not increased.
During the year, the Fund entered into interest rate swaps paying a floating interest rate and receiving a fixed interest rate in order to increase interest rate risk (duration) exposure. As interest rates fall, the Fund benefits by paying a lower future floating rate, while receiving a fixed rate that has not decreased.
3.
Other Investments and Strategies
Market Risk
The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more
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Notes to Financial Statements
Notes to Financial Statements
dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
Exchange-Traded Funds
The Fund may invest in exchange-traded funds (“ETFs”) to gain exposure to a particular portion of the market. ETFs are typically open-end investment companies, which may seek to track the performance of a specific index or be actively managed. ETFs are traded on a national securities exchange at market prices that may vary from the net asset value of their underlying investments. Accordingly, there may be times when an ETF trades at a premium or discount. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. As a result, the cost of investing in the Fund may be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs also involve the risk that an active trading market for an ETF's shares may not develop or be maintained. Similarly, because the value of ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an ETF at the most optimal time, which could adversely affect the Fund’s performance. In addition, ETFs that track particular indices may be unable to match the performance of such underlying indices due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities. Because the Fund may invest in a broad range of ETFs, such risks may include, but are not limited to, leverage risk, foreign exposure risk, interest rate risk, emerging markets risk, and commodity-linked investments risk. The Fund is also subject to substantially the same risks as those associated with direct exposure to the securities held by the ETF.
Geographic Investment Risk
To the extent the Fund invests a significant portion of its assets in a particular country or geographic region, the Fund will generally have more exposure to certain risks due to possible political, economic, social, or regulatory events in that country or region. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.
Mortgage- and Asset-Backed Securities
Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer and commercial loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or other governmental or government-related entities. Ginnie Mae’s guarantees are backed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency (“FHFA”), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities’ mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA’s appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.
The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities’ issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining
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Notes to Financial Statements
Notes to Financial Statements
interest rates. These risks may reduce the Fund’s returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.
Counterparties
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.
The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.
The Offsetting Assets and Liabilities table located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2024” table located in the Fund’s Schedule of Investments.
The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.
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Janus Henderson Absolute Return Income Opportunities Fund
Notes to Financial Statements
Notes to Financial Statements
4.
Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund’s contractual investment advisory fee rate (expressed as an annual rate).
Average Daily Net Assets of the Fund | Contractual Investment Advisory Fee (%) |
First $1 Billion | 0.65 |
Next $2 Billion | 0.62 |
Over $3 Billion | 0.60 |
The Fund’s actual investment advisory fee rate for the reporting period was 0.65% of average annual net assets before any applicable waivers.
The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliate, Kapstream Capital Pty Limited (Australia) ("Kapstream"), pursuant to which certain employees of Kapstream may also serve as employees or as "associated persons" of the Adviser. In this capacity, employees of Kapstream are subject to the oversight and supervision of the Adviser and may provide portfolio management, research, and related services to the Fund on behalf of the Adviser. The responsibilities of both the Adviser and Kapstream under the participating affiliate arrangement are documented in a memorandum of understanding between the two entities.
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.63%. The Adviser has also contractually agreed to waive and/or reimburse a portion of the Fund's management fee in an amount equal to the management fee it earns as an investment adviser to any of the affiliated exchange traded funds (“ETFs”) in which the Fund invests. The Adviser has agreed to continue the waivers for at least a one-year period commencing October 27, 2023. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations. During the year ended June 30, 2024, the Adviser waived $2,468 of the Fund’s management fee, attributable to the Fund’s investment in the Janus Henderson AAA CLO ETF.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $435,029 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
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Notes to Financial Statements
Notes to Financial Statements
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion — $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 4.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended June 30, 2024, the Distributor retained upfront sales charges of $345.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended June 30, 2024.
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Janus Henderson Absolute Return Income Opportunities Fund
Notes to Financial Statements
Notes to Financial Statements
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended June 30, 2024, redeeming shareholders of Class C Shares paid CDSCs of $80.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of June 30, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2024.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended June 30, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
5.
Federal Income Tax
The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.
Other book to tax differences primarily consist of deferred compensation, derivatives, and foreign currency contract adjustments. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
The Fund has elected to defer qualified late-year losses as noted in the table below. These losses will be deferred for tax purposes and recognized during the next fiscal year.
Undistributed Ordinary Income | Undistributed Long-Term Gains | Accumulated Capital Losses | Loss Deferrals | Other Book to Tax Differences | Net Tax Appreciation/ (Depreciation) |
$- | $- | $(179,641,297) | $(687,158) | $66,921 | $(1,028,789) |
Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2024, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.
Capital Loss Carryover Schedule | ||
For the year ended June 30, 2024 | ||
No Expiration | ||
Short-Term | Long-Term | Accumulated Capital Losses |
$(80,289,788) | $(99,351,509) | $(179,641,297) |
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Janus Henderson Absolute Return Income Opportunities Fund
Notes to Financial Statements
Notes to Financial Statements
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2024 are noted below.
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$52,666,552 | $245,487 | $(1,274,276) | $(1,028,789) |
Information on the tax components of derivatives as of June 30, 2024 is as follows:
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$(390,049) | $68,361 | $- | $68,361 |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.
For the year ended June 30, 2024 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$2,332,060 | $- | $- | $- |
For the year ended June 30, 2023 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$1,773,842 | $- | $- | $- |
Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets.
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Janus Henderson Absolute Return Income Opportunities Fund
Notes to Financial Statements
Notes to Financial Statements
6.
Capital Share Transactions
Year ended June 30, 2024 | Year ended June 30, 2023 | |||
Shares | Amount | Shares | Amount | |
Class A Shares: | ||||
Shares sold | 90,204 | $790,225 | 333,404 | $2,871,867 |
Reinvested dividends and distributions | 33,868 | 297,835 | 24,233 | 209,431 |
Shares repurchased | (215,389) | (1,890,142) | (397,097) | (3,426,442) |
Net Increase/(Decrease) | (91,317) | $(802,082) | (39,460) | $(345,144) |
Class C Shares: | ||||
Shares sold | 13,084 | $114,329 | 114,185 | $978,391 |
Reinvested dividends and distributions | 14,644 | 128,652 | 14,439 | 124,590 |
Shares repurchased | (144,740) | (1,270,029) | (557,089) | (4,799,650) |
Net Increase/(Decrease) | (117,012) | $(1,027,048) | (428,465) | $(3,696,669) |
Class D Shares: | ||||
Shares sold | 420,582 | $3,686,493 | 705,306 | $6,062,753 |
Reinvested dividends and distributions | 83,875 | 737,799 | 58,863 | 508,862 |
Shares repurchased | (538,106) | (4,721,180) | (612,385) | (5,284,018) |
Net Increase/(Decrease) | (33,649) | $(296,888) | 151,784 | $1,287,597 |
Class I Shares: | ||||
Shares sold | 209,645 | $1,834,495 | 615,493 | $5,326,273 |
Reinvested dividends and distributions | 81,603 | 717,105 | 70,884 | 611,891 |
Shares repurchased | (752,083) | (6,591,458) | (1,772,814) | (15,272,900) |
Net Increase/(Decrease) | (460,835) | $(4,039,858) | (1,086,437) | $(9,334,736) |
Class N Shares: | ||||
Shares sold | 21,275 | $187,252 | 33,562 | $290,396 |
Reinvested dividends and distributions | 3,190 | 28,036 | 2,299 | 19,866 |
Shares repurchased | (50,672) | (447,039) | (18,723) | (161,818) |
Net Increase/(Decrease) | (26,207) | $(231,751) | 17,138 | $148,444 |
Class R Shares: | ||||
Shares sold | 2,411 | $21,278 | 1,837 | $15,871 |
Reinvested dividends and distributions | 1,717 | 15,103 | 1,213 | 10,494 |
Shares repurchased | (12,252) | (107,897) | (9,054) | (78,064) |
Net Increase/(Decrease) | (8,124) | $(71,516) | (6,004) | $(51,699) |
Class S Shares: | ||||
Shares sold | 12,385 | $108,382 | 32,269 | $276,901 |
Reinvested dividends and distributions | 1,533 | 13,493 | 922 | 7,979 |
Shares repurchased | (14,931) | (131,222) | (17,333) | (149,858) |
Net Increase/(Decrease) | (1,013) | $(9,347) | 15,858 | $135,022 |
Class T Shares: | ||||
Shares sold | 77,518 | $677,484 | 56,810 | $491,678 |
Reinvested dividends and distributions | 30,015 | 263,753 | 22,672 | 195,678 |
Shares repurchased | (135,559) | (1,187,128) | (253,745) | (2,180,343) |
Net Increase/(Decrease) | (28,026) | $(245,891) | (174,263) | $(1,492,987) |
7.
Purchases and Sales of Investment Securities
For the year ended June 30, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
Purchases of Securities | Proceeds from Sales of Securities | Purchases of Long- Term U.S. Government Obligations | Proceeds from Sales of Long-Term U.S. Government Obligations |
$30,768,145 | $34,778,313 | $- | $- |
38 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Notes to Financial Statements
Notes to Financial Statements
8.
Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to June 30, 2024 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
Janus Investment Fund | 39
Janus Henderson Absolute Return Income Opportunities Fund
Report of Independent Registered Public Accounting Firm
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Absolute Return Income Opportunities Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Absolute Return Income Opportunities Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of June 30, 2024, the related statement of operations for the year ended June 30, 2024, the statement of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2024 and the financial highlights for each of the five years in the period ended June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Denver, Colorado
August 22, 2024
August 22, 2024
We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.
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Janus Henderson Absolute Return Income Opportunities Fund
Designation Requirements (unaudited)
Designation Requirements (unaudited)
For federal income tax purposes, the Fund designated the following for the year ended June 30, 2024:
Section 163(j) Interest Dividend | 100% |
Janus Investment Fund | 41
Janus Henderson Absolute Return Income Opportunities Fund
Additional Information (unaudited)
Additional Information (unaudited)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees’ fees and expenses.
Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus
42 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Additional Information (unaudited)
Additional Information (unaudited)
Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 43
Janus Henderson Absolute Return Income Opportunities Fund
Additional Information (unaudited)
Additional Information (unaudited)
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
44 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
Janus Investment Fund | 45
Janus Henderson Absolute Return Income Opportunities Fund
Additional Information (unaudited)
Additional Information (unaudited)
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
46 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees
Janus Investment Fund | 47
Janus Henderson Absolute Return Income Opportunities Fund
Additional Information (unaudited)
Additional Information (unaudited)
noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
48 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Additional Information (unaudited)
Additional Information (unaudited)
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Janus Investment Fund | 49
Janus Henderson Absolute Return Income Opportunities Fund
Additional Information (unaudited)
Additional Information (unaudited)
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
50 | June 30, 2024
Janus Henderson Absolute Return Income Opportunities Fund
Additional Information (unaudited)
Additional Information (unaudited)
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
Janus Investment Fund | 51
Janus Henderson Absolute Return Income Opportunities Fund
Additional Information (unaudited)
Additional Information (unaudited)
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
52 | June 30, 2024
This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
Mutual funds distributed by Janus Henderson Distributors US LLC
125-02-93024 08-24
ANNUAL FINANCIAL STATEMENTS
June 30, 2024
June 30, 2024
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Janus Investment Fund
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares | Value | ||
Common Stocks – 100.1% | |||
Aerospace & Defense – 2.3% | |||
General Dynamics Corp | 13,527 | $3,924,724 | |
L3Harris Technologies Inc | 8,588 | 1,928,693 | |
Lockheed Martin Corp | 6,255 | 2,921,710 | |
Raytheon Technologies Corp | 51,153 | 5,135,250 | |
13,910,377 | |||
Automobiles – 1.9% | |||
Ferrari NV | 7,032 | 2,871,658 | |
Tesla Inc* | 44,682 | 8,841,674 | |
11,713,332 | |||
Banks – 1.7% | |||
JPMorgan Chase & Co | 50,906 | 10,296,248 | |
Beverages – 2.6% | |||
Coca-Cola Co | 184,308 | 11,731,204 | |
Constellation Brands Inc - Class A | 7,127 | 1,833,635 | |
PepsiCo Inc | 15,043 | 2,481,042 | |
16,045,881 | |||
Biotechnology – 1.3% | |||
AbbVie Inc | 12,417 | 2,129,764 | |
Amgen Inc | 11,638 | 3,636,293 | |
Regeneron Pharmaceuticals Inc* | 1,961 | 2,061,070 | |
7,827,127 | |||
Building Products – 0.9% | |||
Johnson Controls International PLC | 28,808 | 1,914,868 | |
Trane Technologies PLC | 10,329 | 3,397,518 | |
5,312,386 | |||
Capital Markets – 3.5% | |||
BlackRock Inc | 5,612 | 4,418,440 | |
Cboe Global Markets Inc | 14,017 | 2,383,731 | |
Goldman Sachs Group Inc | 10,715 | 4,846,609 | |
Intercontinental Exchange Inc | 29,237 | 4,002,253 | |
Moody's Corp | 9,411 | 3,961,372 | |
S&P Global Inc | 4,508 | 2,010,568 | |
21,622,973 | |||
Chemicals – 2.1% | |||
Ecolab Inc | 15,856 | 3,773,728 | |
Linde PLC | 15,398 | 6,756,796 | |
LyondellBasell Industries NV | 23,512 | 2,249,158 | |
12,779,682 | |||
Commercial Services & Supplies – 1.0% | |||
Cintas Corp | 6,433 | 4,504,773 | |
Republic Services Inc | 10,031 | 1,949,424 | |
6,454,197 | |||
Communications Equipment – 0.6% | |||
Motorola Solutions Inc | 10,236 | 3,951,608 | |
Diversified Financial Services – 5.5% | |||
Berkshire Hathaway Inc* | 33,640 | 13,684,752 | |
Fiserv Inc* | 18,948 | 2,824,010 | |
Mastercard Inc - Class A | 20,635 | 9,103,336 | |
Visa Inc | 30,510 | 8,007,960 | |
33,620,058 | |||
Diversified Telecommunication Services – 0.9% | |||
Verizon Communications Inc | 130,789 | 5,393,738 | |
Electric Utilities – 0.5% | |||
Edison International | 45,802 | 3,289,042 | |
Electrical Equipment – 1.1% | |||
Eaton Corp PLC | 11,014 | 3,453,440 | |
Emerson Electric Co | 29,495 | 3,249,169 | |
6,702,609 | |||
Electronic Equipment, Instruments & Components – 1.2% | |||
Amphenol Corp | 61,176 | 4,121,427 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 1
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares | Value | ||
Common Stocks – (continued) | |||
Electronic Equipment, Instruments & Components – (continued) | |||
CDW Corp/DE | 5,776 | $1,292,900 | |
TE Connectivity Ltd | 12,816 | 1,927,911 | |
7,342,238 | |||
Entertainment – 1.7% | |||
Walt Disney Co | 105,018 | 10,427,237 | |
Food & Staples Retailing – 2.4% | |||
Costco Wholesale Corp | 9,477 | 8,055,355 | |
Walmart Inc | 98,726 | 6,684,738 | |
14,740,093 | |||
Food Products – 1.2% | |||
Campbell Soup Co | 59,125 | 2,671,858 | |
Kellanova | 50,013 | 2,884,750 | |
Mondelez International Inc | 31,293 | 2,047,814 | |
7,604,422 | |||
Health Care Equipment & Supplies – 1.4% | |||
Abbott Laboratories | 18,468 | 1,919,010 | |
Becton Dickinson and Co | 8,018 | 1,873,887 | |
Boston Scientific Corp* | 26,242 | 2,020,896 | |
Stryker Corp | 8,152 | 2,773,718 | |
8,587,511 | |||
Health Care Providers & Services – 2.0% | |||
AmerisourceBergen Corp | 8,098 | 1,824,479 | |
Labcorp Holdings Inc | 5,742 | 1,168,555 | |
McKesson Corp | 3,406 | 1,989,240 | |
Quest Diagnostics Inc | 21,572 | 2,952,775 | |
UnitedHealth Group Inc | 8,718 | 4,439,729 | |
12,374,778 | |||
Hotels, Restaurants & Leisure – 5.1% | |||
Booking Holdings Inc | 897 | 3,553,465 | |
Chipotle Mexican Grill Inc* | 51,650 | 3,235,873 | |
Domino's Pizza Inc | 6,115 | 3,157,358 | |
Hilton Worldwide Holdings Inc | 13,301 | 2,902,278 | |
McDonald's Corp | 42,042 | 10,713,983 | |
Starbucks Corp | 18,582 | 1,446,609 | |
Texas Roadhouse Inc | 17,475 | 3,000,632 | |
Yum! Brands Inc | 24,521 | 3,248,052 | |
31,258,250 | |||
Household Durables – 0.4% | |||
Toll Brothers Inc | 22,632 | 2,606,754 | |
Household Products – 1.9% | |||
Church & Dwight Co Inc | 22,051 | 2,286,248 | |
Colgate-Palmolive Co | 42,694 | 4,143,026 | |
Procter & Gamble Co | 30,272 | 4,992,458 | |
11,421,732 | |||
Industrial Conglomerates – 0.8% | |||
Honeywell International Inc | 22,658 | 4,838,389 | |
Industrial Real Estate Investment Trusts (REITs) – 0.3% | |||
Prologis Inc | 18,349 | 2,060,776 | |
Information Technology Services – 1.0% | |||
GoDaddy Inc* | 14,042 | 1,961,808 | |
International Business Machines Corp | 16,492 | 2,852,291 | |
VeriSign Inc* | 7,895 | 1,403,731 | |
6,217,830 | |||
Insurance – 2.5% | |||
Allstate Corp | 655 | 104,577 | |
Aon PLC - Class A | 2,389 | 701,363 | |
Arthur J Gallagher & Co | 19,845 | 5,146,007 | |
Chubb Ltd | 16,816 | 4,289,425 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
2 | June 30, 2024
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares | Value | ||
Common Stocks – (continued) | |||
Insurance – (continued) | |||
Hartford Financial Services Group Inc | 18,247 | $1,834,553 | |
Prudential Financial Inc | 25,987 | 3,045,417 | |
15,121,342 | |||
Interactive Media & Services – 6.2% | |||
Alphabet Inc - Class A | 152,198 | 27,722,865 | |
Meta Platforms Inc - Class A | 19,913 | 10,040,533 | |
37,763,398 | |||
Machinery – 2.1% | |||
Cummins Inc | 10,931 | 3,027,122 | |
Otis Worldwide Corp | 11,986 | 1,153,772 | |
Parker-Hannifin Corp | 5,272 | 2,666,630 | |
Wabtec Corp | 20,194 | 3,191,662 | |
Xylem Inc/NY | 22,699 | 3,078,666 | |
13,117,852 | |||
Multiline Retail – 2.5% | |||
Amazon.com Inc* | 78,793 | 15,226,747 | |
Multi-Utilities – 0.3% | |||
Public Service Enterprise Group Inc | 22,979 | 1,693,552 | |
Oil, Gas & Consumable Fuels – 1.0% | |||
Chevron Corp | 21,240 | 3,322,361 | |
ONEOK Inc | 31,680 | 2,583,504 | |
5,905,865 | |||
Pharmaceuticals – 5.3% | |||
Eli Lilly & Co | 19,964 | 18,075,006 | |
Johnson & Johnson | 85,753 | 12,533,659 | |
Merck & Co Inc | 16,099 | 1,993,056 | |
32,601,721 | |||
Professional Services – 1.2% | |||
Jacobs Solutions Inc | 13,290 | 1,856,746 | |
Paychex Inc | 15,261 | 1,809,344 | |
Verisk Analytics Inc | 14,210 | 3,830,306 | |
7,496,396 | |||
Real Estate Management & Development – 0.3% | |||
CBRE Group Inc* | 21,696 | 1,933,331 | |
Residential Real Estate Investment Trusts (REITs) – 0.3% | |||
AvalonBay Communities Inc | 491 | 101,583 | |
Mid-America Apartment Communities Inc | 13,912 | 1,983,990 | |
2,085,573 | |||
Retail Real Estate Investment Trusts (REITs) – 0.5% | |||
Simon Property Group Inc | 19,959 | 3,029,776 | |
Road & Rail – 0.5% | |||
Ryder System Inc | 24,753 | 3,066,402 | |
Semiconductor & Semiconductor Equipment – 6.9% | |||
Broadcom Inc | 7,635 | 12,258,221 | |
NVIDIA Corp | 211,128 | 26,082,753 | |
Qualcomm Inc | 19,848 | 3,953,325 | |
42,294,299 | |||
Software – 13.6% | |||
Check Point Software Technologies Ltd* | 11,682 | 1,927,530 | |
Intuit Inc | 17,010 | 11,179,142 | |
Microsoft Corp | 99,537 | 44,488,062 | |
Oracle Corp | 41,262 | 5,826,195 | |
Palo Alto Networks Inc* | 10,914 | 3,699,955 | |
Salesforce.com Inc | 45,853 | 11,788,806 | |
Synopsys Inc* | 7,081 | 4,213,620 | |
83,123,310 | |||
Specialized Real Estate Investment Trusts (REITs) – 1.0% | |||
American Tower Corp | 10,525 | 2,045,849 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 3
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares | Value | ||
Common Stocks – (continued) | |||
Specialized Real Estate Investment Trusts (REITs) – (continued) | |||
Iron Mountain Inc | 23,819 | $2,134,659 | |
Public Storage | 6,992 | 2,011,249 | |
6,191,757 | |||
Specialty Retail – 1.2% | |||
AutoZone Inc* | 852 | 2,525,413 | |
TJX Cos Inc | 42,770 | 4,708,977 | |
7,234,390 | |||
Technology Hardware, Storage & Peripherals – 8.2% | |||
Apple Inc | 222,691 | 46,903,179 | |
NetApp Inc | 26,993 | 3,476,698 | |
50,379,877 | |||
Trading Companies & Distributors – 0.5% | |||
AerCap Holdings NV | 32,818 | 3,058,638 | |
Wireless Telecommunication Services – 0.7% | |||
T-Mobile US Inc | 24,029 | 4,233,429 | |
Total Common Stocks (cost $497,492,263) | 613,956,923 | ||
Investment Companies – 0.1% | |||
Money Markets – 0.1% | |||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº,£ (cost $344,765) | 344,696 | 344,765 | |
Total Investments (total cost $497,837,028) – 100.2% | 614,301,688 | ||
Liabilities, net of Cash, Receivables and Other Assets – (0.2)% | (982,735) | ||
Net Assets – 100% | $613,318,953 |
Summary of Investments by Country - (Long Positions) (unaudited) | ||
Country | Value | % of Investment Securities |
United States | $606,443,862 | 98.7 % |
Netherlands | 3,058,638 | 0.5 |
Italy | 2,871,658 | 0.5 |
Israel | 1,927,530 | 0.3 |
Total | $614,301,688 | 100.0 % |
Schedule of Affiliated Investments - (% of Net Assets) | ||||||||
Affiliate | Affiliated Investments, at Value at 6/30/23 | Purchases | Sales Proceeds | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Affiliated Investments, at Value at 6/30/24 | Ending Shares | Dividend Income |
Investment Companies - 0.1% | ||||||||
Money Markets - 0.1% | ||||||||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº | ||||||||
$- | $37,433,771 | $(37,088,905) | $(101) | $- | $344,765 | 344,696 | $26,824 | |
Investments Purchased with Cash Collateral from Securities Lending - N/A | ||||||||
Investment Companies - N/A | ||||||||
Janus Henderson Cash Collateral Fund LLC, 5.2795%ºº | ||||||||
3,762,210 | 106,732,747 | (110,494,957) | - | - | - | - | 6,218 ∆ | |
Total Affiliated Investments - 0.1% | ||||||||
$3,762,210 | $144,166,518 | $(147,583,862) | $(101) | $- | $344,765 | 344,696 | $33,042 | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
4 | June 30, 2024
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
LLC | Limited Liability Company |
PLC | Public Limited Company |
* | Non-income producing security. |
ºº | Rate shown is the 7-day yield as of June 30, 2024. |
£ | The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. |
∆ | Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2024. See Notes to Financial Statements for more information.
Valuation Inputs Summary | |||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | |
Assets | |||
Investments In Securities: | |||
Common Stocks | $613,956,923 | $- | $- |
Investment Companies | - | 344,765 | - |
Total Assets | $613,956,923 | $344,765 | $- |
Janus Investment Fund | 5
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Assets: | |
Unaffiliated investments, at value (cost $497,492,263) | $613,956,923 |
Affiliated investments, at value (cost $344,765) | 344,765 |
Cash | 1,869 |
Trustees' deferred compensation | 16,908 |
Receivables: | |
Dividends | 178,292 |
Fund shares sold | 46,724 |
Foreign tax reclaims | 25,511 |
Dividends from affiliates | 3,846 |
Other assets | 2,274 |
Total Assets | 614,577,112 |
Liabilities: | |
Payables: | |
Fund shares repurchased | 774,494 |
Advisory fees | 247,537 |
Transfer agent fees and expenses | 79,583 |
Professional fees | 53,105 |
Trustees' deferred compensation fees | 16,908 |
12b-1 Distribution and shareholder servicing fees | 16,064 |
Trustees' fees and expenses | 3,333 |
Affiliated fund administration fees payable | 1,275 |
Custodian fees | 1,002 |
Accrued expenses and other payables | 64,858 |
Total Liabilities | 1,258,159 |
Commitments and contingent liabilities (Note 3) | |
Net Assets | $613,318,953 |
See footnotes at the end of the Statement.
See Notes to Financial Statements.
6 | June 30, 2024
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Net Assets Consist of: | |
Capital (par value and paid-in surplus) | $478,105,630 |
Total distributable earnings (loss) | 135,213,323 |
Total Net Assets | $613,318,953 |
Net Assets - Class A Shares | $22,473,947 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2,004,714 |
Net Asset Value Per Share(1) | $11.21 |
Maximum Offering Price Per Share(2) | $11.89 |
Net Assets - Class C Shares | $7,884,476 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 743,607 |
Net Asset Value Per Share(1) | $10.60 |
Net Assets - Class D Shares | $342,984,832 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 31,297,044 |
Net Asset Value Per Share | $10.96 |
Net Assets - Class I Shares | $73,171,768 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 6,520,075 |
Net Asset Value Per Share | $11.22 |
Net Assets - Class N Shares | $33,010,664 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2,963,120 |
Net Asset Value Per Share | $11.14 |
Net Assets - Class S Shares | $23,899,284 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2,141,105 |
Net Asset Value Per Share | $11.16 |
Net Assets - Class T Shares | $109,893,982 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 10,027,666 |
Net Asset Value Per Share | $10.96 |
(1) | Redemption price per share may be reduced for any applicable contingent deferred sales charge. |
(2) | Maximum offering price is computed at 100/94.25 of net asset value. |
See Notes to Financial Statements.
Janus Investment Fund | 7
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Investment Income: | |
Dividends | $9,664,367 |
Dividends from affiliates | 26,824 |
Affiliated securities lending income, net | 6,218 |
Unaffiliated securities lending income, net | 2,113 |
Other income | 1,944 |
Foreign tax withheld | (75,479) |
Total Investment Income | 9,625,987 |
Expenses: | |
Advisory fees | 3,002,179 |
12b-1 Distribution and shareholder servicing fees: | |
Class A Shares | 49,221 |
Class C Shares | 93,762 |
Class S Shares | 55,890 |
Transfer agent administrative fees and expenses: | |
Class D Shares | 363,710 |
Class S Shares | 55,885 |
Class T Shares | 277,082 |
Transfer agent networking and omnibus fees: | |
Class A Shares | 13,788 |
Class C Shares | 6,920 |
Class I Shares | 61,794 |
Other transfer agent fees and expenses: | |
Class A Shares | 1,059 |
Class C Shares | 428 |
Class D Shares | 46,219 |
Class I Shares | 3,493 |
Class N Shares | 1,683 |
Class S Shares | 307 |
Class T Shares | 1,445 |
Registration fees | 114,011 |
Shareholder reports expense | 63,404 |
Professional fees | 62,739 |
Custodian fees | 25,927 |
Affiliated fund administration fees | 15,011 |
Trustees' fees and expenses | 12,883 |
Other expenses | 114,941 |
Total Expenses | 4,443,781 |
Less: Excess Expense Reimbursement and Waivers | (292,919) |
Net Expenses | 4,150,862 |
Net Investment Income/(Loss) | 5,475,125 |
Net Realized Gain/(Loss) on Investments: | |
Investments and foreign currency transactions | 20,305,548 |
Investments in affiliates | (101) |
Total Net Realized Gain/(Loss) on Investments | 20,305,447 |
Change in Unrealized Net Appreciation/Depreciation: | |
Investments, foreign currency translations and Trustees' deferred compensation | 72,270,316 |
Total Change in Unrealized Net Appreciation/Depreciation | 72,270,316 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $98,050,888 |
See Notes to Financial Statements.
8 | June 30, 2024
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Statements of Changes in Net Assets
Statements of Changes in Net Assets
Year ended June 30, 2024 | Year ended June 30, 2023 | |
Operations: | ||
Net investment income/(loss) | $5,475,125 | $12,937,418 |
Net realized gain/(loss) on investments | 20,305,447 | 31,700,403 |
Change in unrealized net appreciation/depreciation | 72,270,316 | 38,711,499 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 98,050,888 | 83,349,320 |
Dividends and Distributions to Shareholders: | ||
Class A Shares | (670,683) | (425,208) |
Class C Shares | (341,406) | (245,765) |
Class D Shares | (11,808,938) | (8,210,926) |
Class I Shares | (2,807,900) | (2,284,312) |
Class N Shares | (1,646,357) | (1,173,586) |
Class S Shares | (774,163) | (481,720) |
Class T Shares | (4,148,003) | (3,044,047) |
Net Decrease from Dividends and Distributions to Shareholders | (22,197,450) | (15,865,564) |
Capital Share Transactions: | ||
Class A Shares | 322,967 | (3,566,889) |
Class C Shares | (5,422,587) | (4,111,376) |
Class D Shares | (23,413,953) | (16,111,668) |
Class I Shares | (21,337,807) | (38,714,488) |
Class N Shares | (16,170,510) | (3,154,543) |
Class S Shares | (1,653,791) | (2,755,856) |
Class T Shares | (22,517,085) | (23,273,508) |
Net Increase/(Decrease) from Capital Share Transactions | (90,192,766) | (91,688,328) |
Net Increase/(Decrease) in Net Assets | (14,339,328) | (24,204,572) |
Net Assets: | ||
Beginning of period | 627,658,281 | 651,862,853 |
End of period | $613,318,953 | $627,658,281 |
See Notes to Financial Statements.
Janus Investment Fund | 9
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Financial Highlights
Financial Highlights
Class A Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $9.90 | $8.88 | $12.76 | $11.38 | $11.37 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.07 | 0.17 | 0.05 | 0.05 | 0.12 |
Net realized and unrealized gain/(loss) | 1.60 | 1.06 | (0.77) | 2.82 | 0.24 |
Total from Investment Operations | 1.67 | 1.23 | (0.72) | 2.87 | 0.36 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.04) | (0.15) | (0.03) | (0.13) | (0.06) |
Distributions (from capital gains) | (0.32) | (0.06) | (3.13) | (1.36) | (0.29) |
Total Dividends and Distributions | (0.36) | (0.21) | (3.16) | (1.49) | (0.35) |
Net Asset Value, End of Period | $11.21 | $9.90 | $8.88 | $12.76 | $11.38 |
Total Return* | 17.44% | 14.18% | (9.55)% | 26.48% | 3.14% |
Net Assets, End of Period (in thousands) | $22,474 | $19,507 | $21,015 | $26,218 | $27,092 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.89% | 0.93% | 0.92% | 0.94% | 0.94% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.85% | 0.88% | 0.92% | 0.94% | 0.94% |
Ratio of Net Investment Income/(Loss) | 0.73% | 1.88% | 0.44% | 0.43% | 1.08% |
Portfolio Turnover Rate | 250% | 313% | 152% | 190% | 102% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
10 | June 30, 2024
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Financial Highlights
Financial Highlights
Class C Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $9.41 | $8.45 | $12.32 | $11.02 | $11.04 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.01 | 0.12 | (0.01) | (0.02) | 0.05 |
Net realized and unrealized gain/(loss) | 1.50 | 1.00 | (0.73) | 2.72 | 0.22 |
Total from Investment Operations | 1.51 | 1.12 | (0.74) | 2.70 | 0.27 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | — | (0.10) | — | (0.04) | — |
Distributions (from capital gains) | (0.32) | (0.06) | (3.13) | (1.36) | (0.29) |
Total Dividends and Distributions | (0.32) | (0.16) | (3.13) | (1.40) | (0.29) |
Net Asset Value, End of Period | $10.60 | $9.41 | $8.45 | $12.32 | $11.02 |
Total Return* | 16.55% | 13.47% | (10.05)% | 25.71% | 2.41% |
Net Assets, End of Period (in thousands) | $7,884 | $12,312 | $14,997 | $21,286 | $24,089 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.62% | 1.51% | 1.48% | 1.58% | 1.58% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.57% | 1.46% | 1.48% | 1.58% | 1.58% |
Ratio of Net Investment Income/(Loss) | 0.07% | 1.33% | (0.12)% | (0.21)% | 0.44% |
Portfolio Turnover Rate | 250% | 313% | 152% | 190% | 102% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 11
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Financial Highlights
Financial Highlights
Class D Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $9.67 | $8.69 | $12.56 | $11.23 | $11.22 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.09 | 0.19 | 0.08 | 0.08 | 0.15 |
Net realized and unrealized gain/(loss) | 1.57 | 1.03 | (0.76) | 2.77 | 0.24 |
Total from Investment Operations | 1.66 | 1.22 | (0.68) | 2.85 | 0.39 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.05) | (0.18) | (0.06) | (0.16) | (0.09) |
Distributions (from capital gains) | (0.32) | (0.06) | (3.13) | (1.36) | (0.29) |
Total Dividends and Distributions | (0.37) | (0.24) | (3.19) | (1.52) | (0.38) |
Net Asset Value, End of Period | $10.96 | $9.67 | $8.69 | $12.56 | $11.23 |
Total Return* | 17.78% | 14.36% | (9.35)% | 26.71% | 3.41% |
Net Assets, End of Period (in thousands) | $342,985 | $325,264 | $307,311 | $361,567 | $315,423 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.70% | 0.72% | 0.68% | 0.68% | 0.69% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.65% | 0.67% | 0.68% | 0.68% | 0.69% |
Ratio of Net Investment Income/(Loss) | 0.94% | 2.09% | 0.69% | 0.66% | 1.33% |
Portfolio Turnover Rate | 250% | 313% | 152% | 190% | 102% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
12 | June 30, 2024
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Financial Highlights
Financial Highlights
Class I Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $9.90 | $8.87 | $12.75 | $11.37 | $11.36 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.10 | 0.20 | 0.08 | 0.08 | 0.15 |
Net realized and unrealized gain/(loss) | 1.60 | 1.06 | (0.77) | 2.81 | 0.24 |
Total from Investment Operations | 1.70 | 1.26 | (0.69) | 2.89 | 0.39 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.06) | (0.17) | (0.06) | (0.15) | (0.09) |
Distributions (from capital gains) | (0.32) | (0.06) | (3.13) | (1.36) | (0.29) |
Total Dividends and Distributions | (0.38) | (0.23) | (3.19) | (1.51) | (0.38) |
Net Asset Value, End of Period | $11.22 | $9.90 | $8.87 | $12.75 | $11.37 |
Total Return* | 17.71% | 14.48% | (9.31)% | 26.75% | 3.37% |
Net Assets, End of Period (in thousands) | $73,172 | $85,473 | $114,646 | $468,596 | $428,888 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.64% | 0.66% | 0.72% | 0.73% | 0.69% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.60% | 0.62% | 0.68% | 0.69% | 0.69% |
Ratio of Net Investment Income/(Loss) | 1.01% | 2.19% | 0.66% | 0.66% | 1.33% |
Portfolio Turnover Rate | 250% | 313% | 152% | 190% | 102% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 13
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Financial Highlights
Financial Highlights
Class N Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $9.82 | $8.82 | $12.70 | $11.34 | $11.33 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.11 | 0.21 | 0.09 | 0.10 | 0.17 |
Net realized and unrealized gain/(loss) | 1.59 | 1.04 | (0.76) | 2.79 | 0.23 |
Total from Investment Operations | 1.70 | 1.25 | (0.67) | 2.89 | 0.40 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.06) | (0.19) | (0.08) | (0.17) | (0.10) |
Distributions (from capital gains) | (0.32) | (0.06) | (3.13) | (1.36) | (0.29) |
Total Dividends and Distributions | (0.38) | (0.25) | (3.21) | (1.53) | (0.39) |
Net Asset Value, End of Period | $11.14 | $9.82 | $8.82 | $12.70 | $11.34 |
Total Return* | 17.90% | 14.54% | (9.21)% | 26.89% | 3.53% |
Net Assets, End of Period (in thousands) | $33,011 | $43,369 | $41,864 | $54,635 | $46,912 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.56% | 0.58% | 0.55% | 0.55% | 0.55% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.52% | 0.53% | 0.55% | 0.55% | 0.55% |
Ratio of Net Investment Income/(Loss) | 1.07% | 2.24% | 0.82% | 0.78% | 1.47% |
Portfolio Turnover Rate | 250% | 313% | 152% | 190% | 102% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
14 | June 30, 2024
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Financial Highlights
Financial Highlights
Class S Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $9.86 | $8.85 | $12.73 | $11.36 | $11.35 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.06 | 0.16 | 0.04 | 0.04 | 0.11 |
Net realized and unrealized gain/(loss) | 1.60 | 1.05 | (0.78) | 2.80 | 0.24 |
Total from Investment Operations | 1.66 | 1.21 | (0.74) | 2.84 | 0.35 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.04) | (0.14) | (0.01) | (0.11) | (0.05) |
Distributions (from capital gains) | (0.32) | (0.06) | (3.13) | (1.36) | (0.29) |
Total Dividends and Distributions | (0.36) | (0.20) | (3.14) | (1.47) | (0.34) |
Net Asset Value, End of Period | $11.16 | $9.86 | $8.85 | $12.73 | $11.36 |
Total Return* | 17.32% | 13.96% | (9.69)% | 26.29% | 3.02% |
Net Assets, End of Period (in thousands) | $23,899 | $22,700 | $22,961 | $28,736 | $26,404 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.07% | 1.09% | 1.05% | 1.05% | 1.05% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.01% | 1.03% | 1.04% | 1.04% | 1.05% |
Ratio of Net Investment Income/(Loss) | 0.57% | 1.72% | 0.32% | 0.30% | 0.97% |
Portfolio Turnover Rate | 250% | 313% | 152% | 190% | 102% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 15
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Financial Highlights
Financial Highlights
Class T Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $9.68 | $8.69 | $12.56 | $11.22 | $11.21 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.08 | 0.18 | 0.06 | 0.07 | 0.14 |
Net realized and unrealized gain/(loss) | 1.57 | 1.04 | (0.75) | 2.77 | 0.24 |
Total from Investment Operations | 1.65 | 1.22 | (0.69) | 2.84 | 0.38 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.05) | (0.17) | (0.05) | (0.14) | (0.08) |
Distributions (from capital gains) | (0.32) | (0.06) | (3.13) | (1.36) | (0.29) |
Total Dividends and Distributions | (0.37) | (0.23) | (3.18) | (1.50) | (0.37) |
Net Asset Value, End of Period | $10.96 | $9.68 | $8.69 | $12.56 | $11.22 |
Total Return* | 17.60% | 14.32% | (9.49)% | 26.70% | 3.32% |
Net Assets, End of Period (in thousands) | $109,894 | $119,032 | $129,070 | $186,208 | $207,700 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.81% | 0.82% | 0.79% | 0.79% | 0.79% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.75% | 0.77% | 0.78% | 0.78% | 0.79% |
Ratio of Net Investment Income/(Loss) | 0.85% | 2.01% | 0.57% | 0.58% | 1.23% |
Portfolio Turnover Rate | 250% | 313% | 152% | 190% | 102% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
16 | June 30, 2024
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Notes to Financial Statements
Notes to Financial Statements
1.
Organization and Significant Accounting Policies
Janus Henderson Adaptive Risk Managed U.S. Equity Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 36 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
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Notes to Financial Statements
Notes to Financial Statements
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
Investment Valuation
Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.
Valuation Inputs Summary
FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:
Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.
Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
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Notes to Financial Statements
Notes to Financial Statements
Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.
Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2024 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations
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Notes to Financial Statements
Notes to Financial Statements
arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.
Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.
Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2.
Other Investments and Strategies
Market Risk
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be
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Notes to Financial Statements
Notes to Financial Statements
significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
Counterparties
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value.
The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.
Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.
The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned
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Notes to Financial Statements
Notes to Financial Statements
securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).
Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations.
There were no securities on loan as of June 30, 2024.
3.
Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.50% of its average daily net assets.
The Advisor had contractually agreed to waive 0.05% of its advisory fee for a period of two years commencing on June 10, 2022. Effective June 10, 2024, the waiver was discontinued. In addition, the Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.59% for at least a one-year period commencing on October 27, 2023. The previous expense limit (for the one-year period commencing October 28, 2022) was 0.65%. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $435,029 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion — $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
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Notes to Financial Statements
Notes to Financial Statements
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended June 30, 2024, the Distributor retained upfront sales charges of $324.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended June 30, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended June 30, 2024, redeeming shareholders of Class C Shares paid CDSCs of $200.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus
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Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Notes to Financial Statements
Notes to Financial Statements
Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of June 30, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended June 30, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
As of June 30, 2024, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:
Class | % of Class Owned | % of Fund Owned |
Class A Shares | - % | - % |
Class C Shares | - | - |
Class D Shares | - | - |
Class I Shares | - | - |
Class N Shares | 71 | 4 |
Class S Shares | - | - |
Class T Shares | - | - |
4.
Federal Income Tax
The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.
Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
Undistributed Ordinary Income | Undistributed Long-Term Gains | Accumulated Capital Losses | Loss Deferrals | Other Book to Tax Differences | Net Tax Appreciation/ (Depreciation) |
$12,169,861 | $7,332,752 | $- | $- | $(16,417) | $115,727,127 |
24 | June 30, 2024
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Notes to Financial Statements
Notes to Financial Statements
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$498,574,561 | $117,019,149 | $(1,292,022) | $115,727,127 |
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.
For the year ended June 30, 2024 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$3,197,243 | $19,000,207 | $- | $- |
For the year ended June 30, 2023 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$11,723,797 | $4,141,767 | $- | $- |
Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $1,785,789, including $671,461 of long-term capital gain, for distributions in connection with Fund shares redemption (tax equalization).
Janus Investment Fund | 25
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Notes to Financial Statements
Notes to Financial Statements
5.
Capital Share Transactions
Year ended June 30, 2024 | Year ended June 30, 2023 | |||
Shares | Amount | Shares | Amount | |
Class A Shares: | ||||
Shares sold | 514,818 | $5,145,183 | 265,528 | $2,451,013 |
Reinvested dividends and distributions | 51,737 | 501,334 | 33,776 | 300,944 |
Shares repurchased | (532,786) | (5,323,550) | (695,367) | (6,318,846) |
Net Increase/(Decrease) | 33,769 | $322,967 | (396,063) | $(3,566,889) |
Class C Shares: | ||||
Shares sold | 25,976 | $254,149 | 60,126 | $538,189 |
Reinvested dividends and distributions | 36,232 | 333,337 | 27,908 | 237,218 |
Shares repurchased | (627,500) | (6,010,073) | (554,950) | (4,886,783) |
Net Increase/(Decrease) | (565,292) | $(5,422,587) | (466,916) | $(4,111,376) |
Class D Shares: | ||||
Shares sold | 830,980 | $8,306,209 | 824,885 | $7,459,993 |
Reinvested dividends and distributions | 1,226,149 | 11,599,372 | 927,842 | 8,072,230 |
Shares repurchased | (4,379,956) | (43,319,534) | (3,494,548) | (31,643,891) |
Net Increase/(Decrease) | (2,322,827) | $(23,413,953) | (1,741,821) | $(16,111,668) |
Class I Shares: | ||||
Shares sold | 409,579 | $4,074,308 | 467,337 | $4,304,801 |
Reinvested dividends and distributions | 216,804 | 2,098,667 | 199,608 | 1,776,511 |
Shares repurchased | (2,742,691) | (27,510,782) | (4,958,114) | (44,795,800) |
Net Increase/(Decrease) | (2,116,308) | $(21,337,807) | (4,291,169) | $(38,714,488) |
Class N Shares: | ||||
Shares sold | 478,474 | $4,796,700 | 256,915 | $2,347,154 |
Reinvested dividends and distributions | 168,464 | 1,618,940 | 132,810 | 1,172,709 |
Shares repurchased | (2,098,695) | (22,586,150) | (720,991) | (6,674,406) |
Net Increase/(Decrease) | (1,451,757) | $(16,170,510) | (331,266) | $(3,154,543) |
Class S Shares: | ||||
Shares sold | 90,358 | $904,363 | 82,009 | $759,953 |
Reinvested dividends and distributions | 80,120 | 773,161 | 54,123 | 481,151 |
Shares repurchased | (330,550) | (3,331,315) | (429,005) | (3,996,960) |
Net Increase/(Decrease) | (160,072) | $(1,653,791) | (292,873) | $(2,755,856) |
Class T Shares: | ||||
Shares sold | 824,230 | $8,133,064 | 658,330 | $5,960,211 |
Reinvested dividends and distributions | 424,938 | 4,019,914 | 340,436 | 2,965,201 |
Shares repurchased | (3,518,457) | (34,670,063) | (3,551,793) | (32,198,920) |
Net Increase/(Decrease) | (2,269,289) | $(22,517,085) | (2,553,027) | $(23,273,508) |
6.
Purchases and Sales of Investment Securities
For the year ended June 30, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
Purchases of Securities | Proceeds from Sales of Securities | Purchases of Long- Term U.S. Government Obligations | Proceeds from Sales of Long-Term U.S. Government Obligations |
$1,508,123,039 | $1,613,097,469 | $- | $- |
7.
Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to June 30, 2024 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
26 | June 30, 2024
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Report of Independent Registered Public Accounting Firm
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Adaptive Risk Managed U.S. Equity Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of June 30, 2024, the related statement of operations for the year ended June 30, 2024, the statement of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2024 and the financial highlights for each of the five years in the period ended June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.
Denver, Colorado
August 22, 2024
August 22, 2024
We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.
Janus Investment Fund | 27
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Designation Requirements (unaudited)
Designation Requirements (unaudited)
For federal income tax purposes, the Fund designated the following for the year ended June 30, 2024:
Capital Gain Distributions | $19,671,668 |
Dividends Received Deduction Percentage | 76% |
Qualified Dividend Income Percentage | 64% |
28 | June 30, 2024
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Additional Information (unaudited)
Additional Information (unaudited)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees’ fees and expenses.
Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus
Janus Investment Fund | 29
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Additional Information (unaudited)
Additional Information (unaudited)
Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
30 | June 30, 2024
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Additional Information (unaudited)
Additional Information (unaudited)
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 31
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
32 | June 30, 2024
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Additional Information (unaudited)
Additional Information (unaudited)
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 33
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees
34 | June 30, 2024
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Additional Information (unaudited)
Additional Information (unaudited)
noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
Janus Investment Fund | 35
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Additional Information (unaudited)
Additional Information (unaudited)
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
36 | June 30, 2024
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Additional Information (unaudited)
Additional Information (unaudited)
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Janus Investment Fund | 37
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Additional Information (unaudited)
Additional Information (unaudited)
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
38 | June 30, 2024
Janus Henderson Adaptive Risk Managed U.S. Equity Fund
Additional Information (unaudited)
Additional Information (unaudited)
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
Janus Investment Fund | 39
This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
Mutual funds distributed by Janus Henderson Distributors US LLC
125-02-93016 08-24
ANNUAL FINANCIAL STATEMENTS
June 30, 2024
June 30, 2024
Janus Henderson Developed World Bond Fund
Janus Investment Fund
Janus Henderson Developed World Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – 0.6% | |||
Tesco Property Finance 3 PLC, 5.7440%, 4/13/40 (cost $7,823,159) | 4,704,591 | GBP | $5,921,200 |
Corporate Bonds – 54.9% | |||
Banking – 10.6% | |||
Cooperatieve Rabobank UA, 3.7500%, 7/21/26 | $4,022,000 | 3,871,596 | |
Cooperatieve Rabobank UA, EURIBOR 3 Month + 0.5200%, 0.3750%, 12/1/27‡ | 3,900,000 | EUR | 3,861,408 |
Cooperatieve Rabobank UA/Australia, 4.2500%, 5/12/26 | 2,000,000 | AUD | 1,314,096 |
Deutsche Bank AG, EURIBOR 3 Month + 1.5000%, 4.1250%, 4/4/30‡ | 8,400,000 | EUR | 8,942,769 |
Deutsche Bank AG / New York, 5.4140%, 5/10/29 | 3,640,000 | 3,634,565 | |
ING Groep NV, EURIBOR 3 Month + 0.7000%, 0.3750%, 9/29/28‡ | 3,700,000 | EUR | 3,563,395 |
JPMorgan Chase & Co, SOFR + 1.3200%, 4.0800%, 4/26/26‡ | 3,710,000 | 3,660,683 | |
Lloyds Banking Group PLC, US Treasury Yield Curve Rate 1 Year + 1.7500%, 4.7160%, 8/11/26‡ | 4,720,000 | 4,665,716 | |
Lloyds Banking Group PLC, 4.2500%, 11/22/27 | 2,190,000 | AUD | 1,397,258 |
Lloyds Banking Group PLC, UK Govt Bonds 5 Year Note Generic Bid Yield + 3.1000%, 6.6250%, 6/2/33‡ | 2,268,000 | GBP | 2,901,280 |
Lloyds Banking Group PLC, UK Govt Bonds 5 Year Note Generic Bid Yield + 2.4000%, 2.7070%, 12/3/35‡ | 8,508,000 | GBP | 8,749,368 |
Morgan Stanley, SOFR + 1.7300%, 5.1230%, 2/1/29‡ | 1,564,000 | 1,557,817 | |
Morgan Stanley, SONIA Interest Rate Benchmark + 2.2520%, 5.7890%, 11/18/33‡ | 4,700,000 | 6,111,544 | |
Nationwide Building Society, 4.0000%, 9/14/26ž | 2,803,000 | 2,693,531 | |
Nationwide Building Society, ICE SWAP Rate GBP SONIA 1 Year + 2.2130%, 6.1780%, 12/7/27‡ | 4,920,000 | GBP | 6,312,201 |
Nationwide Building Society, 10.2500%‡,μ | 8,500 | GBP | 1,401,984 |
Natwest Group PLC, 6.6250%, 6/22/26 | 3,584,000 | GBP | 4,646,480 |
Natwest Group PLC, US Treasury Yield Curve Rate 1 Year + 2.8500%, 7.4720%, 11/10/26‡ | 11,405,000 | 11,654,974 | |
Natwest Group PLC, US Treasury Yield Curve Rate 1 Year + 1.3500%, 5.8470%, 3/2/27‡ | 2,650,000 | 2,656,194 | |
Santander UK Group Holdings PLC, SOFR + 2.7490%, 6.8330%, 11/21/26‡ | 11,438,000 | 11,590,577 | |
Santander UK Group Holdings PLC, GBP SWAP 1YR + 2.8660%, 7.0980%, 11/16/27‡ | 2,682,000 | GBP | 3,487,007 |
UBS Group AG, US Treasury Yield Curve Rate 1 Year + 1.6000%, 4.4900%, 8/5/25ž,‡ | 9,375,000 | 9,360,228 | |
UBS Group AG, EURIBOR ICE SWAP Rate + 1.7500%, 4.1250%, 6/9/33‡ | 2,790,000 | EUR | 3,013,844 |
UBS Group AG, 5.9590%, 1/12/34ž | 3,370,000 | 3,420,703 | |
UBS Group AG, US Treasury Yield Curve Rate 5 Year + 4.7450%, 9.2500%ž,‡,μ | 1,268,000 | 1,364,245 | |
115,833,463 | |||
Brokerage – 1.1% | |||
Intercontinental Exchange Inc, 1.8500%, 9/15/32 | 7,797,000 | 6,043,711 | |
LSEGA Financing PLC, 1.3750%, 4/6/26ž | 2,500,000 | 2,331,929 | |
Nasdaq Inc, 5.3500%, 6/28/28 | 1,240,000 | 1,251,259 | |
Nasdaq Inc, 4.5000%, 2/15/32 | 1,100,000 | EUR | 1,231,104 |
Nasdaq Inc, 5.5500%, 2/15/34 | 854,000 | 855,157 | |
11,713,160 | |||
Capital Goods – 0.4% | |||
TransDigm Inc, 6.3750%, 3/1/29ž | 4,600,000 | 4,623,198 | |
Communications – 6.1% | |||
American Tower Corp, 3.6000%, 1/15/28 | 7,580,000 | 7,152,483 | |
Crown Castle International Corp, 3.6500%, 9/1/27 | 1,883,000 | 1,789,423 | |
Crown Castle International Corp, 3.8000%, 2/15/28 | 1,990,000 | 1,885,381 | |
Crown Castle International Corp, 2.2500%, 1/15/31 | 4,508,000 | 3,707,438 | |
Deutsche Telekom International Finance BV, 1.5000%, 4/3/28 | 2,800,000 | EUR | 2,818,985 |
Netflix Inc, 5.8750%, 11/15/28 | 8,155,000 | 8,402,248 | |
Netflix Inc, 3.8750%, 11/15/29 | 1,320,000 | EUR | 1,431,233 |
Netflix Inc, 3.6250%, 6/15/30 | 2,680,000 | EUR | 2,861,445 |
Netflix Inc, 4.8750%, 6/15/30ž | 962,000 | 946,873 | |
Orange SA, 1.0000%, 5/12/25 | 4,100,000 | EUR | 4,292,210 |
Orange SA, 1.3750%, 1/16/30 | 5,500,000 | EUR | 5,297,853 |
T-Mobile USA Inc, 2.2500%, 2/15/26 | 7,500,000 | 7,121,898 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 1
Janus Henderson Developed World Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Corporate Bonds – (continued) | |||
Communications – (continued) | |||
T-Mobile USA Inc, 4.7500%, 2/1/28 | $933,000 | $918,755 | |
T-Mobile USA Inc, 2.6250%, 2/15/29 | 1,794,000 | 1,606,838 | |
T-Mobile USA Inc, 3.8750%, 4/15/30 | 9,017,000 | 8,429,332 | |
Verizon Communications Inc, 4.5000%, 8/17/27 | 5,970,000 | AUD | 3,892,696 |
Verizon Communications Inc, 2.3500%, 3/23/28 | 3,420,000 | AUD | 2,051,975 |
Virgin Media Secured Finance PLC, 4.1250%, 8/15/30ž | 2,500,000 | GBP | 2,622,599 |
67,229,665 | |||
Consumer Cyclical – 7.9% | |||
Booking Holdings Inc, 4.0000%, 11/15/26 | 10,358,000 | EUR | 11,238,831 |
Booking Holdings Inc, 3.5500%, 3/15/28 | 1,116,000 | 1,061,175 | |
Booking Holdings Inc, 3.5000%, 3/1/29 | 2,280,000 | EUR | 2,445,507 |
Compass Group PLC, 2.0000%, 7/3/29 | 5,100,000 | GBP | 5,708,210 |
Experian Finance PLC, 4.2500%, 2/1/29ž | 6,600,000 | 6,350,179 | |
Experian Finance PLC, 2.7500%, 3/8/30ž | 7,341,000 | 6,493,133 | |
Experian Finance PLC, 3.2500%, 4/7/32 | 830,000 | GBP | 940,595 |
Levi Strauss & Co, 3.5000%, 3/1/31ž | 8,000,000 | 6,920,565 | |
Service Corp International/US, 4.6250%, 12/15/27 | 6,882,000 | 6,658,517 | |
Service Corp International/US, 5.1250%, 6/1/29 | 1,325,000 | 1,287,462 | |
Service Corp International/US, 3.3750%, 8/15/30 | 10,354,000 | 9,011,044 | |
Service Corp International/US, 4.0000%, 5/15/31 | 6,752,000 | 6,013,168 | |
Sodexo SA, 1.7500%, 6/26/28 | 6,400,000 | GBP | 7,167,903 |
Verisure Holding AB, 5.5000%, 5/15/30ž | 4,500,000 | EUR | 4,895,039 |
Walmart Inc, 4.8750%, 9/21/29 | 8,500,000 | EUR | 9,838,003 |
86,029,331 | |||
Consumer Non-Cyclical – 15.4% | |||
Abbott Ireland Financing DAC, 1.5000%, 9/27/26 | 2,650,000 | EUR | 2,727,513 |
AbbVie Inc, 4.8000%, 3/15/27 | 5,150,000 | 5,126,891 | |
AbbVie Inc, 4.8000%, 3/15/29 | 2,610,000 | 2,599,912 | |
Amgen Inc, 5.2500%, 3/2/30 | 1,754,000 | 1,766,867 | |
Amgen Inc, 5.2500%, 3/2/33 | 5,041,000 | 5,026,309 | |
Anheuser-Busch InBev SA/NV, 3.4500%, 9/22/31 | 2,150,000 | EUR | 2,296,510 |
Anheuser-Busch InBev Worldwide Inc, 4.1000%, 9/6/27 | 2,840,000 | AUD | 1,846,053 |
Anheuser-Busch InBev Worldwide Inc, 3.5000%, 6/1/30 | 3,680,000 | 3,418,788 | |
AstraZeneca Finance LLC, 4.8000%, 2/26/27 | 3,768,000 | 3,746,282 | |
AstraZeneca Finance LLC, 4.8500%, 2/26/29 | 1,664,000 | 1,660,667 | |
Avantor Funding Inc, 3.8750%, 7/15/28 | 2,365,000 | EUR | 2,465,969 |
Avantor Funding Inc, 3.8750%, 7/15/28ž | 4,590,000 | EUR | 4,785,960 |
Bacardi Ltd, 4.4500%, 5/15/25ž | 3,873,000 | 3,826,610 | |
Bacardi Ltd, 4.7000%, 5/15/28ž | 4,806,000 | 4,672,890 | |
Bristol-Myers Squibb Co, 4.9000%, 2/22/27 | 2,532,000 | 2,524,730 | |
Coca-Cola Co, 2.1250%, 9/6/29 | 5,330,000 | 4,692,313 | |
Coty Inc, 4.5000%, 5/15/27ž | 1,240,000 | EUR | 1,337,752 |
Diageo Capital PLC, 1.3750%, 9/29/25 | 5,000,000 | 4,759,508 | |
Diageo Capital PLC, 2.0000%, 4/29/30 | 1,709,000 | 1,456,707 | |
Diageo Finance PLC, 1.7500%, 10/12/26 | 6,600,000 | GBP | 7,807,119 |
Elanco Animal Health Inc, 6.6500%, 8/28/28 | 1,640,000 | 1,662,417 | |
GE HealthCare Technologies Inc, 5.6000%, 11/15/25 | 2,600,000 | 2,600,872 | |
HCA Inc, 5.2500%, 6/15/26 | 1,585,000 | 1,577,919 | |
HCA Inc, 4.1250%, 6/15/29 | 4,675,000 | 4,426,799 | |
HCA Inc, 3.6250%, 3/15/32 | 2,847,000 | 2,507,817 | |
Heineken NV, 3.5000%, 1/29/28ž | 2,320,000 | 2,210,942 | |
IQVIA Inc, 5.0000%, 5/15/27ž | 5,207,000 | 5,080,492 | |
Keurig Dr Pepper Inc, 5.1000%, 3/15/27# | 2,800,000 | 2,800,763 | |
Keurig Dr Pepper Inc, 3.2000%, 5/1/30 | 929,000 | 837,300 | |
Kimberly-Clark Corp, 3.1000%, 3/26/30 | 1,737,000 | 1,588,609 | |
Lonza Finance International NV, 3.8750%, 4/24/36 | 1,810,000 | EUR | 1,910,978 |
Medline Borrower LP / Medline Co-Issuer Inc, 6.2500%, 4/1/29ž | 2,610,000 | 2,639,540 | |
Molson Coors Beverage Co, 3.8000%, 6/15/32 | 3,180,000 | EUR | 3,418,728 |
Nestle Finance International Ltd, 1.5000%, 4/1/30 | 10,000,000 | EUR | 9,794,262 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
2 | June 30, 2024
Janus Henderson Developed World Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Corporate Bonds – (continued) | |||
Consumer Non-Cyclical – (continued) | |||
Novartis Finance SA, 0%, 9/23/28 | 10,000,000 | EUR | $9,384,503 |
Novo Nordisk Finance Netherlands BV, 0.7500%, 3/31/25 | 7,786,000 | EUR | 8,158,109 |
PepsiCo Inc, 2.6250%, 7/29/29 | $2,695,000 | 2,437,080 | |
PepsiCo Inc, 1.1250%, 3/18/31 | 5,000,000 | EUR | 4,673,202 |
Smith & Nephew PLC, 5.1500%, 3/20/27 | 1,458,000 | 1,453,142 | |
Solventum Corp, 5.4500%, 2/25/27ž | 4,498,000 | 4,493,612 | |
Solventum Corp, 5.4000%, 3/1/29ž | 4,060,000 | 4,047,611 | |
Tesco Corporate Treasury Services, 0.3750%, 7/27/29 | 3,000,000 | EUR | 2,741,736 |
Tesco Corporate Treasury Services, 2.7500%, 4/27/30 | 3,200,000 | GBP | 3,589,098 |
Tesco Corporate Treasury Services, 5.1250%, 5/22/34 | 1,740,000 | GBP | 2,125,257 |
Tesco PLC, 6.1500%, 11/15/37ž | 2,001,000 | 2,004,537 | |
Unilever PLC, 1.5000%, 7/22/26 | 2,350,000 | GBP | 2,784,209 |
Zoetis Inc, 5.4000%, 11/14/25 | 3,466,000 | 3,463,427 | |
Zoetis Inc, 3.9000%, 8/20/28 | 2,450,000 | 2,338,781 | |
Zoetis Inc, 2.0000%, 5/15/30 | 4,547,000 | 3,829,742 | |
169,126,834 | |||
Government Guarantee – 1.7% | |||
Electricite de France SA, 5.5000%, 1/25/35 | 1,900,000 | GBP | 2,310,600 |
Kreditanstalt fuer Wiederaufbau, 3.2000%, 9/11/26 | 11,843,000 | AUD | 7,671,646 |
Kreditanstalt fuer Wiederaufbau, 3.2000%, 3/15/28 | 13,660,000 | AUD | 8,688,785 |
18,671,031 | |||
Insurance – 2.7% | |||
Anthem Inc, 2.2500%, 5/15/30 | 2,905,000 | 2,489,111 | |
Aon North America Inc, 5.1250%, 3/1/27 | 2,405,000 | 2,400,822 | |
Aon North America Inc, 5.1500%, 3/1/29# | 1,108,000 | 1,104,910 | |
Aviva PLC, UK Govt Bonds 5 Year Note Generic Bid Yield + 4.7000%, 4.0000%, 6/3/55‡ | 2,320,000 | GBP | 2,381,706 |
Berkshire Hathaway Inc, 0%, 3/12/25 | 4,430,000 | EUR | 4,623,617 |
BUPA Finance PLC, 4.1250%, 6/14/35 | 1,826,000 | GBP | 1,881,851 |
BUPA Finance PLC, UK Govt Bonds 5 Year Note Generic Bid Yield + 3.1700%, 4.0000%‡,μ | 4,705,000 | GBP | 4,311,331 |
Centene Corp, 3.0000%, 10/15/30 | 3,876,000 | 3,314,247 | |
Centene Corp, 2.6250%, 8/1/31 | 7,558,000 | 6,206,763 | |
Scottish Widows Ltd, 7.0000%, 6/16/43 | 612,000 | GBP | 817,461 |
29,531,819 | |||
Technology – 9.0% | |||
Apple Inc, 2.5130%, 8/19/24 | 5,080,000 | CAD | 3,702,506 |
ASML Holding NV, 1.3750%, 7/7/26 | 5,846,000 | EUR | 6,031,900 |
Atlassian Corp, 5.2500%, 5/15/29 | 1,683,000 | 1,683,074 | |
Atlassian Corp, 5.5000%, 5/15/34 | 2,446,000 | 2,423,610 | |
CrowdStrike Holdings Inc, 3.0000%, 2/15/29 | 5,781,000 | 5,212,415 | |
DELL International LLC / EMC Corp, 6.0200%, 6/15/26 | 745,000 | 752,795 | |
Fiserv Inc, 5.4500%, 3/2/28 | 2,556,000 | 2,578,904 | |
Fiserv Inc, 1.6250%, 7/1/30 | 1,770,000 | EUR | 1,680,276 |
Gartner Inc, 3.7500%, 10/1/30ž | 4,237,000 | 3,799,909 | |
Microsoft Corp, 2.5250%, 6/1/50 | 25,197,000 | 15,926,407 | |
MSCI Inc, 4.0000%, 11/15/29ž | 2,026,000 | 1,892,965 | |
MSCI Inc, 3.6250%, 9/1/30ž,# | 2,483,000 | 2,229,247 | |
NVIDIA Corp, 3.2000%, 9/16/26 | 1,627,000 | 1,572,830 | |
Oracle Corp, 2.6500%, 7/15/26 | 3,467,000 | 3,285,721 | |
Oracle Corp, 2.9500%, 4/1/30 | 6,440,000 | 5,727,393 | |
Oracle Corp, 4.9000%, 2/6/33 | 2,473,000 | 2,398,891 | |
RELX Finance BV, 3.3750%, 3/20/33 | 1,830,000 | EUR | 1,922,480 |
Sage Group PLC/The, 2.8750%, 2/8/34 | 6,875,000 | GBP | 7,065,862 |
Salesforce.com Inc, 3.7000%, 4/11/28 | 2,252,000 | 2,170,874 | |
Salesforce.com Inc, 1.9500%, 7/15/31 | 6,764,000 | 5,550,619 | |
SAP SE, 1.7500%, 2/22/27 | 1,127,000 | EUR | 1,175,812 |
VMware Inc, 1.4000%, 8/15/26 | 2,245,000 | 2,067,146 | |
VMware Inc, 3.9000%, 8/21/27 | 4,698,000 | 4,507,505 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 3
Janus Henderson Developed World Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Corporate Bonds – (continued) | |||
Technology – (continued) | |||
VMware Inc, 4.7000%, 5/15/30 | $7,315,000 | $7,076,615 | |
Workday Inc, 3.8000%, 4/1/32 | 7,100,000 | 6,379,598 | |
98,815,354 | |||
Total Corporate Bonds (cost $641,856,429) | 601,573,855 | ||
Foreign Government Bonds – 26.7% | |||
Australia Government Bond, 3.2500%, 4/21/29 | 39,267,000 | AUD | 25,246,181 |
Australia Government Bond, 2.7500%, 5/21/41 | 46,294,000 | AUD | 24,263,410 |
Australia Government Bond, 1.7500%, 6/21/51 | 12,500,000 | AUD | 4,612,275 |
Canadian Government Bond, 1.5000%, 6/1/31 | 25,399,000 | CAD | 16,314,109 |
Canadian Government Bond, 3.0000%, 6/1/34 | 27,750,000 | CAD | 19,436,361 |
European Union, 3.0000%, 12/4/34 | 10,912,978 | EUR | 11,520,654 |
Federal Republic of Germany Bond, 2.2000%, 2/15/34 | 11,300,000 | EUR | 11,812,849 |
Federal Republic of Germany Bond, 0%, 8/15/50 | 13,555,087 | EUR | 7,344,027 |
Federal Republic of Germany Bond, 1.8000%, 8/15/53 | 7,292,122 | EUR | 6,444,940 |
Japan Government Five Year Bond, 0.0050%, 6/20/27 | 2,500,000,000 | JPY | 15,365,823 |
Kingdom of Sweden Government Bond, 1.0000%, 11/12/26 | 140,100,000 | SEK | 12,799,964 |
Kingdom of Sweden Government Bond, 0.7500%, 11/12/29 | 64,165,000 | SEK | 5,664,539 |
Kingdom of Sweden Government Bond, 0.1250%, 5/12/31 | 277,085,000 | SEK | 22,806,048 |
Kingdom of the Netherlands Government Bond, 0.7500%, 7/15/28ž | 24,244,519 | EUR | 24,058,534 |
Kingdom of the Netherlands Government Bond, 0.5000%, 7/15/32ž | 22,642,116 | EUR | 20,359,357 |
New Zealand Government Bond, 3.0000%, 4/20/29 | 20,000,000 | NZD | 11,379,581 |
New Zealand Government Bond, 1.5000%, 5/15/31 | 33,000,000 | NZD | 16,487,642 |
New Zealand Government Bond, 3.5000%, 4/14/33 | 15,961,000 | NZD | 8,919,951 |
United Kingdom Gilt, 3.2500%, 1/31/33 | 12,600,000 | GBP | 14,924,343 |
United Kingdom Gilt, 4.5000%, 9/7/34 | 9,935,481 | GBP | 12,854,029 |
Total Foreign Government Bonds (cost $326,776,454) | 292,614,617 | ||
Mortgage-Backed Securities – 9.0% | |||
Fannie Mae Pool: | |||
3.5000%, 5/1/49 | 5,951,119 | 5,330,546 | |
3.0000%, 9/1/50 | 8,091,899 | 6,903,485 | |
3.5000%, 2/1/51 | 1,724,579 | 1,544,743 | |
3.0000%, 1/1/52 | 2,181,414 | 1,882,577 | |
3.0000%, 4/1/52 | 20,722,157 | 17,813,991 | |
3.0000%, 6/1/52 | 9,590,878 | 8,221,205 | |
3.0000%, 7/1/52 | 7,520,784 | 6,451,769 | |
3.5000%, 8/1/52 | 3,444,815 | 3,087,063 | |
3.5000%, 9/1/52 | 6,934,518 | 6,209,733 | |
3.5000%, 9/1/52 | 2,150,929 | 1,920,805 | |
4.5000%, 9/1/52 | 2,061,060 | 1,968,131 | |
5.0000%, 10/1/53 | 2,558,403 | 2,485,693 | |
5.0000%, 3/1/54 | 1,688,019 | 1,641,112 | |
65,460,853 | |||
Freddie Mac Pool: | |||
3.0000%, 11/1/51 | 9,578,807 | 8,246,102 | |
3.0000%, 5/1/52 | 10,378,148 | 8,936,106 | |
3.0000%, 5/1/52 | 3,733,897 | 3,224,127 | |
3.0000%, 6/1/52 | 1,446,602 | 1,239,862 | |
4.0000%, 8/1/52 | 1,862,943 | 1,728,441 | |
5.0000%, 4/1/54 | 8,448,768 | 8,214,330 | |
5.0000%, 4/1/54 | 1,917,763 | 1,858,290 | |
33,447,258 | |||
Total Mortgage-Backed Securities (cost $103,739,879) | 98,908,111 | ||
United States Treasury Notes/Bonds – 3.8% | |||
4.6250%, 4/30/29 | 18,615,900 | 18,829,692 | |
3.2500%, 6/30/29 | 11,943,200 | 11,346,506 | |
4.0000%, 2/15/34 | 11,626,600 | 11,285,069 | |
Total United States Treasury Notes/Bonds (cost $41,121,505) | 41,461,267 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
4 | June 30, 2024
Janus Henderson Developed World Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Investment Companies – 3.3% | |||
Money Markets – 3.3% | |||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº,£ (cost $36,078,390) | 36,071,176 | $36,078,390 | |
Investments Purchased with Cash Collateral from Securities Lending – 0% | |||
Investment Companies – 0% | |||
Janus Henderson Cash Collateral Fund LLC, 5.2795%ºº,£ | 98,874 | 98,874 | |
Time Deposits – 0% | |||
Royal Bank of Canada, 5.3100%, 7/1/24 | $24,719 | 24,719 | |
Total Investments Purchased with Cash Collateral from Securities Lending (cost $123,593) | 123,593 | ||
Total Investments (total cost $1,157,519,409) – 98.3% | 1,076,681,033 | ||
Cash, Receivables and Other Assets, net of Liabilities – 1.7% | 18,311,099 | ||
Net Assets – 100% | $1,094,992,132 | ||
Summary of Investments by Country - (Long Positions) (unaudited) | ||
Country | Value | % of Investment Securities |
United States | $508,610,083 | 47.2 % |
United Kingdom | 172,811,740 | 16.1 |
Netherlands | 65,271,228 | 6.1 |
Germany | 58,534,378 | 5.4 |
Australia | 54,121,866 | 5.0 |
Sweden | 46,165,590 | 4.3 |
New Zealand | 36,787,174 | 3.4 |
Canada | 35,750,470 | 3.3 |
Switzerland | 28,454,501 | 2.6 |
France | 19,068,566 | 1.8 |
Japan | 15,365,823 | 1.4 |
Supranational | 11,520,654 | 1.1 |
Bermuda | 8,499,500 | 0.8 |
Denmark | 8,158,109 | 0.8 |
Belgium | 7,561,351 | 0.7 |
Total | $1,076,681,033 | 100.0 % |
Schedule of Affiliated Investments - (% of Net Assets) | ||||||||
Affiliate | Affiliated Investments, at Value at 6/30/23 | Purchases | Sales Proceeds | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Affiliated Investments, at Value at 6/30/24 | Ending Shares | Dividend Income |
Investment Companies - 3.3% | ||||||||
Money Markets - 3.3% | ||||||||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº | ||||||||
$74,365,513 | $755,943,099 | $(794,230,166) | $1,003 | $(1,059) | $36,078,390 | 36,071,176 | $1,652,632 | |
Investments Purchased with Cash Collateral from Securities Lending - 0% | ||||||||
Investment Companies - 0% | ||||||||
Janus Henderson Cash Collateral Fund LLC, 5.2795%ºº | ||||||||
2,763,468 | 22,475,716 | (25,140,310) | - | - | 98,874 | 98,874 | 16,857 ∆ | |
Total Affiliated Investments - 3.3% | ||||||||
$77,128,981 | $778,418,815 | $(819,370,476) | $1,003 | $(1,059) | $36,177,264 | 36,170,050 | $1,669,489 | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 5
Janus Henderson Developed World Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Schedule of Forward Foreign Currency Exchange Contracts | ||||
Counterparty/ Foreign Currency | Settlement Date | Foreign Currency Amount (Sold)/ Purchased | USD Currency Amount (Sold)/ Purchased | Market Value and Unrealized Appreciation/ (Depreciation) |
BNP Paribas: | ||||
Australian Dollar | 7/31/24 | 62,538,236 | $(41,016,410) | $727,510 |
Australian Dollar | 7/31/24 | 1,791,666 | (1,197,716) | (1,789) |
Australian Dollar | 7/31/24 | (66,979,382) | 43,448,615 | (1,259,745) |
Australian Dollar | 8/28/24 | 6,564,074 | (4,363,183) | 21,578 |
Australian Dollar | 8/28/24 | 5,450,555 | (3,654,075) | (13,139) |
Australian Dollar | 8/28/24 | (85,295,123) | 56,618,122 | (358,487) |
Australian Dollar | 9/25/24 | 9,040,863 | (6,024,743) | 17,887 |
Australian Dollar | 9/25/24 | (57,392,961) | 38,380,291 | 20,629 |
Australian Dollar | 9/25/24 | (1,392,112) | 927,965 | (2,479) |
British Pound | 7/31/24 | 38,305,227 | (47,975,868) | 447,075 |
British Pound | 7/31/24 | 1,367,820 | (1,737,741) | (8,634) |
British Pound | 7/31/24 | (9,140,066) | 11,597,646 | 43,375 |
British Pound | 7/31/24 | (38,137,865) | 47,597,083 | (614,293) |
British Pound | 8/28/24 | 22,675,797 | (28,878,530) | (205,839) |
British Pound | 8/28/24 | (71,594,170) | 91,194,763 | 666,636 |
British Pound | 9/25/24 | 779,081 | (984,141) | 1,146 |
British Pound | 9/25/24 | 610,203 | (773,959) | (2,249) |
British Pound | 9/25/24 | (43,568,324) | 55,388,994 | 289,034 |
Canadian Dollar | 7/31/24 | 3,332,366 | (2,445,102) | (7,103) |
Canadian Dollar | 7/31/24 | 1,486,177 | (1,084,409) | 2,895 |
Canadian Dollar | 7/31/24 | (2,130,912) | 1,561,342 | 2,341 |
Canadian Dollar | 7/31/24 | (12,972,062) | 9,448,162 | (42,356) |
Canadian Dollar | 8/28/24 | 6,314,152 | (4,611,138) | 11,570 |
Canadian Dollar | 8/28/24 | 1,200,600 | (882,312) | (3,330) |
Canadian Dollar | 8/28/24 | (5,820,264) | 4,263,826 | 2,703 |
Canadian Dollar | 8/28/24 | (16,082,910) | 11,765,777 | (8,820) |
Canadian Dollar | 9/25/24 | 30,160 | (22,086) | 8 |
Canadian Dollar | 9/25/24 | (155,440) | 114,019 | 145 |
Canadian Dollar | 9/25/24 | (33,811,006) | 24,713,392 | (55,981) |
Euro | 7/31/24 | 46,297,686 | (50,002,451) | (350,013) |
Euro | 7/31/24 | 8,673,419 | (9,300,683) | 1,215 |
Euro | 7/31/24 | (119,636,076) | 128,700,519 | 395,563 |
Euro | 7/31/24 | (5,573,832) | 5,972,124 | (5,589) |
Euro | 8/28/24 | 17,683,499 | (19,206,530) | (214,682) |
Euro | 8/28/24 | (79,923,090) | 86,917,967 | 1,081,610 |
Euro | 8/28/24 | (3,115,930) | 3,344,858 | (1,611) |
Euro | 9/25/24 | (70,330,440) | 75,757,863 | 134,991 |
Euro | 9/25/24 | 34,914 | (37,446) | 95 |
Euro | 9/25/24 | 32,248 | (34,730) | (56) |
Euro | 9/25/24 | (81,433) | 87,366 | (195) |
Japanese Yen | 7/31/24 | (833,315,753) | 5,483,633 | 277,305 |
Japanese Yen | 8/28/24 | (833,315,753) | 5,389,959 | 160,090 |
Japanese Yen | 9/25/24 | (833,315,753) | 5,339,123 | 89,915 |
New Zealand Dollar | 7/31/24 | 42,980,663 | (25,944,472) | 226,216 |
New Zealand Dollar | 7/31/24 | 362,815 | (221,986) | (1,071) |
New Zealand Dollar | 7/31/24 | (59,390,992) | 35,218,649 | (944,198) |
New Zealand Dollar | 8/28/24 | (42,222,637) | 25,856,487 | 147,501 |
New Zealand Dollar | 9/25/24 | (2,362,507) | 1,448,349 | 9,892 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6 | June 30, 2024
Janus Henderson Developed World Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Counterparty/ Foreign Currency | Settlement Date | Foreign Currency Amount (Sold)/ Purchased | USD Currency Amount (Sold)/ Purchased | Market Value and Unrealized Appreciation/ (Depreciation) |
Swedish Krona | 7/31/24 | 427,806 | $(39,689) | $759 |
Swedish Krona | 7/31/24 | (275,998,573) | 25,424,427 | (670,597) |
Swedish Krona | 8/28/24 | (140,755,235) | 13,192,525 | (137,214) |
Swedish Krona | 9/25/24 | 134,519,911 | (12,879,688) | (123,280) |
Swedish Krona | 9/25/24 | (140,755,235) | 13,529,359 | 181,662 |
Swiss Franc | 7/31/24 | 23,194,957 | (25,789,568) | 134,701 |
Swiss Franc | 7/31/24 | 1,211,047 | (1,364,943) | (11,394) |
Swiss Franc | 7/31/24 | (24,406,004) | 27,153,670 | (124,148) |
Swiss Franc | 8/28/24 | 22,877,516 | (25,940,521) | (275,386) |
Swiss Franc | 8/28/24 | (22,074,885) | 24,953,270 | 188,566 |
Swiss Franc | 8/28/24 | 76,375 | (84,785) | 896 |
Swiss Franc | 8/28/24 | (879,006) | 971,171 | (14,941) |
Total | $(173,110) | |||
Schedule of Futures | ||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/(Depreciation) |
Futures Long: | ||||
10-Year Australian Bond | 1,463 | 9/16/24 | $110,806,015 | $56,473 |
10-Year Canadian Bond | 1,160 | 9/27/24 | 101,821,186 | 817,184 |
5 Year US Treasury Note | 1,979 | 10/3/24 | 210,918,109 | (472,939) |
Euro-Bund | 269 | 9/10/24 | 37,912,558 | 638,557 |
Long Gilt | 895 | 9/30/24 | 110,370,513 | 481,625 |
Total | $1,520,900 | |||
The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of June 30, 2024.
Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2024 | |||
Currency Contracts | Interest Rate Contracts | Total | |
Asset Derivatives: | |||
Forward foreign currency exchange contracts | $5,285,509 | $- | $5,285,509 |
*Futures contracts | 1,993,839 | $1,993,839 | |
Total Asset Derivatives | $5,285,509 | $1,993,839 | $7,279,348 |
Liability Derivatives: | |||
Forward foreign currency exchange contracts | $5,458,619 | $- | $5,458,619 |
*Futures contracts | 472,939 | $472,939 | |
Total Liability Derivatives | $5,458,619 | $472,939 | $5,931,558 |
* | The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 7
Janus Henderson Developed World Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended June 30, 2024.
The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended June 30, 2024 | ||||
Amount of Realized Gain/(Loss) Recognized on Derivatives | ||||
Derivative | Credit Contracts | Currency Contracts | Interest Rate Contracts | Total |
Futures contracts | $- | $- | $(42,685,382) | $(42,685,382) |
Forward foreign currency exchange contracts | - | 20,389,838 | - | $20,389,838 |
Swap contracts | (1,725,087) | - | - | $(1,725,087) |
Total | $(1,725,087) | $20,389,838 | $(42,685,382) | $(24,020,631) |
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives | ||||
Derivative | Credit Contracts | Currency Contracts | Interest Rate Contracts | Total |
Futures contracts | $- | $- | $15,931,085 | $15,931,085 |
Forward foreign currency exchange contracts | - | (570,192) | - | $(570,192) |
Swap contracts | 1,763,794 | - | - | $1,763,794 |
Total | $1,763,794 | $(570,192) | $15,931,085 | $17,124,687 |
Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund’s Statement of Operations.
Average Ending Monthly Value of Derivative Instruments During the Year Ended June 30, 2024 | |
Credit default swaps: | |
Average notional amount - buy protection | $24,400,000 |
Forward foreign currency exchange contracts: | |
Average amounts purchased - in USD | 130,771,834 |
Average amounts sold - in USD | 919,644,262 |
Futures contracts: | |
Average notional amount of contracts - long | 784,516,963 |
Offsetting of Financial Assets and Derivative Assets | ||||
Counterparty | Gross Amounts of Recognized Assets | Offsetting Asset or Liability(a) | Collateral Pledged(b) | Net Amount |
BNP Paribas | $5,285,509 | $(5,285,509) | $— | $— |
JPMorgan Chase Bank, National Association | 119,128 | — | (119,128) | — |
Total | $5,404,637 | $(5,285,509) | $(119,128) | $— |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8 | June 30, 2024
Janus Henderson Developed World Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Offsetting of Financial Liabilities and Derivative Liabilities | ||||
Counterparty | Gross Amounts of Recognized Liabilities | Offsetting Asset or Liability | Collateral Pledged | Net Amount |
BNP Paribas | $5,458,619 | $(5,285,509) | $— | $173,110 |
(a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
(b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 9
Janus Henderson Developed World Bond Fund
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
EURIBOR | Euro Interbank Offered Rate |
ICE | Intercontinental Exchange |
LLC | Limited Liability Company |
LP | Limited Partnership |
PLC | Public Limited Company |
SOFR | Secured Overnight Financing Rate |
SONIA | Sterling Overnight Interbank Average Rate |
ž | Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the year ended June 30, 2024 is $139,462,180, which represents 12.7% of net assets. |
‡ | Variable or floating rate security. Rate shown is the current rate as of June 30, 2024. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description. |
ºº | Rate shown is the 7-day yield as of June 30, 2024. |
# | Loaned security; a portion of the security is on loan at June 30, 2024. |
μ | Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date. |
£ | The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. |
∆ | Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
10 | June 30, 2024
Janus Henderson Developed World Bond Fund
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2024. See Notes to Financial Statements for more information.
Valuation Inputs Summary | |||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | |
Assets | |||
Investments In Securities: | |||
Asset-Backed/Commercial Mortgage-Backed Securities | $- | $5,921,200 | $- |
Corporate Bonds | - | 601,573,855 | - |
Foreign Government Bonds | - | 292,614,617 | - |
Mortgage-Backed Securities | - | 98,908,111 | - |
United States Treasury Notes/Bonds | - | 41,461,267 | - |
Investment Companies | - | 36,078,390 | - |
Investments Purchased with Cash Collateral from Securities Lending | - | 123,593 | - |
Total Investments in Securities | $- | $1,076,681,033 | $- |
Other Financial Instruments(a): | |||
Forward Foreign Currency Exchange Contracts | - | 5,285,509 | - |
Futures Contracts | 1,993,839 | - | - |
Total Assets | $1,993,839 | $1,081,966,542 | $- |
Liabilities | |||
Other Financial Instruments(a): | |||
Forward Foreign Currency Exchange Contracts | $- | $5,458,619 | $- |
Futures Contracts | 472,939 | - | - |
Total Liabilities | $472,939 | $5,458,619 | $- |
(a) | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |
Janus Investment Fund | 11
Janus Henderson Developed World Bond Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Assets: | |
Unaffiliated investments, at value (cost $1,121,342,145)(1) | $1,040,503,769 |
Affiliated investments, at value (cost $36,177,264) | 36,177,264 |
Deposits with brokers for futures | 12,392,214 |
Forward foreign currency exchange contracts | 5,285,509 |
Cash denominated in foreign currency (cost $1,321,425) | 1,321,425 |
Variation margin receivable on futures contracts | 885,998 |
Trustees' deferred compensation | 30,140 |
Receivables: | |
Interest | 9,323,587 |
Fund shares sold | 816,402 |
Investments sold | 653,460 |
Foreign tax reclaims | 168,981 |
Dividends from affiliates | 116,046 |
Other assets | 103,374 |
Total Assets | 1,107,778,169 |
Liabilities: | |
Collateral for securities loaned (Note 3) | 123,593 |
Forward foreign currency exchange contracts | 5,458,619 |
Variation margin payable on futures contracts | 1,086,730 |
Payables: | |
Fund shares repurchased | 3,289,329 |
Investments purchased | 1,808,810 |
Advisory fees | 334,172 |
Transfer agent fees and expenses | 197,892 |
Dividends | 156,709 |
Professional fees | 83,051 |
Trustees' deferred compensation fees | 30,140 |
12b-1 Distribution and shareholder servicing fees | 17,927 |
Custodian fees | 17,380 |
Trustees' fees and expenses | 7,410 |
Affiliated fund administration fees payable | 2,355 |
Accrued expenses and other payables | 171,920 |
Total Liabilities | 12,786,037 |
Commitments and contingent liabilities (Note 4) | |
Net Assets | $1,094,992,132 |
See footnotes at the end of the Statement.
See Notes to Financial Statements.
12 | June 30, 2024
Janus Henderson Developed World Bond Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Net Assets Consist of: | |
Capital (par value and paid-in surplus) | $1,633,358,035 |
Total distributable earnings (loss) | (538,365,903) |
Total Net Assets | $1,094,992,132 |
Net Assets - Class A Shares | $43,893,397 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 5,793,135 |
Net Asset Value Per Share(2) | $7.58 |
Maximum Offering Price Per Share(3) | $7.96 |
Net Assets - Class C Shares | $10,531,631 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1,400,674 |
Net Asset Value Per Share(2) | $7.52 |
Net Assets - Class D Shares | $29,135,204 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3,848,592 |
Net Asset Value Per Share | $7.57 |
Net Assets - Class I Shares | $822,179,009 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 108,978,398 |
Net Asset Value Per Share | $7.54 |
Net Assets - Class N Shares | $167,126,806 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 22,146,794 |
Net Asset Value Per Share | $7.55 |
Net Assets - Class S Shares | $183,820 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 24,294 |
Net Asset Value Per Share | $7.57 |
Net Assets - Class T Shares | $21,942,265 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2,900,518 |
Net Asset Value Per Share | $7.56 |
(1) | Includes $119,128 of securities on loan. See Note 3 in Notes to Financial Statements. |
(2) | Redemption price per share may be reduced for any applicable contingent deferred sales charge. |
(3) | Maximum offering price is computed at 100/95.25 of net asset value. |
See Notes to Financial Statements.
Janus Investment Fund | 13
Janus Henderson Developed World Bond Fund
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Investment Income: | |
Interest | $41,991,437 |
Dividends from affiliates | 1,652,632 |
Affiliated securities lending income, net | 16,857 |
Unaffiliated securities lending income, net | 4,159 |
Other income | 835,091 |
Foreign tax withheld | (123,663) |
Total Investment Income | 44,376,513 |
Expenses: | |
Advisory fees | 7,234,301 |
12b-1 Distribution and shareholder servicing fees: | |
Class A Shares | 117,127 |
Class C Shares | 126,241 |
Class S Shares | 704 |
Transfer agent administrative fees and expenses: | |
Class D Shares | 30,200 |
Class S Shares | 729 |
Class T Shares | 72,914 |
Transfer agent networking and omnibus fees: | |
Class A Shares | 99,473 |
Class C Shares | 11,803 |
Class I Shares | 1,358,410 |
Other transfer agent fees and expenses: | |
Class A Shares | 2,991 |
Class C Shares | 652 |
Class D Shares | 5,475 |
Class I Shares | 56,742 |
Class N Shares | 7,939 |
Class S Shares | 25 |
Class T Shares | 2,929 |
Registration fees | 163,756 |
Shareholder reports expense | 158,406 |
Professional fees | 100,702 |
Custodian fees | 99,909 |
Affiliated fund administration fees | 33,692 |
Trustees' fees and expenses | 28,259 |
Other expenses | 250,437 |
Total Expenses | 9,963,816 |
Less: Excess Expense Reimbursement and Waivers | (1,794,572) |
Net Expenses | 8,169,244 |
Net Investment Income/(Loss) | 36,207,269 |
See Notes to Financial Statements.
14 | June 30, 2024
Janus Henderson Developed World Bond Fund
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Net Realized Gain/(Loss) on Investments: | |
Investments and foreign currency transactions | $(52,215,072) |
Investments in affiliates | 1,003 |
Forward foreign currency exchange contracts | 20,389,838 |
Futures contracts | (42,685,382) |
Swap contracts | (1,725,087) |
Total Net Realized Gain/(Loss) on Investments | (76,234,700) |
Change in Unrealized Net Appreciation/Depreciation: | |
Investments, foreign currency translations and Trustees' deferred compensation | 61,829,810 |
Investments in affiliates | (1,059) |
Forward foreign currency exchange contracts | (570,192) |
Futures contracts | 15,931,085 |
Swap contracts | 1,763,794 |
Total Change in Unrealized Net Appreciation/Depreciation | 78,953,438 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $38,926,007 |
See Notes to Financial Statements.
Janus Investment Fund | 15
Janus Henderson Developed World Bond Fund
Statements of Changes in Net Assets
Statements of Changes in Net Assets
Year ended June 30, 2024 | Year ended June 30, 2023 | |
Operations: | ||
Net investment income/(loss) | $36,207,269 | $37,200,008 |
Net realized gain/(loss) on investments | (76,234,700) | (273,606,662) |
Change in unrealized net appreciation/depreciation | 78,953,438 | 147,973,329 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 38,926,007 | (88,433,325) |
Dividends and Distributions to Shareholders: | ||
Class A Shares | — | (5,830,159) |
Class C Shares | — | (1,613,123) |
Class D Shares | — | (2,333,968) |
Class I Shares | — | (126,880,529) |
Class N Shares | — | (10,020,418) |
Class S Shares | — | (42,120) |
Class T Shares | — | (4,513,172) |
Total Dividends and Distributions to Shareholders | — | (151,233,489) |
Return of Capital on Dividends and Distributions: | ||
Class A Shares | (1,275,732) | — |
Class C Shares | (233,021) | — |
Class D Shares | (722,357) | — |
Class I Shares | (29,223,966) | — |
Class N Shares | (4,406,806) | — |
Class S Shares | (6,223) | — |
Class T Shares | (714,336) | — |
Total Return of Capital on Dividends and Distributions | (36,582,441) | — |
Net Decrease from Dividends and Distributions to Shareholders | (36,582,441) | (151,233,489) |
Capital Share Transactions: | ||
Class A Shares | (18,864,651) | (10,105,427) |
Class C Shares | (6,537,898) | (7,083,837) |
Class D Shares | 2,876,419 | (35,365) |
Class I Shares | (443,501,866) | (428,407,048) |
Class N Shares | 42,200,371 | 13,180,626 |
Class S Shares | (279,838) | (50,447) |
Class T Shares | (14,956,733) | (30,673,057) |
Net Increase/(Decrease) from Capital Share Transactions | (439,064,196) | (463,174,555) |
Net Increase/(Decrease) in Net Assets | (436,720,630) | (702,841,369) |
Net Assets: | ||
Beginning of period | 1,531,712,762 | 2,234,554,131 |
End of period | $1,094,992,132 | $1,531,712,762 |
See Notes to Financial Statements.
16 | June 30, 2024
Janus Henderson Developed World Bond Fund
Financial Highlights
Financial Highlights
Class A Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $7.55 | $8.60 | $9.93 | $9.94 | $9.69 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.19 | 0.15 | 0.12 | 0.17 | 0.14 |
Net realized and unrealized gain/(loss) | 0.03 | (0.51) | (1.33) | 0.26 | 0.44 |
Total from Investment Operations | 0.22 | (0.36) | (1.21) | 0.43 | 0.58 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | — | (0.69) | (0.12) | (0.44) | (0.30) |
Distributions (from capital gains) | — | — | — | — | (0.03) |
Return of capital | (0.19) | — | — | — | — |
Total Dividends and Distributions | (0.19) | (0.69) | (0.12) | (0.44) | (0.33) |
Net Asset Value, End of Period | $7.58 | $7.55 | $8.60 | $9.93 | $9.94 |
Total Return* | 2.98% | (4.20)% | (12.28)% | 4.30% | 6.07% |
Net Assets, End of Period (in thousands) | $43,893 | $62,774 | $81,662 | $116,629 | $59,079 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.02% | 1.00% | 0.93% | 0.92% | 0.94% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.80% | 0.80% | 0.83% | 0.83% | 0.90% |
Ratio of Net Investment Income/(Loss) | 2.46% | 1.90% | 1.25% | 1.69% | 1.45% |
Portfolio Turnover Rate | 29% | 60% | 86% | 37% | 88% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 17
Janus Henderson Developed World Bond Fund
Financial Highlights
Financial Highlights
Class C Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $7.49 | $8.54 | $9.85 | $9.87 | $9.63 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.13 | 0.09 | 0.05 | 0.10 | 0.07 |
Net realized and unrealized gain/(loss) | 0.04 | (0.51) | (1.31) | 0.24 | 0.43 |
Total from Investment Operations | 0.17 | (0.42) | (1.26) | 0.34 | 0.50 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | — | (0.63) | (0.05) | (0.36) | (0.23) |
Distributions (from capital gains) | — | — | — | — | (0.03) |
Return of capital | (0.14) | — | — | — | — |
Total Dividends and Distributions | (0.14) | (0.63) | (0.05) | (0.36) | (0.26) |
Net Asset Value, End of Period | $7.52 | $7.49 | $8.54 | $9.85 | $9.87 |
Total Return* | 2.24% | (4.94)% | (12.83)% | 3.47% | 5.26% |
Net Assets, End of Period (in thousands) | $10,532 | $17,016 | $26,901 | $36,918 | $37,641 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.66% | 1.64% | 1.59% | 1.60% | 1.64% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.53% | 1.55% | 1.54% | 1.55% | 1.62% |
Ratio of Net Investment Income/(Loss) | 1.73% | 1.11% | 0.54% | 0.99% | 0.74% |
Portfolio Turnover Rate | 29% | 60% | 86% | 37% | 88% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
18 | June 30, 2024
Janus Henderson Developed World Bond Fund
Financial Highlights
Financial Highlights
Class D Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $7.54 | $8.60 | $9.92 | $9.93 | $9.69 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.20 | 0.16 | 0.13 | 0.19 | 0.16 |
Net realized and unrealized gain/(loss) | 0.03 | (0.52) | (1.31) | 0.25 | 0.43 |
Total from Investment Operations | 0.23 | (0.36) | (1.18) | 0.44 | 0.59 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | — | (0.70) | (0.14) | (0.45) | (0.32) |
Distributions (from capital gains) | — | — | — | — | (0.03) |
Return of capital | (0.20) | — | — | — | — |
Total Dividends and Distributions | (0.20) | (0.70) | (0.14) | (0.45) | (0.35) |
Net Asset Value, End of Period | $7.57 | $7.54 | $8.60 | $9.92 | $9.93 |
Total Return* | 3.11% | (4.21)% | (12.06)% | 4.43% | 6.17% |
Net Assets, End of Period (in thousands) | $29,135 | $26,217 | $29,812 | $39,211 | $30,219 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.78% | 0.75% | 0.69% | 0.70% | 0.75% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.69% | 0.69% | 0.68% | 0.69% | 0.73% |
Ratio of Net Investment Income/(Loss) | 2.61% | 2.03% | 1.40% | 1.86% | 1.65% |
Portfolio Turnover Rate | 29% | 60% | 86% | 37% | 88% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 19
Janus Henderson Developed World Bond Fund
Financial Highlights
Financial Highlights
Class I Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $7.52 | $8.57 | $9.89 | $9.91 | $9.66 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.20 | 0.17 | 0.14 | 0.19 | 0.17 |
Net realized and unrealized gain/(loss) | 0.03 | (0.51) | (1.31) | 0.25 | 0.43 |
Total from Investment Operations | 0.23 | (0.34) | (1.17) | 0.44 | 0.60 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | — | (0.71) | (0.15) | (0.46) | (0.32) |
Distributions (from capital gains) | — | — | — | — | (0.03) |
Return of capital | (0.21) | — | — | — | — |
Total Dividends and Distributions | (0.21) | (0.71) | (0.15) | (0.46) | (0.35) |
Net Asset Value, End of Period | $7.54 | $7.52 | $8.57 | $9.89 | $9.91 |
Total Return* | 3.10% | (3.98)% | (12.01)% | 4.46% | 6.36% |
Net Assets, End of Period (in thousands) | $822,179 | $1,263,864 | $1,894,294 | $2,151,534 | $1,348,740 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.72% | 0.69% | 0.64% | 0.65% | 0.68% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.58% | 0.58% | 0.58% | 0.58% | 0.65% |
Ratio of Net Investment Income/(Loss) | 2.69% | 2.07% | 1.52% | 1.94% | 1.71% |
Portfolio Turnover Rate | 29% | 60% | 86% | 37% | 88% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
20 | June 30, 2024
Janus Henderson Developed World Bond Fund
Financial Highlights
Financial Highlights
Class N Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $7.52 | $8.57 | $9.90 | $9.91 | $9.67 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.21 | 0.17 | 0.15 | 0.19 | 0.18 |
Net realized and unrealized gain/(loss) | 0.03 | (0.51) | (1.33) | 0.26 | 0.42 |
Total from Investment Operations | 0.24 | (0.34) | (1.18) | 0.45 | 0.60 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | — | (0.71) | (0.15) | (0.46) | (0.33) |
Distributions (from capital gains) | — | — | — | — | (0.03) |
Return of capital | (0.21) | — | — | — | — |
Total Dividends and Distributions | (0.21) | (0.71) | (0.15) | (0.46) | (0.36) |
Net Asset Value, End of Period | $7.55 | $7.52 | $8.57 | $9.90 | $9.91 |
Total Return* | 3.24% | (4.00)% | (12.06)% | 4.58% | 6.32% |
Net Assets, End of Period (in thousands) | $167,127 | $124,577 | $126,445 | $69,800 | $31,829 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.61% | 0.59% | 0.55% | 0.56% | 0.61% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.58% | 0.58% | 0.55% | 0.56% | 0.59% |
Ratio of Net Investment Income/(Loss) | 2.77% | 2.16% | 1.59% | 1.94% | 1.82% |
Portfolio Turnover Rate | 29% | 60% | 86% | 37% | 88% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 21
Janus Henderson Developed World Bond Fund
Financial Highlights
Financial Highlights
Class S Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $7.54 | $8.59 | $9.91 | $9.93 | $9.69 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.17 | 0.14 | 0.10 | 0.15 | 0.13 |
Net realized and unrealized gain/(loss) | 0.03 | (0.51) | (1.32) | 0.25 | 0.42 |
Total from Investment Operations | 0.20 | (0.37) | (1.22) | 0.40 | 0.55 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | — | (0.68) | (0.10) | (0.42) | (0.28) |
Distributions (from capital gains) | — | — | — | — | (0.03) |
Return of capital | (0.17) | — | — | — | — |
Total Dividends and Distributions | (0.17) | (0.68) | (0.10) | (0.42) | (0.31) |
Net Asset Value, End of Period | $7.57 | $7.54 | $8.59 | $9.91 | $9.93 |
Total Return* | 2.70% | (4.42)% | (12.38)% | 3.99% | 5.83% |
Net Assets, End of Period (in thousands) | $184 | $470 | $585 | $527 | $224 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 2.10% | 1.64% | 1.50% | 1.62% | 2.55% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.05% | 1.04% | 1.03% | 1.02% | 1.06% |
Ratio of Net Investment Income/(Loss) | 2.17% | 1.67% | 1.06% | 1.50% | 1.31% |
Portfolio Turnover Rate | 29% | 60% | 86% | 37% | 88% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
22 | June 30, 2024
Janus Henderson Developed World Bond Fund
Financial Highlights
Financial Highlights
Class T Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $7.54 | $8.59 | $9.91 | $9.93 | $9.68 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.18 | 0.15 | 0.13 | 0.17 | 0.15 |
Net realized and unrealized gain/(loss) | 0.03 | (0.51) | (1.32) | 0.25 | 0.44 |
Total from Investment Operations | 0.21 | (0.36) | (1.19) | 0.42 | 0.59 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | — | (0.69) | (0.13) | (0.44) | (0.31) |
Distributions (from capital gains) | — | — | — | — | (0.03) |
Return of capital | (0.19) | — | — | — | — |
Total Dividends and Distributions | (0.19) | (0.69) | (0.13) | (0.44) | (0.34) |
Net Asset Value, End of Period | $7.56 | $7.54 | $8.59 | $9.91 | $9.93 |
Total Return* | 2.84% | (4.22)% | (12.17)% | 4.23% | 6.17% |
Net Assets, End of Period (in thousands) | $21,942 | $36,795 | $74,856 | $118,467 | $100,323 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.86% | 0.83% | 0.78% | 0.81% | 0.84% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.81% | 0.82% | 0.77% | 0.79% | 0.83% |
Ratio of Net Investment Income/(Loss) | 2.44% | 1.81% | 1.31% | 1.74% | 1.52% |
Portfolio Turnover Rate | 29% | 60% | 86% | 37% | 88% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
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Janus Henderson Developed World Bond Fund
Notes to Financial Statements
Notes to Financial Statements
1.
Organization and Significant Accounting Policies
Janus Henderson Developed World Bond Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 36 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through current income and capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
24 | June 30, 2024
Janus Henderson Developed World Bond Fund
Notes to Financial Statements
Notes to Financial Statements
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
Investment Valuation
Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.
Valuation Inputs Summary
FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:
Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.
Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
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Janus Henderson Developed World Bond Fund
Notes to Financial Statements
Notes to Financial Statements
Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.
Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2024 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations
26 | June 30, 2024
Janus Henderson Developed World Bond Fund
Notes to Financial Statements
Notes to Financial Statements
arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.
Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.
Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
Dividends and Distributions
Dividends are declared and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2.
Derivative Instruments
The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended June 30, 2024 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.
The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.
Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.
Janus Investment Fund | 27
Janus Henderson Developed World Bond Fund
Notes to Financial Statements
Notes to Financial Statements
In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:
• Commodity Risk – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.
• Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.
• Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.
• Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.
• Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.
• Index Risk – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.
• Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.
• Leverage Risk – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.
• Liquidity Risk – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.
Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser’s needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.
In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser’s ability to establish and maintain appropriate systems and trading.
Forward Foreign Currency Exchange Contracts
A forward foreign currency exchange contract (“forward currency contract”) is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward
28 | June 30, 2024
Janus Henderson Developed World Bond Fund
Notes to Financial Statements
Notes to Financial Statements
currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.
Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).
During the year, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.
During the year, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.
Futures Contracts
A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.
Futures contracts are valued at the settlement price on valuation date on the exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or “ASET” price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used.
Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract.
Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund’s futures commission merchant.
With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.
During the year, the Fund purchased interest rate futures to increase exposure to interest rate risk.
Swaps
Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap
Janus Investment Fund | 29
Janus Henderson Developed World Bond Fund
Notes to Financial Statements
Notes to Financial Statements
defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return.
Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty (“CCP”). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant (“FCM”) that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the “Executing Dealer”) and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission (“CFTC”). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.
Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades.
The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund’s Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund’s Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the year is included in the Statement of Operations (if applicable).
The Fund’s maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty.
The Fund may enter into various types of credit default swap agreements, including OTC credit default swap agreements, for investment purposes, to add leverage to its Fund, or to hedge against widening credit spreads on high-yield/high-risk bonds. Credit default swaps are a specific kind of counterparty agreement that allow the transfer of third party credit risk from one party to the other. One party in the swap is a lender and faces credit risk from a third party, and the counterparty in the credit default swap agrees to insure this risk in exchange for regular periodic payments. Credit default swaps could result in losses if the Fund does not correctly evaluate the creditworthiness of the company or companies on which the credit default swap is based. Credit default swap agreements may involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to risks relating to the reference obligation, credit default swaps are subject to illiquidity risk, counterparty risk, and credit risk. The Fund will generally incur a greater degree of risk when it sells a credit default swap than when it purchases a credit default swap. As a buyer of a credit default swap, the Fund may lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event were to occur, the value of any deliverable obligation received by the Fund, coupled with the upfront or periodic payments previously received, may be less than what it pays to the buyer, resulting in a loss of value to the Fund.
As a buyer of credit protection, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default or other credit event by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, the Fund as buyer would pay to the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and potentially received no benefit from the contract.
If the Fund is the seller of credit protection against a particular security, the Fund would receive an up-front or periodic payment to compensate against potential credit events. As the seller in a credit default swap contract, the Fund would be required to pay the par value (the “notional value”) (or other agreed-upon value) of a referenced debt obligation to the
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Notes to Financial Statements
Notes to Financial Statements
counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments and would have no payment obligations. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional value of the swap. The maximum potential amount of future payments (undiscounted) that the Fund as a seller could be required to make in a credit default transaction would be the notional amount of the agreement.
The Fund may invest in single-name credit default swaps (“CDS”) to buy or sell credit protection to hedge its credit exposure, gain issuer exposure without owning the underlying security, or increase the Fund’s total return. Single-name CDS enable the Fund to buy or sell protection against a credit event of a specific issuer. When the Fund buys a single-name CDS, the Fund will receive a return on its investment only in the event of a credit event, such as default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). If a single-name CDS transaction is particularly large, or if the relevant market is illiquid, it may not be possible for the Fund to initiate a single-name CDS transaction or to liquidate its position at an advantageous time or price, which may result in significant losses. Moreover, the Fund bears the risk of loss of the amount expected to be received under a single-name CDS in the event of the default or bankruptcy of the counterparty. The risks associated with cleared single-name CDS may be lower than that for uncleared single-name CDS because for cleared single-name CDS, the counterparty is a clearinghouse (to the extent such a trading market is available). However, there can be no assurance that a clearinghouse or its members will satisfy their obligations to the Fund.
The Fund may invest in CDXs. A CDX is a swap on an index of credit default swaps. CDXs allow an investor to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or commercial mortgage-backed securities) in a more efficient manner than transacting in a single-name CDS. If a credit event occurs in one of the underlying companies, the protection is paid out via the delivery of the defaulted bond by the buyer of protection in return for a payment of notional value of the defaulted bond by the seller of protection or it may be settled through a cash settlement between the two parties. The underlying company is then removed from the index. If the Fund holds a long position in a CDX, the Fund would indirectly bear its proportionate share of any expenses paid by a CDX. A Fund holding a long position in CDXs typically receives income from principal or interest paid on the underlying securities. By investing in CDXs, the Fund could be exposed to illiquidity risk, counterparty risk, and credit risk of the issuers of the underlying loan obligations and of the CDX markets. If there is a default by the CDX counterparty, the Fund will have contractual remedies pursuant to the agreements related to the transaction. CDXs also bear the risk that the Fund will not be able to meet its obligation to the counterparty.
During the year, the Fund purchased protection via the credit default swap market in order to reduce credit risk exposure to individual corporates, countries and/or credit indices where reducing this exposure via the cash bond market was less attractive.
There were no credit default swaps held at June 30, 2024.
3.
Other Investments and Strategies
Market Risk
The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic
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Notes to Financial Statements
recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
Mortgage- and Asset-Backed Securities
Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer and commercial loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or other governmental or government-related entities. Ginnie Mae’s guarantees are backed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency (“FHFA”), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities’ mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA’s appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.
The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities’ issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund’s returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.
Sovereign Debt
The Fund may invest in U.S. and non-U.S. government debt securities (“sovereign debt”). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or
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Notes to Financial Statements
Notes to Financial Statements
willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund’s holdings. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.
Counterparties
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.
The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.
Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other
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Notes to Financial Statements
Notes to Financial Statements
affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.
The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).
Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of June 30, 2024, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $119,128. Gross amounts of recognized liabilities for securities lending (collateral received) as of June 30, 2024 is $123,593, resulting in the net amount due to the counterparty of $4,465.
Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.
The Offsetting Assets and Liabilities tables located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2024” table located in the Fund’s Schedule of Investments.
The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.
4.
Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund’s contractual investment advisory fee rate (expressed as an annual rate).
Average Daily Net Assets of the Fund | Contractual Investment Advisory Fee (%) |
First $1 Billion | 0.55 |
Next $500 Million | 0.50 |
Above $1.5 Billion | 0.45 |
The Fund’s actual investment advisory fee rate for the reporting period was 0.53% of average annual net assets before any applicable waivers.
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Notes to Financial Statements
The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, “HGIL”), pursuant to which HGIL and certain employees of HGIL serve as “associated persons” of the Adviser. In this capacity, such employees of HGIL are subject to the oversight and supervision of the Adviser and may provide portfolio management, research, and related services to the Fund on behalf of the Adviser.
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (but excluding out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.57%. The Adviser has agreed to continue the waivers for at least a one-year period commencing on October 27, 2023. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $435,029 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion — $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities
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Notes to Financial Statements
Notes to Financial Statements
Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 4.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended June 30, 2024, the Distributor retained upfront sales charges of $1,193.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended June 30, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended June 30, 2024, redeeming shareholders of Class C Shares paid CDSCs of $944.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of June 30, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2024.
36 | June 30, 2024
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Notes to Financial Statements
Notes to Financial Statements
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended June 30, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
As of June 30, 2024, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:
Class | % of Class Owned | % of Fund Owned |
Class A Shares | - % | - % |
Class C Shares | - | - |
Class D Shares | - | - |
Class I Shares | - | - |
Class N Shares | 39 | 6 |
Class S Shares | - | - |
Class T Shares | - | - |
5.
Federal Income Tax
The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.
Other book to tax differences primarily consist of deferred compensation, derivatives, and foreign currency contract adjustments. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
The Fund has elected to defer qualified late-year losses as noted in the table below. These losses will be deferred for tax purposes and recognized during the next fiscal year.
Undistributed Ordinary Income | Undistributed Long-Term Gains | Accumulated Capital Losses | Loss Deferrals | Other Book to Tax Differences | Net Tax Appreciation/ (Depreciation) |
$- | $- | $(425,903,569) | $(30,713,444) | $942,571 | $(82,691,461) |
Janus Investment Fund | 37
Janus Henderson Developed World Bond Fund
Notes to Financial Statements
Notes to Financial Statements
Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2024, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.
Capital Loss Carryover Schedule | ||
For the year ended June 30, 2024 | ||
No Expiration | ||
Short-Term | Long-Term | Accumulated Capital Losses |
$(229,391,799) | $(196,511,770) | $(425,903,569) |
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, straddle loss deferrals, and investments in partnerships.
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$1,159,372,494 | $5,444,462 | $(88,135,923) | $(82,691,461) |
Information on the tax components of derivatives as of June 30, 2024 is as follows:
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$474,133 | $873,657 | $- | $873,657 |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.
For the year ended June 30, 2024 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$- | $- | $36,582,441 | $25,998,702 |
For the year ended June 30, 2023 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$151,233,489 | $- | $- | $- |
38 | June 30, 2024
Janus Henderson Developed World Bond Fund
Notes to Financial Statements
Notes to Financial Statements
6.
Capital Share Transactions
Year ended June 30, 2024 | Year ended June 30, 2023 | |||
Shares | Amount | Shares | Amount | |
Class A Shares: | ||||
Shares sold | 1,040,379 | $7,835,548 | 1,825,554 | $14,740,687 |
Reinvested dividends and distributions | 145,712 | 1,099,241 | 652,142 | 5,051,901 |
Shares repurchased | (3,707,847) | (27,799,440) | (3,656,662) | (29,898,015) |
Net Increase/(Decrease) | (2,521,756) | $(18,864,651) | (1,178,966) | $(10,105,427) |
Class C Shares: | ||||
Shares sold | 286,424 | $2,143,791 | 215,007 | $1,727,806 |
Reinvested dividends and distributions | 29,610 | 221,872 | 195,316 | 1,497,608 |
Shares repurchased | (1,186,396) | (8,903,561) | (1,288,629) | (10,309,251) |
Net Increase/(Decrease) | (870,362) | $(6,537,898) | (878,306) | $(7,083,837) |
Class D Shares: | ||||
Shares sold | 1,743,845 | $13,191,171 | 477,478 | $3,798,154 |
Reinvested dividends and distributions | 92,387 | 697,459 | 286,006 | 2,216,282 |
Shares repurchased | (1,462,915) | (11,012,211) | (756,072) | (6,049,801) |
Net Increase/(Decrease) | 373,317 | $2,876,419 | 7,412 | $(35,365) |
Class I Shares: | ||||
Shares sold | 43,046,418 | $323,972,067 | 95,536,255 | $778,007,707 |
Reinvested dividends and distributions | 3,642,548 | 27,385,493 | 15,329,937 | 118,519,077 |
Shares repurchased | (105,813,392) | (794,859,426) | (163,752,700) | (1,324,933,832) |
Net Increase/(Decrease) | (59,124,426) | $(443,501,866) | (52,886,508) | $(428,407,048) |
Class N Shares: | ||||
Shares sold | 18,704,920 | $141,558,018 | 6,992,628 | $55,766,678 |
Reinvested dividends and distributions | 570,043 | 4,291,342 | 1,243,015 | 9,607,045 |
Shares repurchased | (13,690,769) | (103,648,989) | (6,420,382) | (52,193,097) |
Net Increase/(Decrease) | 5,584,194 | $42,200,371 | 1,815,261 | $13,180,626 |
Class S Shares: | ||||
Shares sold | 2,118 | $15,925 | 2,505 | $20,204 |
Reinvested dividends and distributions | 826 | 6,223 | 5,451 | 42,120 |
Shares repurchased | (40,964) | (301,986) | (13,706) | (112,771) |
Net Increase/(Decrease) | (38,020) | $(279,838) | (5,750) | $(50,447) |
Class T Shares: | ||||
Shares sold | 535,916 | $4,035,380 | 1,829,763 | $14,844,807 |
Reinvested dividends and distributions | 88,769 | 668,669 | 559,121 | 4,332,015 |
Shares repurchased | (2,605,196) | (19,660,782) | (6,221,943) | (49,849,879) |
Net Increase/(Decrease) | (1,980,511) | $(14,956,733) | (3,833,059) | $(30,673,057) |
7.
Purchases and Sales of Investment Securities
For the year ended June 30, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
Purchases of Securities | Proceeds from Sales of Securities | Purchases of Long- Term U.S. Government Obligations | Proceeds from Sales of Long-Term U.S. Government Obligations |
$295,137,658 | $749,387,894 | $80,673,596 | $39,793,454 |
8.
Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to June 30, 2024 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
Janus Investment Fund | 39
Janus Henderson Developed World Bond Fund
Report of Independent Registered Public Accounting Firm
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Developed World Bond Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Developed World Bond Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of June 30, 2024, the related statement of operations for the year ended June 30, 2024, the statement of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2024 and the financial highlights for each of the five years in the period ended June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Denver, Colorado
August 22, 2024
August 22, 2024
We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.
40 | June 30, 2024
Janus Henderson Developed World Bond Fund
Designation Requirements (unaudited)
Designation Requirements (unaudited)
For federal income tax purposes, the Fund designated the following for the year ended June 30, 2024:
Return of Capital Distributions | $36,582,441 |
Janus Investment Fund | 41
Janus Henderson Developed World Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees’ fees and expenses.
Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus
42 | June 30, 2024
Janus Henderson Developed World Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 43
Janus Henderson Developed World Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
44 | June 30, 2024
Janus Henderson Developed World Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
Janus Investment Fund | 45
Janus Henderson Developed World Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
46 | June 30, 2024
Janus Henderson Developed World Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees
Janus Investment Fund | 47
Janus Henderson Developed World Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
48 | June 30, 2024
Janus Henderson Developed World Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Janus Investment Fund | 49
Janus Henderson Developed World Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
50 | June 30, 2024
Janus Henderson Developed World Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
Janus Investment Fund | 51
Janus Henderson Developed World Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
52 | June 30, 2024
This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
Mutual funds distributed by Janus Henderson Distributors US LLC
125-02-93077 08-24
Janus Henderson Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – 30.4% | |||
208 Park Avenue Mortgage Trust 2017-280P, CME Term SOFR 1 Month + 1.1800%, 6.5070%, 9/15/34ž,‡ | $4,050,930 | $3,867,061 | |
A&D Mortgage Trust 2023-NQM2 A1, 6.1320%, 5/25/68ž,Ç | 4,417,648 | 4,385,226 | |
ACC Auto Trust 2022-A A, 4.5800%, 7/15/26ž | 168,929 | 168,743 | |
Aimco 2020-11A AR, CME Term SOFR 3 Month + 1.3916%, 6.7087%, 10/17/34ž,‡ | 1,763,000 | 1,764,469 | |
Angel Oak Mortgage Trust I LLC 2019-5, 2.5930%, 10/25/49ž,‡ | 336,297 | 325,854 | |
Angel Oak Mortgage Trust I LLC 2019-6, Refinitiv USD IBOR Consumer Cash Fallbacks 1 Year + 0.9500%, 2.6200%, 11/25/59ž,‡ | 328,842 | 316,703 | |
Angel Oak Mortgage Trust I LLC 2020-2, Refinitiv USD IBOR Consumer Cash Fallbacks 1 Year + 2.2000%, 2.5310%, 1/26/65ž,‡ | 1,180,341 | 1,075,972 | |
Angel Oak Mortgage Trust I LLC 2020-3, Refinitiv USD IBOR Consumer Cash Fallbacks 1 Year + 1.0000%, 2.4100%, 4/25/65ž,‡ | 864,104 | 791,961 | |
Angel Oak Mortgage Trust I LLC 2024-3 A1, 4.8000%, 11/26/68ž,Ç | 1,211,055 | 1,172,991 | |
Angel Oak Mortgage Trust I LLC 2024-5 A1, 4.9500%, 7/25/68ž,Ç | 6,803,396 | 6,603,384 | |
Angel Oak Mortgage Trust I LLC 2024-6 A1, 4.6500%, 11/25/67ž,Ç | 4,659,000 | 4,493,332 | |
Aqua Finance Trust 2021-A A, 1.5400%, 7/17/46ž | 1,371,303 | 1,234,477 | |
ARES CLO Ltd 2016-39A AR3, CME Term SOFR 3 Month + 1.4200%, 6.7498%, 7/20/37ž,‡ | 5,206,062 | 5,218,343 | |
ARES CLO Ltd 2021-60A A, CME Term SOFR 3 Month + 1.3816%, 6.7085%, 7/18/34ž,‡ | 1,486,000 | 1,488,446 | |
Arivo Acceptance Auto Loan Receivables 2022-1A A, 3.9300%, 5/15/28ž | 710,405 | 701,350 | |
Babson CLO Ltd 2018-3A A1, CME Term SOFR 3 Month + 1.2116%, 6.5362%, 7/20/29ž,‡ | 387,758 | 387,740 | |
Babson CLO Ltd 2019-3A A1R, CME Term SOFR 3 Month + 1.3316%, 6.6562%, 4/21/31ž,‡ | 6,351,000 | 6,356,360 | |
Ballyrock Ltd 2020-14A A1AR, CME Term SOFR 3 Month + 1.3800%, 0%, 7/20/37ž,‡ | 8,303,920 | 8,303,920 | |
Ballyrock Ltd 2020-14A A1BR, CME Term SOFR 3 Month + 1.5800%, 0%, 7/20/37ž,‡ | 1,159,727 | 1,159,727 | |
BAMLL Commercial Mortgage Securities Trust 2024-FRR2 E, 1.2731%, 7/27/50ž,‡ | 1,774,000 | 1,237,886 | |
BAMLL Commercial Mortgage Securities Trust 2024-FRR3 C, 0.6638%, 1/27/50ž,‡ | 2,013,267 | 1,692,552 | |
BAMLL Commercial Mortgage Securities Trust 2024-FRR3 D, 0.5906%, 1/27/50ž,‡ | 1,647,399 | 1,342,843 | |
BAMLL Commercial Mortgage Securities Trust 2024-FRR3 E, 0.5069%, 1/27/50ž,‡ | 2,396,255 | 1,900,316 | |
Barclays Commercial Mortgage Securities LLC 2015-SRCH, 4.1970%, 8/10/35ž | 9,721,000 | 8,991,716 | |
Benefit Street Partners CLO Ltd 2018-15A A1R, CME Term SOFR 3 Month + 1.3900%, 0%, 7/15/37ž,‡ | 5,023,000 | 5,023,000 | |
BPR Trust 2022-OANA A, CME Term SOFR 1 Month + 1.8980%, 7.2268%, 4/15/37ž,‡ | 7,374,000 | 7,376,560 | |
BPR Trust 2023-BRK2 A, 7.1465%, 10/5/38ž,‡ | 6,286,000 | 6,517,660 | |
Brean Asset Backed Securities Trust 2024-RM8 A1, 4.5000%, 5/25/64ž | 4,546,702 | 4,244,570 | |
BX Commercial Mortgage Trust 2019-MMP C, CME Term SOFR 1 Month + 1.4940%, 6.8230%, 8/15/36ž,‡ | 1,454,720 | 1,423,994 | |
BX Commercial Mortgage Trust 2019-OC11, 3.6050%, 12/9/41ž | 2,160,000 | 1,922,002 | |
BX Commercial Mortgage Trust 2019-OC11, 3.8560%, 12/9/41ž | 4,295,000 | 3,816,499 | |
BX Commercial Mortgage Trust 2020-VKNG A, CME Term SOFR 1 Month + 1.0445%, 6.3735%, 10/15/37ž,‡ | 1,012,642 | 1,006,946 | |
BX Commercial Mortgage Trust 2021-LBA AJV, CME Term SOFR 1 Month + 0.9145%, 6.2435%, 2/15/36ž,‡ | 5,348,000 | 5,283,338 | |
BX Commercial Mortgage Trust 2021-LBA AV, CME Term SOFR 1 Month + 0.9145%, 6.2435%, 2/15/36ž,‡ | 4,808,914 | 4,747,902 | |
BX Commercial Mortgage Trust 2021-VINO A, CME Term SOFR 1 Month + 0.7668%, 6.0958%, 5/15/38ž,‡ | 1,061,961 | 1,048,418 | |
BX Commercial Mortgage Trust 2021-VOLT B, CME Term SOFR 1 Month + 1.0645%, 6.3933%, 9/15/36ž,‡ | 6,188,000 | 6,097,470 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 1
Janus Henderson Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – (continued) | |||
BX Commercial Mortgage Trust 2021-VOLT D, CME Term SOFR 1 Month + 1.7645%, 7.0933%, 9/15/36ž,‡ | $6,499,000 | $6,417,137 | |
BX Commercial Mortgage Trust 2022-FOX2 A2, CME Term SOFR 1 Month + 0.7492%, 6.0780%, 4/15/39ž,‡ | 5,005,535 | 4,925,782 | |
BX Commercial Mortgage Trust 2023-VLT3 A, CME Term SOFR 1 Month + 1.9400%, 7.2688%, 11/15/28ž,‡ | 5,526,864 | 5,485,463 | |
BX Commercial Mortgage Trust 2023-VLT3 B, CME Term SOFR 1 Month + 2.6890%, 8.0178%, 11/15/28ž,‡ | 4,740,391 | 4,669,369 | |
BX Commercial Mortgage Trust 2024-VLT4 A, CME Term SOFR 1 Month + 1.4914%, 6.8114%, 7/16/29ž,‡ | 6,380,507 | 6,358,215 | |
CBAM CLO Management 2019-11RA A1, CME Term SOFR 3 Month + 1.4416%, 6.7662%, 1/22/35ž,‡ | 7,300,000 | 7,302,840 | |
CBAM CLO Management 2019-11RA B, CME Term SOFR 3 Month + 2.0116%, 7.3362%, 1/22/35ž,‡ | 2,775,193 | 2,777,816 | |
Cedar Funding Ltd 2019-11A A1R, CME Term SOFR 3 Month + 1.3116%, 6.6545%, 5/31/32ž,‡ | 5,305,000 | 5,306,602 | |
CENT Trust 2023-CITY A, CME Term SOFR 1 Month + 2.6200%, 7.9488%, 9/15/38ž,‡ | 6,425,000 | 6,453,156 | |
CF Hippolyta Issuer LLC 2021-1A A1, 1.5300%, 3/15/61ž | 7,105,112 | 6,500,285 | |
CF Hippolyta Issuer LLC 2021-1A B1, 1.9800%, 3/15/61ž | 2,608,695 | 2,331,673 | |
CF Hippolyta Issuer LLC 2022-1A A1, 5.9700%, 8/15/62ž | 5,421,195 | 5,345,940 | |
CF Hippolyta Issuer LLC 2022-1A A2, 6.1100%, 8/15/62ž | 15,903,775 | 15,542,574 | |
Chase Auto Credit Linked Notes 2021-2 B, 0.8890%, 12/26/28ž | 403,573 | 399,030 | |
Chase Mortgage Finance Corp 2021-CL1 M1, US 30 Day Average SOFR + 1.2000%, 6.5354%, 2/25/50ž,‡ | 2,865,000 | 2,764,388 | |
CIFC Funding Ltd 2014-5A A1R3, CME Term SOFR 3 Month + 1.3800%, 0%, 7/17/37ž,‡ | 9,129,000 | 9,129,000 | |
CIFC Funding Ltd 2021-4A A, CME Term SOFR 3 Month + 1.3116%, 6.6402%, 7/15/33ž,‡ | 5,567,595 | 5,574,181 | |
CIFC Funding Ltd 2021-7A B, CME Term SOFR 3 Month + 1.8616%, 7.1880%, 1/23/35ž,‡ | 2,232,376 | 2,234,599 | |
CIM Trust 2021-NR1 A1, 5.5690%, 7/25/55ž,Ç | 1,838,261 | 1,812,934 | |
CIM Trust 2021-NR4 A1, 2.8160%, 10/25/61ž,Ç | 1,084,021 | 1,054,395 | |
Cold Storage Trust 2020-ICE5 A, CME Term SOFR 1 Month + 1.0145%, 6.3415%, 11/15/37ž,‡ | 10,993,766 | 10,958,960 | |
Cold Storage Trust 2020-ICE5 B, CME Term SOFR 1 Month + 1.4145%, 6.7415%, 11/15/37ž,‡ | 4,888,412 | 4,869,211 | |
Cold Storage Trust 2020-ICE5 C, CME Term SOFR 1 Month + 1.7645%, 7.0915%, 11/15/37ž,‡ | 4,906,106 | 4,892,632 | |
COLT Funding LLC 2020-3, Refinitiv USD IBOR Consumer Cash Fallbacks 1 Year + 1.2000%, 1.5060%, 4/27/65ž,‡ | 259,937 | 246,772 | |
COMM Mortgage Trust 2024-WCL1 A, CME Term SOFR 1 Month + 1.8410%, 7.1410%, 6/17/41ž,‡ | 6,351,784 | 6,321,322 | |
Connecticut Avenue Securities Trust 2021-R02 2M2, US 30 Day Average SOFR + 2.0000%, 7.3354%, 11/25/41ž,‡ | 8,533,255 | 8,585,381 | |
Connecticut Avenue Securities Trust 2021-R03 1M1, US 30 Day Average SOFR + 0.8500%, 6.1854%, 12/25/41ž,‡ | 1,498,207 | 1,496,334 | |
Connecticut Avenue Securities Trust 2021-R03 1M2, US 30 Day Average SOFR + 1.6500%, 6.9854%, 12/25/41ž,‡ | 3,943,000 | 3,965,019 | |
Connecticut Avenue Securities Trust 2022-R01 1B1, US 30 Day Average SOFR + 3.1500%, 8.4854%, 12/25/41ž,‡ | 6,109,000 | 6,276,848 | |
Connecticut Avenue Securities Trust 2022-R03 1M1, US 30 Day Average SOFR + 2.1000%, 7.4354%, 3/25/42ž,‡ | 2,758,771 | 2,800,686 | |
Connecticut Avenue Securities Trust 2022-R05 2M1, US 30 Day Average SOFR + 1.9000%, 7.2354%, 4/25/42ž,‡ | 382,779 | 385,947 | |
Connecticut Avenue Securities Trust 2023-R03 2M1, US 30 Day Average SOFR + 2.5000%, 7.8354%, 4/27/43ž,‡ | 3,118,799 | 3,176,042 | |
Connecticut Avenue Securities Trust 2023-R06 1M1, US 30 Day Average SOFR + 1.7000%, 7.0354%, 7/27/43ž,‡ | 3,419,747 | 3,443,024 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
2 | June 30, 2024
Janus Henderson Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – (continued) | |||
Connecticut Avenue Securities Trust 2023-R07 2M1, US 30 Day Average SOFR + 1.9500%, 7.2850%, 9/25/43ž,‡ | $1,542,063 | $1,553,879 | |
Connecticut Avenue Securities Trust 2023-R08 1M1, US 30 Day Average SOFR + 1.5000%, 6.8354%, 10/26/43ž,‡ | 3,034,644 | 3,052,398 | |
Connecticut Avenue Securities Trust 2024-R01 1M1, US 30 Day Average SOFR + 1.0500%, 6.3854%, 1/25/44ž,‡ | 2,751,508 | 2,751,505 | |
Connecticut Avenue Securities Trust 2024-R03 2M1, US 30 Day Average SOFR + 1.1500%, 6.4850%, 3/25/44ž,‡ | 1,670,760 | 1,670,758 | |
Connecticut Avenue Securities Trust 2024-R04 1M1, US 30 Day Average SOFR + 1.1000%, 6.4237%, 5/25/44ž,‡ | 2,568,480 | 2,568,477 | |
CP EF Asset Securitization I LLC 2002-1A A, 5.9600%, 4/15/30ž | 888,412 | 887,098 | |
CPF IV LLC / CP EF Asset Securitization LLC 2023-1A A, 7.4800%, 3/15/32ž | 2,637,368 | 2,663,907 | |
CRB Securitization Trust 2023-1 A, 6.9600%, 10/20/33ž | 989,903 | 995,708 | |
CyrusOne Data Centers Issuer I LLC 2023-2A A2, 5.5600%, 11/20/48ž | 6,288,000 | 6,146,920 | |
CyrusOne Data Centers Issuer I LLC 2024-1A A2, 4.7600%, 3/22/49ž | 2,520,871 | 2,374,021 | |
CyrusOne Data Centers Issuer I LLC 2024-3A A2, 4.6500%, 5/20/49ž | 7,528,000 | 6,817,804 | |
DATA Mortgage Trust 2024-CTR2 A, 5.4756%, 5/10/46ž,‡ | 887,107 | 870,857 | |
DC Commercial Mortgage Trust 2023-DC A, 6.3143%, 9/12/40ž | 5,277,000 | 5,413,654 | |
DC Commercial Mortgage Trust 2023-DC B, 6.8043%, 9/12/40ž | 5,000,717 | 5,103,112 | |
Diamond Infrastructure Funding LLC 2021-1A A, 1.7600%, 4/15/49ž | 7,083,000 | 6,390,433 | |
Elmwood CLO VI Ltd 2020-3A ARR, CME Term SOFR 3 Month + 1.3800%, 0%, 7/20/37ž,‡ | 10,125,000 | 10,125,000 | |
Elmwood CLO VIII Ltd 2019-2A AR, CME Term SOFR 3 Month + 1.4116%, 6.7362%, 4/20/34ž,‡ | 2,239,000 | 2,242,934 | |
Exeter Automobile Receivables Trust 2021-1A D, 1.0800%, 11/16/26 | 2,295,957 | 2,241,327 | |
Fannie Mae REMICS, 3.0000%, 5/25/48 | 4,154,707 | 3,696,677 | |
Fannie Mae REMICS, 3.0000%, 11/25/49 | 5,435,073 | 4,756,078 | |
FIGRE Trust 2024-HE1 A, 6.1650%, 3/25/54ž,‡ | 3,057,388 | 3,049,620 | |
FIGRE Trust 2024-HE2 A, 6.3800%, 5/25/54ž,‡ | 2,647,687 | 2,655,601 | |
Flagstar Mortgage Trust 2021-13IN A2, 3.0000%, 12/30/51ž,‡ | 8,093,422 | 6,798,908 | |
Freddie Mac - SLST 2020-2 M1, 4.7500%, 9/25/60ž,‡ | 1,290,280 | 1,249,029 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA6 M1, US 30 Day Average SOFR + 0.8000%, 6.1354%, 10/25/41ž,‡ | 1,455,707 | 1,454,809 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA3 M2, US 30 Day Average SOFR + 2.1000%, 7.4354%, 9/25/41ž,‡ | 1,319,182 | 1,326,635 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA4 M2, US 30 Day Average SOFR + 2.3500%, 7.6854%, 12/25/41ž,‡ | 7,413,000 | 7,499,310 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA1 M1A, US 30 Day Average SOFR + 2.1000%, 7.4354%, 3/25/42ž,‡ | 5,687,416 | 5,738,574 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA2 M1A, US 30 Day Average SOFR + 2.1000%, 7.4350%, 4/27/43ž,‡ | 1,746,845 | 1,779,684 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA2 M1A, US 30 Day Average SOFR + 2.0000%, 7.3354%, 6/25/43ž,‡ | 406,097 | 408,783 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 M1, US 30 Day Average SOFR + 1.8500%, 7.1854%, 11/25/43ž,‡ | 2,797,749 | 2,835,271 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA2 M1, US 30 Day Average SOFR + 1.2000%, 6.5354%, 5/25/44ž,‡ | 3,678,854 | 3,685,006 | |
FREMF Mortgage Trust 2017-K729 D, 0%, 11/25/49ž,◊ | 2,852,700 | 2,727,902 | |
FREMF Mortgage Trust 2017-K729 X2A, 0.1000%, 11/25/49ž,¤ | 21,366,586 | 3,628 | |
FREMF Mortgage Trust 2017-K729 X2B, 0.1000%, 11/25/49ž,¤ | 7,178,264 | 2,019 | |
GCAT 2022-INV1 A1, 3.0000%, 12/25/51ž,‡ | 13,903,450 | 11,534,474 | |
GCAT 2023-INV1 A1, 6.0000%, 8/25/53ž,‡ | 6,441,936 | 6,396,010 | |
GCAT 2024-INV1 2A2, 6.5000%, 1/25/54ž,‡ | 6,488,266 | 6,515,529 | |
Gracie Point International Funding 2024-1A A, US 90 Day Average SOFR + 1.7000%, 7.0496%, 3/1/28ž,‡ | 1,985,000 | 1,992,782 | |
Great Wolf Trust 2024-WLF2 A, CME Term SOFR 1 Month + 1.6912%, 7.0201%, 5/15/41ž,‡ | 7,775,000 | 7,763,367 | |
Highbridge Loan Management Ltd 2021-16A B, CME Term SOFR 3 Month + 1.9616%, 7.2880%, 1/23/35ž,‡ | 2,113,425 | 2,113,425 | |
Homeward Opportunities Fund I Trust 2024-RTL1 A1, 7.1200%, 7/25/29ž | 6,504,000 | 6,502,000 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 3
Janus Henderson Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – (continued) | |||
Hudson's Bay Simon JV Trust 2015-HB10 A10, 4.1545%, 8/5/34ž | $1,475,000 | $1,392,874 | |
Hudson's Bay Simon JV Trust 2015-HB7 A7, 3.9141%, 8/5/34ž | 1,307,130 | 1,281,599 | |
Imerial Fund LLC 2023-NQM1 A1, 5.9410%, 2/25/68ž,Ç | 3,019,741 | 2,993,429 | |
JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE A, 3.2865%, 1/10/37ž | 6,185,000 | 6,076,989 | |
JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE B, 3.6401%, 1/10/37ž | 4,370,000 | 4,258,341 | |
LAD Auto Receivables Trust 2021-1A A, 1.3000%, 8/17/26ž | 138,179 | 137,741 | |
LAD Auto Receivables Trust 2022-1A A, 5.2100%, 6/15/27ž | 1,852,220 | 1,845,761 | |
LBA Trust 2024-BOLT A, CME Term SOFR 1 Month + 1.5911%, 6.8911%, 6/15/26ž,‡ | 5,125,301 | 5,099,526 | |
Lendbuzz Securitization Trust 2021-1A A, 4.2200%, 5/17/27ž | 2,076,681 | 2,042,201 | |
Lendbuzz Securitization Trust 2023-1A A2, 6.9200%, 8/15/28ž | 1,736,465 | 1,746,775 | |
LHOME Mortgage Trust 2024-RTL2 A1, 7.1280%, 3/25/29ž,Ç | 1,668,736 | 1,680,782 | |
LHOME Mortgage Trust 2024-RTL3 A1, 6.9000%, 5/25/29ž | 2,098,285 | 2,099,767 | |
Life Financial Services Trust 2021-BMR A, CME Term SOFR 1 Month + 0.8145%, 6.1435%, 3/15/38ž,‡ | 11,607,895 | 11,398,803 | |
Life Financial Services Trust 2021-BMR C, CME Term SOFR 1 Month + 1.2145%, 6.5435%, 3/15/38ž,‡ | 6,486,620 | 6,311,915 | |
Life Financial Services Trust 2022-BMR2 A1, CME Term SOFR 1 Month + 1.2952%, 6.6241%, 5/16/39ž,‡ | 6,610,000 | 6,503,207 | |
M&T Equipment Notes 2023-1A A2, 6.0900%, 7/15/30ž | 2,028,575 | 2,029,329 | |
M&T Equipment Notes 2023-1A A3, 5.7400%, 7/15/30ž | 1,594,000 | 1,594,105 | |
Madison Park Funding Ltd 2019-35A A1R, CME Term SOFR 3 Month + 1.2516%, 6.5762%, 4/20/32ž,‡ | 7,174,000 | 7,181,239 | |
Marlette Funding Trust 2023-2A B, 6.5400%, 6/15/33ž | 1,710,000 | 1,719,532 | |
MED Trust 2021-MDLN E, CME Term SOFR 1 Month + 3.2645%, 8.5935%, 11/15/38ž,‡ | 8,277,275 | 8,271,766 | |
Mello Mortgage Capital Acceptance Trust 2021-INV2 A11, US 30 Day Average SOFR + 0.9500%, 5.0000%, 8/25/51ž,‡ | 4,060,844 | 3,782,745 | |
Mello Mortgage Capital Acceptance Trust 2021-INV3 A11, US 30 Day Average SOFR + 0.9500%, 5.0000%, 10/25/51ž,‡ | 5,092,724 | 4,744,587 | |
Mello Mortgage Capital Acceptance Trust 2022-INV1 A2, 3.0000%, 3/25/52ž,‡ | 4,780,626 | 4,036,011 | |
Mello Mortgage Capital Acceptance Trust 2024-SD1 A1, 4.0000%, 4/25/54ž,Ç | 2,389,416 | 2,268,664 | |
Mercury Financial Credit Card Master Trust 2023-1A A, 8.0400%, 9/20/27ž | 4,532,000 | 4,563,298 | |
MHC Commercial Mortgage Trust 2021-MHC A, CME Term SOFR 1 Month + 0.9154%, 6.2444%, 4/15/38ž,‡ | 8,794,244 | 8,717,882 | |
MHC Commercial Mortgage Trust 2021-MHC C, CME Term SOFR 1 Month + 1.4654%, 6.7944%, 4/15/38ž,‡ | 4,964,334 | 4,912,371 | |
NCMF Trust 2022-MFP A, CME Term SOFR 1 Month + 1.7420%, 7.0588%, 3/15/39ž,‡ | 3,015,000 | 2,986,862 | |
New Residential Mortgage Loan Trust 2018-2, Refinitiv USD IBOR Consumer Cash Fallbacks 6 Months + 0.6800%, 4.5000%, 2/25/58ž,‡ | 1,708,101 | 1,634,720 | |
NRTH PARK Mortgage Trust 2024-PARK A, CME Term SOFR 1 Month + 1.6413%, 6.9701%, 3/15/41ž,‡ | 9,402,000 | 9,370,928 | |
NRZ Excess Spread Collateralized Notes 2020-PLS1 A, 3.8440%, 12/25/25ž | 808,364 | 780,813 | |
NRZ Excess Spread Collateralized Notes 2021-FHT1 A, 3.1040%, 7/25/26ž | 1,937,768 | 1,826,988 | |
Oak Street Investment Grade Net Lease Fund 2020-1A A1, 1.8500%, 11/20/50ž | 4,514,676 | 4,228,826 | |
Oceanview Mortgage Trust 2021-4 A11, US 30 Day Average SOFR + 0.8500%, 5.0000%, 10/25/51ž,‡ | 5,574,859 | 5,154,538 | |
Oceanview Mortgage Trust 2021-5 AF, US 30 Day Average SOFR + 0.8500%, 5.0000%, 11/25/51ž,‡ | 5,313,183 | 4,930,103 | |
Oceanview Mortgage Trust 2022-1 A1, 3.0000%, 12/25/51ž,‡ | 2,780,142 | 2,336,812 | |
Oceanview Mortgage Trust 2022-2 A1, 3.0000%, 12/25/51ž,‡ | 8,235,183 | 6,954,959 | |
Onslow Bay Financial LLC 2022-INV1 A1, 3.0000%, 12/25/51ž,‡ | 10,914,293 | 9,059,807 | |
Onslow Bay Financial LLC 2022-INV1 A18, 3.0000%, 12/25/51ž,‡ | 4,628,022 | 3,782,675 | |
OPEN Trust 2023-AIR A, CME Term SOFR 1 Month + 3.0891%, 8.4179%, 10/15/28ž,‡ | 3,728,978 | 3,774,080 | |
OPEN Trust 2023-AIR C, CME Term SOFR 1 Month + 5.2359%, 10.5648%, 10/15/28ž,‡ | 1,399,443 | 1,402,403 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
4 | June 30, 2024
Janus Henderson Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – (continued) | |||
Pagaya AI Debt Selection Trust 2022-1 A, 2.0300%, 10/15/29ž | $252,023 | $250,703 | |
Pretium Mortgage Credit Partners LLC 2023-RN1 A1, 8.2321%, 9/25/53ž,Ç | 6,719,896 | 6,822,412 | |
PRP Advisors LLC 2020-4 A1, 5.6100%, 10/25/25ž,Ç | 2,614,584 | 2,604,147 | |
PRP Advisors LLC 2021-10 A1, 2.4870%, 10/25/26ž,Ç | 4,625,219 | 4,496,164 | |
PRP Advisors LLC 2021-9 A1, 2.3630%, 10/25/26ž,Ç | 8,729,164 | 8,475,703 | |
PRP Advisors LLC 2021-RPL2 A1, 1.4550%, 10/25/51ž,‡ | 5,572,888 | 4,942,243 | |
PRP Advisors LLC 2022-2 A1, 5.0000%, 3/25/27ž,Ç | 6,584,189 | 6,480,297 | |
PRP Advisors LLC 2024-RCF2 A1, 3.7500%, 3/25/54ž,Ç | 1,596,402 | 1,514,486 | |
Rad CLO Ltd 2023-21A A, CME Term SOFR 3 Month + 1.5900%, 6.9136%, 1/25/33ž,‡ | 3,917,677 | 3,943,487 | |
Regatta Funding 2018-1A AR, CME Term SOFR 3 Month + 1.4000%, 0%, 7/17/37ž,‡ | 9,143,014 | 9,143,014 | |
Regatta XXIII Funding Ltd 2021-4A B, CME Term SOFR 3 Month + 1.9616%, 7.2862%, 1/22/35ž,‡ | 2,192,711 | 2,195,200 | |
RR Ltd 2022-21A A1AR, CME Term SOFR 3 Month + 1.4000%, 0%, 7/15/39ž,‡ | 5,215,918 | 5,215,918 | |
Saluda Grade Alternative Mortgage Trust 2023-FIG3 A, 7.0670%, 8/25/53ž,‡ | 8,078,195 | 8,430,095 | |
Saluda Grade Alternative Mortgage Trust 2023-FIG4 A, 6.7180%, 11/25/53ž,‡ | 4,250,750 | 4,378,893 | |
Saluda Grade Alternative Mortgage Trust 2024-CES1 A1, 6.3060%, 3/25/54ž,‡ | 2,800,464 | 2,793,248 | |
Saluda Grade Alternative Mortgage Trust 2024-FIG5 A, 6.2550%, 4/25/54ž,‡ | 3,001,715 | 3,049,267 | |
Saluda Grade Alternative Mortgage Trust 2024-RTL5 A1, 7.7620%, 4/25/30ž,Ç | 4,628,000 | 4,665,717 | |
Saluda Grade Alternative Mortgage Trust 2024-RTL6 A1, 7.4390%, 7/25/30ž,‡ | 5,238,000 | 5,237,906 | |
Santander Bank Auto Credit-Linked Notes 2021-1A B, 1.8330%, 12/15/31ž | 246,324 | 243,617 | |
Santander Bank Auto Credit-Linked Notes 2022-A B, 5.2810%, 5/15/32ž | 1,839,437 | 1,829,772 | |
Sequoia Mortgage Trust 2013-5, 2.5000%, 5/25/43ž,‡ | 496,366 | 425,817 | |
Sequoia Mortgage Trust 2020-2, 3.5000%, 3/25/50ž,‡ | 400,861 | 343,076 | |
Signal Peak CLO LLC 2022-12A A1, 7.1207%, 7/10/28ž,‡ | 9,142,000 | 9,485,583 | |
SMRT 2022-MINI A, CME Term SOFR 1 Month + 1.0000%, 6.3290%, 1/15/39ž,‡ | 3,548,000 | 3,503,838 | |
Sound Point CLO Ltd 2019-1A AR, CME Term SOFR 3 Month + 1.3416%, 6.6662%, 1/20/32ž,‡ | 6,462,000 | 6,465,011 | |
SREIT Trust 2021-MFP A, CME Term SOFR 1 Month + 0.8453%, 6.1741%, 11/15/38ž,‡ | 780,800 | 774,580 | |
Stack Infrastructure Issuer LLC 2024-1A A2, 5.9000%, 3/25/49ž | 3,155,000 | 3,117,779 | |
Taco Bell Funding LLC 2021-1A A23, 2.5420%, 8/25/51ž | 2,430,523 | 1,991,242 | |
THE 2023-MIC Trust 2023-MIC A, 8.7315%, 12/5/38ž,‡ | 4,402,712 | 4,735,446 | |
TYSN 2023-CRNR Mortgage Trust 2023-CRNR A, 6.7991%, 12/10/33ž,‡ | 6,674,443 | 6,886,475 | |
UNIFY Auto Receivables Trust 2021-1A A4, 0.9800%, 7/15/26ž | 854,490 | 848,965 | |
United Wholesale Mortgage LLC 2021-INV1 A9, US 30 Day Average SOFR + 0.9000%, 5.0000%, 8/25/51ž,‡ | 4,842,811 | 4,500,407 | |
Upstart Securitization Trust 2022-1 A, 3.1200%, 3/20/32ž | 790,295 | 786,322 | |
Upstart Securitization Trust 2022-2 A, 4.3700%, 5/20/32ž | 33,074 | 33,039 | |
Vantage Data Centers LLC 2020-1A A2, 1.6450%, 9/15/45ž | 6,324,000 | 5,991,795 | |
Vantage Data Centers LLC 2020-2A A2, 1.9920%, 9/15/45ž | 4,083,000 | 3,603,319 | |
VASA Trust 2021-VASA A, CME Term SOFR 1 Month + 1.0145%, 6.3435%, 7/15/39ž,‡ | 3,768,000 | 3,497,739 | |
VCAT Asset Securitization LLC 2021-NPL1 A1, 5.2891%, 12/26/50ž,Ç | 358,500 | 355,946 | |
VMC Finance LLC 2021-HT1 A, CME Term SOFR 1 Month + 1.7645%, 7.0964%, 1/19/37ž,‡ | 2,331,897 | 2,285,214 | |
WB Commercial Mortgage Trust 2024-HQ A, 6.1344%, 3/15/40ž,‡ | 4,389,000 | 4,377,499 | |
Wells Fargo Commercial Mortgage Trust 2021-SAVE A, CME Term SOFR 1 Month + 1.2645%, 6.5935%, 2/15/40ž,‡ | 1,200,838 | 1,191,909 | |
Wendy's Funding LLC 2021-1A A2II, 2.7750%, 6/15/51ž | 2,430,814 | 2,032,914 | |
Westgate Resorts 2022-1A A, 1.7880%, 8/20/36ž | 1,041,080 | 997,877 | |
Woodward Capital Management 2021-3 A21, US 30 Day Average SOFR + 0.8000%, 5.0000%, 7/25/51ž,‡ | 3,845,546 | 3,558,500 | |
Woodward Capital Management 2023-CES1 A1A, 6.5150%, 6/25/43ž,‡ | 3,398,178 | 3,412,863 | |
Woodward Capital Management 2023-CES2 A1A, 6.8080%, 9/25/43ž,‡ | 5,198,159 | 5,251,989 | |
Woodward Capital Management 2023-CES3 A1A, 7.1130%, 11/25/43ž,‡ | 9,085,432 | 9,203,732 | |
Woodward Capital Management 2024-CES1 A1A, 6.0250%, 2/25/44ž,‡ | 3,723,407 | 3,709,410 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 5
Janus Henderson Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – (continued) | |||
Woodward Capital Management 2024-CES2 A1A, 6.1410%, 4/25/44ž,‡ | $11,693,404 | $11,843,865 | |
Woodward Capital Management 2024-CES3 A1A, 6.5910%, 5/25/44ž,‡ | 3,798,283 | 3,830,385 | |
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $807,999,874) | 792,318,779 | ||
Bank Loans and Mezzanine Loans – 1.9% | |||
Capital Goods – 0.1% | |||
EMRLD Borrower LP, CME Term SOFR 1 Month + 2.50000%, 7.8291%, 6/18/31ƒ,‡ | 3,911,156 | 3,906,267 | |
Consumer Non-Cyclical – 0.3% | |||
Concentra Health Services Inc, CME Term SOFR 1 Month + 2.25000%, 7.5887%, 6/26/31ƒ,‡ | 1,625,000 | 1,629,063 | |
Medline Borrower LP, CME Term SOFR 1 Month + 2.25000%, 7.5779%, 10/23/28ƒ,‡ | 6,323,000 | 6,323,000 | |
7,952,063 | |||
Industrial – 0.6% | |||
AECOM Technology, CME Term SOFR 1 Month + 1.8750%, 7.2189%, 4/17/31‡ | 6,410,000 | 6,443,396 | |
APi Group DE Inc, CME Term SOFR 1 Month + 2.0000%, 7.3439%, 12/18/28‡ | 8,691,065 | 8,680,983 | |
15,124,379 | |||
Technology – 0.4% | |||
SS&C Technologies Inc, CME Term SOFR 1 Month + 2.0000%, 7.3439%, 5/9/31‡ | 10,910,665 | 11,020,911 | |
Transportation – 0.5% | |||
Genesee & Wyoming Inc, CME Term SOFR 3 Month + 2.0000%, 7.3346%, 4/10/31ƒ,‡ | 12,734,386 | 12,716,812 | |
Total Bank Loans and Mezzanine Loans (cost $50,584,857) | 50,720,432 | ||
Corporate Bonds – 36.2% | |||
Banking – 5.7% | |||
Bank of America Corp, SOFR + 1.8400%, 5.8720%, 9/15/34‡ | 5,001,000 | 5,144,504 | |
Bank of America Corp, CME Term SOFR 3 Month + 3.9666%, 6.2500%‡,μ | 8,517,000 | 8,481,671 | |
Bank of New York Mellon Corp/The, SOFR + 1.8450%, 6.4740%, 10/25/34‡ | 6,616,000 | 7,135,337 | |
Bank of Montreal, US Treasury Yield Curve Rate 5 Year + 1.4000%, 3.0880%, 1/10/37‡ | 5,173,000 | 4,233,162 | |
BNP Paribas SA, SOFR + 1.2280%, 2.5910%, 1/20/28ž,‡ | 4,430,000 | 4,117,981 | |
BNP Paribas SA, SOFR + 1.5200%, 5.1760%, 1/9/30ž,‡ | 4,407,000 | 4,360,841 | |
Capital One Financial Corp, SOFR + 2.6400%, 6.3120%, 6/8/29‡ | 3,040,000 | 3,110,478 | |
Capital One Financial Corp, SOFR + 1.9050%, 5.7000%, 2/1/30‡,# | 1,489,000 | 1,496,082 | |
Capital One Financial Corp, SOFR + 3.0700%, 7.6240%, 10/30/31‡ | 6,014,000 | 6,620,636 | |
Citigroup Inc, CME Term SOFR 3 Month + 4.1666%, 5.9500%‡,μ | 4,099,000 | 4,072,217 | |
Citigroup Inc, CME Term SOFR 3 Month + 3.6846%, 9.0070%‡,μ | 916,000 | 913,689 | |
Discover Financial Services, SOFR + 3.3700%, 7.9640%, 11/2/34‡ | 7,753,000 | 8,721,298 | |
Fifth Third Bancorp, SOFR + 2.3400%, 6.3390%, 7/27/29‡ | 4,463,000 | 4,574,969 | |
Fifth Third Bancorp, SOFR + 1.8400%, 5.6310%, 1/29/32‡ | 1,687,000 | 1,672,309 | |
JPMorgan Chase & Co, SOFR + 1.4500%, 5.2990%, 7/24/29‡ | 9,544,000 | 9,576,028 | |
JPMorgan Chase & Co, SOFR + 1.5700%, 6.0870%, 10/23/29‡ | 6,113,000 | 6,316,077 | |
JPMorgan Chase & Co, SOFR + 1.3100%, 5.0120%, 1/23/30‡ | 2,967,000 | 2,944,245 | |
JPMorgan Chase & Co, SOFR + 1.8100%, 6.2540%, 10/23/34‡ | 3,572,000 | 3,788,495 | |
JPMorgan Chase & Co, CME Term SOFR 3 Month + 3.3800%, 5.0000%‡,μ | 3,293,000 | 3,283,581 | |
Morgan Stanley, SOFR + 1.5900%, 5.1640%, 4/20/29‡ | 6,520,000 | 6,498,840 | |
Morgan Stanley, SOFR + 1.2900%, 2.9430%, 1/21/33‡ | 5,212,000 | 4,429,779 | |
Morgan Stanley, SOFR + 1.8800%, 5.4240%, 7/21/34‡ | 4,393,000 | 4,370,872 | |
PNC Financial Services Group Inc/The, SOFR + 2.2840%, 6.8750%, 10/20/34‡ | 6,946,000 | 7,570,218 | |
Sumitomo Mitsui Financial Group Inc, 5.8520%, 7/13/30 | 2,568,000 | 2,636,128 | |
Truist Financial Corp, SOFR + 1.6200%, 5.4350%, 1/24/30‡ | 2,666,000 | 2,659,056 | |
Truist Financial Corp, SOFR + 1.9220%, 5.7110%, 1/24/35‡ | 2,196,000 | 2,186,414 | |
UBS Group AG, US Treasury Yield Curve Rate 1 Year + 1.5200%, 5.4280%, 2/8/30ž,‡ | 5,065,000 | 5,054,943 | |
UBS Group AG, 5.6990%, 2/8/35ž | 4,275,000 | 4,270,640 | |
US Bancorp, SOFR + 1.5600%, 5.3840%, 1/23/30‡ | 5,725,000 | 5,740,338 | |
US Bancorp, SOFR + 1.8600%, 5.6780%, 1/23/35‡ | 4,101,000 | 4,116,729 | |
Wells Fargo & Co, SOFR + 1.5000%, 5.1980%, 1/23/30‡ | 8,122,000 | 8,087,898 | |
148,185,455 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6 | June 30, 2024
Janus Henderson Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Corporate Bonds – (continued) | |||
Basic Industry – 1.1% | |||
Celanese US Holdings LLC, 6.3500%, 11/15/28 | $2,939,000 | $3,019,766 | |
Celanese US Holdings LLC, 6.3300%, 7/15/29 | 2,911,000 | 2,993,943 | |
Celanese US Holdings LLC, 6.5500%, 11/15/30 | 4,636,000 | 4,844,588 | |
Graphic Packaging International LLC, 6.3750%, 7/15/32ž,# | 13,074,000 | 13,057,622 | |
Novelis Corp, 3.2500%, 11/15/26ž | 3,692,000 | 3,474,188 | |
27,390,107 | |||
Brokerage – 1.6% | |||
Blue Owl Finance LLC, 6.2500%, 4/18/34ž | 10,395,000 | 10,422,444 | |
Intercontinental Exchange Inc, 5.2500%, 6/15/31 | 3,008,000 | 3,024,978 | |
Jane Street Group / JSG Finance Inc, 7.1250%, 4/30/31ž | 11,249,000 | 11,535,559 | |
LPL Holdings Inc, 6.0000%, 5/20/34 | 5,185,000 | 5,177,219 | |
Nasdaq Inc, 5.3500%, 6/28/28 | 1,472,000 | 1,485,365 | |
Nasdaq Inc, 5.5500%, 2/15/34 | 9,845,000 | 9,858,340 | |
41,503,905 | |||
Capital Goods – 3.2% | |||
BAE Systems PLC, 5.1250%, 3/26/29ž | 2,597,000 | 2,585,436 | |
BAE Systems PLC, 5.2500%, 3/26/31ž | 974,000 | 971,392 | |
Berry Global Inc, 5.8000%, 6/15/31ž | 8,973,000 | 8,959,889 | |
Berry Global Inc, 5.6500%, 1/15/34ž | 7,910,000 | 7,725,763 | |
Boeing Co/The, 6.2980%, 5/1/29ž | 2,101,000 | 2,130,541 | |
Boeing Co/The, 6.3880%, 5/1/31ž | 5,260,000 | 5,354,979 | |
Boeing Co/The, 6.5280%, 5/1/34ž | 5,064,000 | 5,185,027 | |
Boeing Co/The, 6.8580%, 5/1/54ž | 2,218,000 | 2,276,049 | |
Boeing Co/The, 7.0080%, 5/1/64ž | 1,078,000 | 1,103,732 | |
Bombardier Inc, 7.0000%, 6/1/32ž | 9,123,000 | 9,249,728 | |
EMRLD Borrower LP / Emerald Co-Issuer Inc, 6.7500%, 7/15/31ž | 5,925,000 | 5,999,062 | |
L3Harris Technologies Inc, 5.4000%, 7/31/33 | 5,184,000 | 5,167,651 | |
Regal Rexnord Corp, 6.0500%, 4/15/28# | 4,838,000 | 4,896,122 | |
RTX Corp, 5.7500%, 1/15/29 | 2,726,000 | 2,798,958 | |
TransDigm Inc, 6.6250%, 3/1/32ž | 6,157,000 | 6,218,936 | |
Trinity Industries Inc, 7.7500%, 7/15/28ž | 9,988,000 | 10,339,623 | |
WESCO Distribution Inc, 6.3750%, 3/15/29ž | 3,245,000 | 3,256,724 | |
84,219,612 | |||
Communications – 0.8% | |||
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.6500%, 2/1/34 | 12,400,000 | 12,525,760 | |
T-Mobile USA Inc, 4.8500%, 1/15/29 | 4,260,000 | 4,207,089 | |
T-Mobile USA Inc, 5.1500%, 4/15/34 | 3,645,000 | 3,582,539 | |
20,315,388 | |||
Consumer Cyclical – 3.5% | |||
CBRE Services Inc, 5.9500%, 8/15/34 | 15,178,000 | 15,365,531 | |
CBRE Services Inc, 5.5000%, 4/1/29 | 3,468,000 | 3,486,006 | |
Choice Hotels International Inc, 5.8500%, 8/1/34 | 11,140,000 | 10,979,676 | |
Ford Motor Credit Co LLC, 5.8000%, 3/8/29 | 5,589,000 | 5,569,369 | |
Ford Motor Credit Co LLC, 6.1250%, 3/8/34 | 3,891,000 | 3,848,620 | |
Ford Motor Credit Co LLC, 7.3500%, 3/6/30 | 1,551,000 | 1,641,415 | |
Ford Motor Credit Co LLC, 7.2000%, 6/10/30 | 1,525,000 | 1,604,169 | |
Ford Motor Credit Co LLC, 7.1220%, 11/7/33 | 3,132,000 | 3,309,510 | |
General Motors Financial Co Inc, 5.7500%, 2/8/31 | 3,729,000 | 3,738,950 | |
General Motors Financial Co Inc, 5.9500%, 4/4/34 | 4,869,000 | 4,873,159 | |
GLP Capital LP / GLP Financing II Inc, 5.3000%, 1/15/29 | 603,000 | 594,120 | |
GLP Capital LP / GLP Financing II Inc, 6.7500%, 12/1/33 | 4,234,000 | 4,448,545 | |
Home Depot Inc/The, 4.7500%, 6/25/29 | 2,388,000 | 2,374,094 | |
Home Depot Inc/The, 4.8500%, 6/25/31 | 2,953,000 | 2,929,818 | |
Home Depot Inc/The, 4.9500%, 6/25/34 | 2,363,000 | 2,338,369 | |
LKQ Corp, 5.7500%, 6/15/28 | 6,722,000 | 6,785,322 | |
LKQ Corp, 6.2500%, 6/15/33# | 6,323,000 | 6,489,700 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 7
Janus Henderson Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Corporate Bonds – (continued) | |||
Consumer Cyclical – (continued) | |||
Royal Caribbean Cruises Ltd, 6.2500%, 3/15/32ž | $4,954,000 | $4,995,619 | |
ZF North America Capital Inc, 6.7500%, 4/23/30ž | 5,116,000 | 5,210,344 | |
90,582,336 | |||
Consumer Non-Cyclical – 6.8% | |||
AbbVie Inc, 4.8000%, 3/15/29 | 4,590,000 | 4,572,258 | |
AbbVie Inc, 4.9500%, 3/15/31 | 3,970,000 | 3,959,674 | |
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 6.5000%, 2/15/28ž | 4,458,000 | 4,479,136 | |
Concentra Escrow Issuer Corporation, 6.8750%, 7/15/32ž | 4,999,000 | 5,064,788 | |
Hasbro Inc, 6.0500%, 5/14/34 | 15,194,000 | 15,169,742 | |
HCA Inc, 5.2000%, 6/1/28 | 3,494,000 | 3,480,163 | |
HCA Inc, 5.4500%, 4/1/31 | 2,925,000 | 2,922,899 | |
HCA Inc, 3.6250%, 3/15/32 | 7,371,000 | 6,492,842 | |
HCA Inc, 5.6000%, 4/1/34 | 4,691,000 | 4,662,715 | |
Heartland Dental LLC / Heartland Dental Finance Corp, 10.5000%, 4/30/28ž | 7,269,000 | 7,715,753 | |
Illumina Inc, 5.7500%, 12/13/27 | 8,548,000 | 8,626,808 | |
IQVIA Inc, 6.2500%, 2/1/29 | 6,329,000 | 6,504,889 | |
JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc, 5.5000%, 1/15/30 | 9,007,000 | 8,869,739 | |
JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc, 3.6250%, 1/15/32 | 3,897,000 | 3,364,195 | |
Mattel Inc, 3.7500%, 4/1/29ž | 11,690,000 | 10,780,921 | |
Nestle Capital Corp, 4.7500%, 3/12/31ž | 8,819,000 | 8,707,538 | |
Organon & Co / Organon Foreign Debt Co-Issuer BV, 6.7500%, 5/15/34ž | 4,521,000 | 4,514,741 | |
Organon & Co / Organon Foreign Debt Co-Issuer BV, 7.8750%, 5/15/34ž | 3,444,000 | 3,538,722 | |
Polaris Inc, 6.9500%, 3/15/29 | 5,766,000 | 6,031,021 | |
Smith & Nephew PLC, 5.4000%, 3/20/34 | 4,083,000 | 4,019,792 | |
Solventum Corp, 5.4000%, 3/1/29ž | 5,668,000 | 5,650,704 | |
Solventum Corp, 5.4500%, 3/13/31ž | 8,688,000 | 8,578,896 | |
Solventum Corp, 5.6000%, 3/23/34ž | 10,931,000 | 10,736,153 | |
Solventum Corp, 6.0000%, 5/15/64ž | 4,009,000 | 3,802,505 | |
Sysco Corp, 5.7500%, 1/17/29 | 4,104,000 | 4,201,750 | |
Tyson Foods Inc, 5.7000%, 3/15/34 | 7,175,000 | 7,147,294 | |
Universal Health Services Inc, 2.6500%, 10/15/30 | 4,553,000 | 3,887,106 | |
Universal Health Services Inc, 2.6500%, 1/15/32 | 10,445,000 | 8,521,477 | |
176,004,221 | |||
Electric – 2.5% | |||
American Electric Power Co Inc, 5.6250%, 3/1/33 | 6,736,000 | 6,711,185 | |
Duke Energy Corp, 4.3000%, 3/15/28 | 4,804,000 | 4,660,625 | |
Exelon Corp, 5.4500%, 3/15/34 | 4,987,000 | 4,951,532 | |
Georgia Power Co, 4.6500%, 5/16/28 | 3,459,000 | 3,405,566 | |
Georgia Power Co, 4.9500%, 5/17/33 | 5,466,000 | 5,329,413 | |
Georgia Power Co, 5.2500%, 3/15/34 | 4,073,000 | 4,060,145 | |
Liberty Utilities Co, 5.8690%, 1/31/34ž | 4,882,000 | 4,885,216 | |
National Grid PLC, 5.6020%, 6/12/28 | 2,487,000 | 2,511,217 | |
National Grid PLC, 5.8090%, 6/12/33 | 5,218,000 | 5,243,112 | |
Southern California Edison Co, 5.8500%, 11/1/27 | 6,094,000 | 6,212,616 | |
Southern Co, 5.7000%, 3/15/34 | 4,241,000 | 4,311,770 | |
Xcel Energy Inc, 5.4500%, 8/15/33 | 13,440,000 | 13,203,853 | |
65,486,250 | |||
Energy – 2.8% | |||
Cheniere Energy Inc, 5.6500%, 4/15/34ž | 6,008,000 | 6,012,746 | |
Columbia Pipelines Operating Company LLC, 5.9270%, 8/15/30ž | 1,590,000 | 1,624,114 | |
Columbia Pipelines Operating Company LLC, 6.0360%, 11/15/33ž | 3,823,000 | 3,906,790 | |
DT Midstream Inc, 4.1250%, 6/15/29ž | 7,456,000 | 6,888,196 | |
DT Midstream Inc, 4.3750%, 6/15/31ž | 4,330,000 | 3,943,866 | |
DT Midstream Inc, 4.3000%, 4/15/32ž | 2,510,000 | 2,269,082 | |
EQM Midstream Partners LP, 6.3750%, 4/1/29ž | 8,964,000 | 9,054,599 | |
EQT Corp, 5.7000%, 4/1/28 | 2,135,000 | 2,155,784 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8 | June 30, 2024
Janus Henderson Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Corporate Bonds – (continued) | |||
Energy – (continued) | |||
Hess Midstream Operations LP, 5.1250%, 6/15/28ž | $3,041,000 | $2,944,465 | |
Hess Midstream Operations LP, 6.5000%, 6/1/29ž | 7,886,000 | 7,994,530 | |
Occidental Petroleum Corp, 8.8750%, 7/15/30 | 3,013,000 | 3,469,765 | |
Occidental Petroleum Corp, 6.6250%, 9/1/30 | 2,150,000 | 2,254,750 | |
Occidental Petroleum Corp, 6.1250%, 1/1/31 | 3,770,000 | 3,858,708 | |
Sunoco LP, 7.0000%, 5/1/29ž | 6,084,000 | 6,235,389 | |
Sunoco LP, 7.2500%, 5/1/32ž | 3,428,000 | 3,545,783 | |
Viper Energy Partners LP, 7.3750%, 11/1/31ž | 6,183,000 | 6,403,659 | |
72,562,226 | |||
Finance Companies – 0.7% | |||
Blackstone Private Credit Fund, 7.3000%, 11/27/28ž | 4,159,000 | 4,309,696 | |
Blackstone Secured Lending Fund, 5.8750%, 11/15/27 | 6,264,000 | 6,218,482 | |
Blue Owl Credit Income Corp, 7.7500%, 9/16/27 | 4,462,000 | 4,584,720 | |
Blue Owl Credit Income Corp, 7.9500%, 6/13/28 | 2,886,000 | 2,984,074 | |
OWL Rock Core Income Corp, 4.7000%, 2/8/27 | 743,000 | 707,024 | |
18,803,996 | |||
Government Guarantee – 0.1% | |||
Electricite de France SA, 5.7000%, 5/23/28ž | 2,832,000 | 2,860,570 | |
Insurance – 3.2% | |||
Aon North America Inc, 5.3000%, 3/1/31 | 6,324,000 | 6,305,621 | |
Aon North America Inc, 5.4500%, 3/1/34 | 12,335,000 | 12,280,822 | |
Arthur J Gallagher & Co, 6.5000%, 2/15/34 | 2,912,000 | 3,081,317 | |
Arthur J Gallagher & Co, 5.4500%, 7/15/34 | 5,602,000 | 5,556,149 | |
Centene Corp, 4.2500%, 12/15/27 | 16,614,000 | 16,002,320 | |
Centene Corp, 2.4500%, 7/15/28# | 7,054,000 | 6,262,751 | |
Centene Corp, 3.0000%, 10/15/30 | 5,571,000 | 4,763,589 | |
Health Care Service Corp, 5.2000%, 6/15/29ž | 3,916,000 | 3,899,124 | |
Health Care Service Corp, 5.4500%, 6/15/34ž | 8,831,000 | 8,727,675 | |
Health Care Service Corp, 5.8750%, 6/15/54ž | 7,260,000 | 7,143,405 | |
Humana Inc, 5.3750%, 4/15/31 | 5,756,000 | 5,725,438 | |
Humana Inc, 5.8750%, 3/1/33 | 1,492,000 | 1,517,719 | |
Humana Inc, 5.9500%, 3/15/34 | 2,488,000 | 2,543,356 | |
83,809,286 | |||
Real Estate Investment Trusts (REITs) – 0.4% | |||
American Tower Trust I, 5.4900%, 3/15/28ž | 10,515,000 | 10,545,893 | |
Technology – 3.8% | |||
Cadence Design Systems Inc, 4.3750%, 10/15/24 | 18,064,000 | 17,978,649 | |
Constellation Software Inc/Canada, 5.1580%, 2/16/29ž | 1,766,000 | 1,765,368 | |
Constellation Software Inc/Canada, 5.4610%, 2/16/34ž | 5,134,000 | 5,134,630 | |
CoStar Group Inc, 2.8000%, 7/15/30ž | 5,441,000 | 4,600,998 | |
Equinix Europe 2 Financing Corporation LLC, 5.5000%, 6/15/34 | 5,747,000 | 5,737,662 | |
Foundry JV Holdco LLC, 5.9000%, 1/25/30ž | 2,144,000 | 2,174,632 | |
Foundry JV Holdco LLC, 6.1500%, 1/25/32ž,# | 6,242,000 | 6,362,873 | |
Foundry JV Holdco LLC, 5.8750%, 1/25/34ž | 15,431,000 | 15,299,061 | |
Leidos Inc, 2.3000%, 2/15/31 | 1,276,000 | 1,051,314 | |
Marvell Technology Inc, 4.8750%, 6/22/28 | 6,709,000 | 6,610,815 | |
Marvell Technology Inc, 5.7500%, 2/15/29 | 5,585,000 | 5,702,042 | |
MSCI Inc, 4.0000%, 11/15/29ž | 12,297,000 | 11,489,530 | |
Trimble Inc, 4.9000%, 6/15/28 | 2,415,000 | 2,382,828 | |
Trimble Inc, 6.1000%, 3/15/33 | 1,136,000 | 1,176,337 | |
Zebra Technologies Corp, 6.5000%, 6/1/32ž | 12,649,000 | 12,791,423 | |
100,258,162 | |||
Total Corporate Bonds (cost $942,366,293) | 942,527,407 | ||
Mortgage-Backed Securities – 25.0% | |||
Fannie Mae: | |||
3.0000%, TBA, 30 Year Maturity | 7,080,129 | 6,021,501 | |
5.0000%, TBA, 30 Year Maturity | 3,541,000 | 3,421,512 | |
6.0000%, TBA, 30 Year Maturity | 2,094,634 | 2,100,143 | |
11,543,156 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 9
Janus Henderson Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Mortgage-Backed Securities – (continued) | |||
Fannie Mae Pool: | |||
3.0000%, 10/1/34 | $18,327 | $17,107 | |
2.5000%, 11/1/34 | 1,693,016 | 1,543,792 | |
3.0000%, 11/1/34 | 106,946 | 99,847 | |
3.0000%, 12/1/34 | 101,417 | 94,676 | |
2.5000%, 12/1/36 | 2,449,774 | 2,231,865 | |
6.0000%, 2/1/37 | 590,091 | 610,602 | |
4.5000%, 11/1/42 | 601,360 | 583,502 | |
3.0000%, 1/1/43 | 122,778 | 108,923 | |
3.0000%, 2/1/43 | 199,422 | 176,199 | |
5.0000%, 7/1/44 | 3,069,528 | 3,036,241 | |
4.5000%, 10/1/44 | 1,373,798 | 1,332,734 | |
4.5000%, 3/1/45 | 2,135,967 | 2,072,119 | |
4.0000%, 5/1/45 | 198,644 | 185,804 | |
4.5000%, 6/1/45 | 1,070,332 | 1,035,249 | |
3.0000%, 2/1/48 | 287,302 | 252,404 | |
5.0000%, 5/1/48 | 491,872 | 482,342 | |
4.0000%, 11/1/48 | 1,532,264 | 1,423,294 | |
4.0000%, 12/1/48 | 238,676 | 221,702 | |
4.0000%, 2/1/49 | 906,895 | 842,399 | |
4.0000%, 3/1/49 | 323,827 | 300,797 | |
4.0000%, 6/1/49 | 334,018 | 309,842 | |
4.0000%, 6/1/49 | 194,518 | 180,439 | |
4.5000%, 6/1/49 | 85,374 | 81,637 | |
3.0000%, 8/1/49 | 1,430,425 | 1,218,909 | |
3.0000%, 8/1/49 | 338,984 | 288,858 | |
4.5000%, 8/1/49 | 132,665 | 126,859 | |
3.0000%, 9/1/49 | 204,075 | 179,312 | |
3.0000%, 9/1/49 | 11,582 | 9,992 | |
4.0000%, 9/1/49 | 966,315 | 896,455 | |
4.5000%, 1/1/50 | 176,119 | 168,399 | |
4.0000%, 3/1/50 | 2,536,979 | 2,356,556 | |
4.0000%, 4/1/50 | 677,268 | 626,995 | |
3.0000%, 7/1/50 | 6,683,142 | 5,753,785 | |
2.5000%, 8/1/50 | 745,901 | 625,288 | |
4.0000%, 8/1/50 | 565,381 | 523,414 | |
3.0000%, 9/1/50 | 910,537 | 783,355 | |
4.0000%, 9/1/50 | 5,319,546 | 4,934,524 | |
4.5000%, 10/1/50 | 3,115,397 | 2,981,523 | |
4.5000%, 12/1/50 | 4,391,241 | 4,198,757 | |
4.0000%, 1/1/51 | 853,798 | 792,002 | |
4.0000%, 3/1/51 | 14,539,740 | 13,487,373 | |
4.0000%, 3/1/51 | 250,706 | 232,560 | |
4.0000%, 3/1/51 | 126,138 | 117,168 | |
2.0000%, 7/1/51 | 16,106,617 | 12,650,417 | |
4.0000%, 10/1/51 | 13,165,640 | 12,212,727 | |
4.0000%, 10/1/51 | 1,832,482 | 1,699,849 | |
3.0000%, 12/1/51 | 166,401 | 143,313 | |
2.5000%, 1/1/52 | 4,723,064 | 3,924,038 | |
3.5000%, 1/1/52 | 1,744,797 | 1,571,542 | |
2.5000%, 2/1/52 | 22,626,824 | 18,784,932 | |
2.5000%, 2/1/52 | 17,232,319 | 14,268,374 | |
2.5000%, 2/1/52 | 7,739,965 | 6,376,273 | |
3.5000%, 2/1/52 | 4,574,438 | 4,119,853 | |
2.5000%, 3/1/52 | 9,681,305 | 8,037,480 | |
2.5000%, 3/1/52 | 9,565,754 | 7,925,490 | |
2.5000%, 3/1/52 | 7,205,933 | 5,955,370 | |
2.5000%, 3/1/52 | 3,592,273 | 2,987,659 | |
2.5000%, 3/1/52 | 797,511 | 660,759 | |
2.5000%, 3/1/52 | 720,441 | 596,905 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10 | June 30, 2024
Janus Henderson Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Mortgage-Backed Securities – (continued) | |||
Fannie Mae Pool – (continued) | |||
2.5000%, 3/1/52 | $688,460 | $571,564 | |
2.5000%, 3/1/52 | 275,852 | 228,980 | |
3.0000%, 3/1/52 | 3,691,490 | 3,179,550 | |
3.0000%, 4/1/52 | 2,249,078 | 1,941,154 | |
3.0000%, 4/1/52 | 1,915,912 | 1,649,472 | |
3.0000%, 4/1/52 | 15,827 | 13,606 | |
3.5000%, 4/1/52 | 2,672,555 | 2,400,786 | |
3.5000%, 4/1/52 | 1,841,686 | 1,654,691 | |
3.5000%, 4/1/52 | 1,429,643 | 1,286,228 | |
3.5000%, 4/1/52 | 848,243 | 761,986 | |
3.5000%, 4/1/52 | 489,369 | 440,314 | |
3.5000%, 4/1/52 | 452,020 | 406,676 | |
4.5000%, 4/1/52 | 389,821 | 368,032 | |
4.5000%, 4/1/52 | 329,924 | 311,483 | |
4.5000%, 4/1/52 | 189,135 | 178,533 | |
4.5000%, 4/1/52 | 171,800 | 162,170 | |
4.5000%, 4/1/52 | 150,132 | 141,717 | |
4.5000%, 4/1/52 | 96,679 | 91,263 | |
2.5000%, 5/1/52 | 15,893,086 | 13,156,704 | |
3.5000%, 5/1/52 | 1,354,231 | 1,216,416 | |
4.0000%, 5/1/52 | 1,147,979 | 1,066,338 | |
4.5000%, 5/1/52 | 523,583 | 494,236 | |
3.0000%, 6/1/52 | 4,825,158 | 4,137,940 | |
3.5000%, 6/1/52 | 8,080,097 | 7,257,816 | |
3.5000%, 6/1/52 | 4,505,542 | 4,056,047 | |
3.0000%, 7/1/52 | 3,583,451 | 3,074,094 | |
3.5000%, 7/1/52 | 1,172,055 | 1,052,780 | |
3.5000%, 7/1/52 | 386,154 | 347,600 | |
4.5000%, 7/1/52 | 2,122,641 | 2,008,647 | |
3.5000%, 8/1/52 | 753,904 | 677,124 | |
5.0000%, 10/1/52 | 1,647,497 | 1,601,782 | |
5.0000%, 10/1/52 | 724,805 | 704,693 | |
5.0000%, 1/1/53 | 1,129,196 | 1,097,863 | |
5.0000%, 1/1/53 | 366,571 | 356,400 | |
5.0000%, 2/1/53 | 444,638 | 432,292 | |
5.0000%, 3/1/53 | 267,217 | 259,623 | |
5.5000%, 3/1/53 | 394,662 | 392,383 | |
5.0000%, 4/1/53 | 518,116 | 503,391 | |
5.5000%, 4/1/53 | 189,010 | 187,893 | |
5.0000%, 5/1/53 | 263,942 | 256,441 | |
5.5000%, 5/1/53 | 349,190 | 347,101 | |
5.5000%, 5/1/53 | 181,759 | 180,672 | |
5.0000%, 6/1/53 | 935,690 | 918,599 | |
5.0000%, 6/1/53 | 379,517 | 368,731 | |
5.0000%, 6/1/53 | 320,913 | 311,793 | |
5.5000%, 6/1/53 | 9,463,477 | 9,418,976 | |
5.5000%, 6/1/53 | 149,791 | 149,052 | |
4.5000%, 7/1/53 | 2,101,957 | 2,007,207 | |
5.0000%, 7/1/53 | 3,315,042 | 3,249,101 | |
5.0000%, 7/1/53 | 732,731 | 719,781 | |
5.5000%, 7/1/53 | 14,196,397 | 13,999,536 | |
5.5000%, 7/1/53 | 429,904 | 427,273 | |
5.5000%, 7/1/53 | 258,730 | 257,413 | |
4.5000%, 8/1/53 | 1,348,769 | 1,287,971 | |
5.0000%, 8/1/53 | 4,771,375 | 4,679,809 | |
5.0000%, 8/1/53 | 323,483 | 314,501 | |
5.0000%, 9/1/53 | 1,080,502 | 1,059,009 | |
5.5000%, 9/1/53 | 7,628,676 | 7,589,251 | |
5.5000%, 11/1/53 | 2,255,820 | 2,265,586 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 11
Janus Henderson Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Mortgage-Backed Securities – (continued) | |||
Fannie Mae Pool – (continued) | |||
5.0000%, 12/1/53 | $391,988 | $384,465 | |
6.0000%, 1/1/54 | 2,230,164 | 2,286,002 | |
5.5000%, 3/1/54 | 4,060,515 | 4,076,986 | |
6.0000%, 3/1/54 | 1,855,150 | 1,896,850 | |
6.0000%, 4/1/54 | 4,507,254 | 4,589,855 | |
6.0000%, 5/1/54 | 6,916,714 | 7,008,925 | |
3.5000%, 8/1/56 | 15,990,879 | 14,072,448 | |
3.0000%, 2/1/57 | 9,168,913 | 7,712,166 | |
3.0000%, 6/1/57 | 33,654 | 28,267 | |
2.5000%, 3/1/62 | 15,886,642 | 12,561,903 | |
323,736,518 | |||
Freddie Mac Gold Pool: | |||
4.0000%, 9/1/48 | 450,545 | 418,951 | |
Freddie Mac Pool: | |||
3.0000%, 5/1/31 | 6,043,391 | 5,741,105 | |
3.0000%, 9/1/32 | 212,686 | 200,259 | |
3.0000%, 10/1/32 | 256,265 | 240,920 | |
3.0000%, 1/1/33 | 144,303 | 135,735 | |
2.5000%, 12/1/33 | 5,172,981 | 4,821,614 | |
3.0000%, 10/1/34 | 46,083 | 43,019 | |
3.0000%, 10/1/34 | 22,577 | 21,074 | |
2.5000%, 11/1/34 | 1,814,634 | 1,654,691 | |
2.5000%, 11/1/34 | 617,196 | 562,796 | |
2.5000%, 6/1/37 | 6,913,816 | 6,267,534 | |
6.0000%, 4/1/40 | 968,590 | 1,002,385 | |
4.5000%, 5/1/44 | 937,307 | 906,585 | |
3.0000%, 1/1/46 | 83,143 | 73,691 | |
4.0000%, 2/1/46 | 2,641,156 | 2,466,700 | |
4.0000%, 3/1/47 | 6,532 | 6,100 | |
4.5000%, 7/1/48 | 663,427 | 634,919 | |
5.0000%, 9/1/48 | 115,708 | 113,361 | |
4.0000%, 11/1/48 | 138,263 | 128,431 | |
4.0000%, 12/1/48 | 1,640,854 | 1,524,203 | |
4.5000%, 6/1/49 | 109,964 | 104,938 | |
4.0000%, 7/1/49 | 1,298,959 | 1,205,050 | |
4.5000%, 7/1/49 | 883,018 | 842,661 | |
4.5000%, 7/1/49 | 140,182 | 134,047 | |
3.0000%, 8/1/49 | 440,537 | 375,395 | |
4.5000%, 8/1/49 | 785,095 | 749,214 | |
3.0000%, 12/1/49 | 616,574 | 531,960 | |
3.0000%, 12/1/49 | 299,683 | 258,557 | |
4.5000%, 1/1/50 | 544,412 | 519,531 | |
4.5000%, 1/1/50 | 152,111 | 145,444 | |
4.0000%, 3/1/50 | 1,610,845 | 1,496,286 | |
2.5000%, 8/1/50 | 380,976 | 319,489 | |
2.5000%, 8/1/50 | 147,303 | 123,483 | |
2.5000%, 9/1/50 | 692,104 | 579,976 | |
4.5000%, 9/1/50 | 4,802,937 | 4,596,546 | |
4.0000%, 10/1/50 | 337,002 | 312,610 | |
4.5000%, 10/1/50 | 2,570,291 | 2,457,626 | |
4.0000%, 11/1/50 | 2,833,611 | 2,628,518 | |
2.5000%, 8/1/51 | 13,117,823 | 10,830,954 | |
2.5000%, 9/1/51 | 9,152,180 | 7,579,239 | |
2.5000%, 10/1/51 | 11,585,618 | 9,578,561 | |
2.5000%, 11/1/51 | 5,930,204 | 4,936,126 | |
2.5000%, 1/1/52 | 1,421,202 | 1,182,387 | |
2.5000%, 1/1/52 | 910,493 | 757,215 | |
2.5000%, 2/1/52 | 2,172,185 | 1,803,362 | |
2.5000%, 2/1/52 | 1,104,209 | 908,824 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12 | June 30, 2024
Janus Henderson Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Mortgage-Backed Securities – (continued) | |||
Freddie Mac Pool – (continued) | |||
3.0000%, 2/1/52 | $1,016,767 | $876,153 | |
3.0000%, 2/1/52 | 683,378 | 590,344 | |
2.5000%, 3/1/52 | 9,246,096 | 7,632,887 | |
2.5000%, 3/1/52 | 356,697 | 295,533 | |
3.0000%, 3/1/52 | 1,244,668 | 1,074,740 | |
4.5000%, 3/1/52 | 81,190 | 76,652 | |
3.5000%, 4/1/52 | 1,837,752 | 1,655,267 | |
3.5000%, 4/1/52 | 982,552 | 882,637 | |
3.5000%, 4/1/52 | 977,305 | 877,924 | |
3.5000%, 4/1/52 | 304,827 | 274,248 | |
3.5000%, 4/1/52 | 278,956 | 250,993 | |
2.5000%, 5/1/52 | 12,398,781 | 10,141,593 | |
2.5000%, 5/1/52 | 3,884,729 | 3,214,155 | |
3.0000%, 6/1/52 | 11,181,732 | 9,659,472 | |
5.5000%, 9/1/52 | 2,084,793 | 2,076,187 | |
5.0000%, 10/1/52 | 3,242,008 | 3,152,048 | |
5.0000%, 10/1/52 | 99,925 | 97,152 | |
5.5000%, 10/1/52 | 125,403 | 125,076 | |
5.0000%, 1/1/53 | 211,025 | 205,170 | |
5.0000%, 1/1/53 | 183,310 | 178,223 | |
5.0000%, 3/1/53 | 773,458 | 751,476 | |
5.0000%, 3/1/53 | 743,912 | 722,770 | |
5.0000%, 4/1/53 | 927,242 | 898,510 | |
5.0000%, 5/1/53 | 1,912,964 | 1,858,597 | |
5.0000%, 5/1/53 | 1,061,187 | 1,031,028 | |
5.0000%, 5/1/53 | 206,704 | 200,829 | |
5.5000%, 5/1/53 | 1,765,059 | 1,752,447 | |
5.5000%, 5/1/53 | 782,409 | 777,729 | |
5.0000%, 6/1/53 | 1,442,359 | 1,401,367 | |
5.0000%, 6/1/53 | 717,701 | 693,262 | |
5.0000%, 6/1/53 | 712,103 | 687,834 | |
5.0000%, 6/1/53 | 567,412 | 548,091 | |
5.0000%, 6/1/53 | 269,456 | 260,272 | |
5.5000%, 6/1/53 | 1,794,485 | 1,783,750 | |
5.5000%, 6/1/53 | 685,287 | 675,742 | |
5.5000%, 6/1/53 | 565,269 | 557,396 | |
5.5000%, 6/1/53 | 542,623 | 535,065 | |
5.5000%, 6/1/53 | 438,117 | 432,000 | |
5.0000%, 7/1/53 | 1,255,656 | 1,230,679 | |
5.0000%, 7/1/53 | 886,010 | 869,827 | |
5.5000%, 7/1/53 | 1,933,360 | 1,921,528 | |
5.5000%, 7/1/53 | 1,335,832 | 1,317,225 | |
5.5000%, 7/1/53 | 1,243,866 | 1,236,254 | |
5.0000%, 8/1/53 | 12,714,631 | 12,470,627 | |
5.0000%, 9/1/53 | 258,642 | 253,287 | |
5.5000%, 9/1/53 | 1,604,904 | 1,610,875 | |
6.0000%, 9/1/53 | 12,493,664 | 12,659,450 | |
6.0000%, 9/1/53 | 3,772,534 | 3,859,216 | |
6.0000%, 10/1/53 | 6,948,681 | 6,994,282 | |
6.5000%, 11/1/53 | 4,960,319 | 5,106,814 | |
5.5000%, 4/1/54 | 1,085,284 | 1,089,687 | |
6.0000%, 4/1/54 | 5,024,113 | 5,091,093 | |
196,118,584 | |||
Ginnie Mae: | |||
2.5000%, TBA, 30 Year Maturity | 20,180,765 | 16,963,366 | |
4.0000%, TBA, 30 Year Maturity | 11,354,740 | 10,493,319 | |
4.5000%, TBA, 30 Year Maturity | 9,618,566 | 9,141,947 | |
5.0000%, TBA, 30 Year Maturity | 4,526,907 | 4,407,590 | |
41,006,222 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 13
Janus Henderson Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Mortgage-Backed Securities – (continued) | |||
Ginnie Mae I Pool: | |||
4.0000%, 8/15/47 | $424,439 | $397,601 | |
4.0000%, 11/15/47 | 379,330 | 353,311 | |
4.0000%, 12/15/47 | 1,183,158 | 1,102,005 | |
1,852,917 | |||
Ginnie Mae II Pool: | |||
3.0000%, 11/20/46 | 9,779,077 | 8,640,038 | |
4.0000%, 8/20/47 | 287,671 | 269,682 | |
4.0000%, 8/20/47 | 109,888 | 103,016 | |
4.5000%, 2/20/48 | 1,292,528 | 1,243,955 | |
4.0000%, 5/20/48 | 5,454,581 | 5,098,558 | |
4.5000%, 5/20/48 | 479,249 | 461,200 | |
4.0000%, 6/20/48 | 1,541,661 | 1,441,036 | |
5.0000%, 8/20/48 | 1,476,322 | 1,457,880 | |
3.5000%, 5/20/49 | 12,909,861 | 11,680,711 | |
2.5000%, 3/20/51 | 12,346,352 | 10,396,530 | |
3.0000%, 4/20/51 | 4,328,987 | 3,777,513 | |
3.0000%, 7/20/51 | 6,556,537 | 5,718,258 | |
3.0000%, 8/20/51 | 18,801,045 | 16,394,357 | |
2.5000%, 1/20/52 | 12,953,043 | 10,703,796 | |
77,386,530 | |||
Total Mortgage-Backed Securities (cost $683,519,772) | 652,062,878 | ||
United States Treasury Notes/Bonds – 5.6% | |||
4.5000%, 5/31/29 | 21,185,000 | 21,328,992 | |
4.6250%, 5/31/31 | 7,254,000 | 7,371,877 | |
4.3750%, 5/15/34 | 98,802,400 | 98,833,276 | |
4.6250%, 5/15/44# | 8,081,000 | 8,065,848 | |
4.2500%, 2/15/54 | 9,689,600 | 9,226,316 | |
Total United States Treasury Notes/Bonds (cost $143,535,987) | 144,826,309 | ||
Investment Companies – 4.8% | |||
Money Markets – 4.8% | |||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº,£ (cost $124,589,756) | 124,573,732 | 124,598,646 | |
Investments Purchased with Cash Collateral from Securities Lending – 0.7% | |||
Investment Companies – 0.6% | |||
Janus Henderson Cash Collateral Fund LLC, 5.2795%ºº,£ | 14,302,614 | 14,302,614 | |
Time Deposits – 0.1% | �� | ||
Royal Bank of Canada, 5.3100%, 7/1/24 | $3,575,654 | 3,575,654 | |
Total Investments Purchased with Cash Collateral from Securities Lending (cost $17,878,268) | 17,878,268 | ||
Total Investments (total cost $2,770,474,807) – 104.6% | 2,724,932,719 | ||
Liabilities, net of Cash, Receivables and Other Assets – (4.6)% | (120,147,909) | ||
Net Assets – 100% | $2,604,784,810 | ||
Summary of Investments by Country - (Long Positions) (unaudited) | ||
Country | Value | % of Investment Securities |
United States | $2,660,707,435 | 97.6 % |
Canada | 20,382,888 | 0.8 |
United Kingdom | 15,330,949 | 0.6 |
France | 11,339,392 | 0.4 |
Switzerland | 9,325,583 | 0.3 |
Germany | 5,210,344 | 0.2 |
Japan | 2,636,128 | 0.1 |
Total | $2,724,932,719 | 100.0 % |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
14 | June 30, 2024
Janus Henderson Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Schedule of Affiliated Investments - (% of Net Assets) | ||||||||
Affiliate | Affiliated Investments, at Value at 6/30/23 | Purchases | Sales Proceeds | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Affiliated Investments, at Value at 6/30/24 | Ending Shares | Dividend Income |
Investment Companies - 4.8% | ||||||||
Money Markets - 4.8% | ||||||||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº | ||||||||
$251,620,828 | $1,368,437,971 | $(1,495,459,827) | $15,942 | $(16,268) | $124,598,646 | 124,573,732 | $10,317,783 | |
Investments Purchased with Cash Collateral from Securities Lending - 0.6% | ||||||||
Investment Companies - 0.6% | ||||||||
Janus Henderson Cash Collateral Fund LLC, 5.2795%ºº | ||||||||
678,968 | 359,472,750 | (345,849,104) | - | - | 14,302,614 | 14,302,614 | 274,432 ∆ | |
Total Affiliated Investments - 5.4% | ||||||||
$252,299,796 | $1,727,910,721 | $(1,841,308,931) | $15,942 | $(16,268) | $138,901,260 | 138,876,346 | $10,592,215 | |
Schedule of Futures | ||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/(Depreciation) |
Futures Long: | ||||
2 Year US Treasury Note | 1,767 | 10/3/24 | $360,854,531 | $1,180,764 |
5 Year US Treasury Note | 4,980 | 10/3/24 | 530,759,063 | 4,098,516 |
Ultra Long Term US Treasury Bond | 820 | 9/30/24 | 102,781,875 | 3,378,215 |
US Treasury Long Bond | 2,283 | 9/30/24 | 270,107,438 | 7,846,232 |
Total - Futures Long | 16,503,727 | |||
Futures Short: | ||||
10 Year US Treasury Note | 270 | 9/30/24 | (29,695,781) | (379,387) |
Ultra 10-Year Treasury Note | 2,209 | 9/30/24 | (250,790,531) | (4,764,643) |
Total - Futures Short | (5,144,030) | |||
Total | $11,359,697 | |||
The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of June 30, 2024.
Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2024 | |
Interest Rate Contracts | |
Asset Derivatives: | |
*Futures contracts | $16,503,727 |
Liability Derivatives: | |
*Futures contracts | $5,144,030 |
* | The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 15
Janus Henderson Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended June 30, 2024.
The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended June 30, 2024 | |||
Amount of Realized Gain/(Loss) Recognized on Derivatives | |||
Derivative | Credit Contracts | Interest Rate Contracts | Total |
Futures contracts | $- | $(42,223,969) | $(42,223,969) |
Swap contracts | (185,250) | - | $(185,250) |
Total | $(185,250) | $(42,223,969) | $(42,409,219) |
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives | |
Derivative | Interest Rate Contracts |
Futures contracts | $26,852,822 |
Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund’s Statement of Operations.
Average Ending Monthly Value of Derivative Instruments During the Year Ended June 30, 2024 | |
Futures contracts: | |
Average notional amount of contracts - long | $1,368,452,028 |
Average notional amount of contracts - short | 196,695,237 |
Offsetting of Financial Assets and Derivative Assets | ||||
Counterparty | Gross Amounts of Recognized Assets | Offsetting Asset or Liability(a) | Collateral Pledged(b) | Net Amount |
JPMorgan Chase Bank, National Association | $17,195,268 | $— | $(17,195,268) | $— |
(a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
(b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
16 | June 30, 2024
Janus Henderson Flexible Bond Fund
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
IBOR | Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
PLC | Public Limited Company |
SOFR | Secured Overnight Financing Rate |
TBA | (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when specific mortgage pools are assigned. |
ž | Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the year ended June 30, 2024 is $1,155,864,929, which represents 44.4% of net assets. |
ƒ | All or a portion of this position is not funded, or has been purchased on a delayed delivery or when-issued basis. If applicable, interest rates will be determined and interest will begin to accrue at a future date. See Notes to Financial Statements. |
‡ | Variable or floating rate security. Rate shown is the current rate as of June 30, 2024. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description. |
ºº | Rate shown is the 7-day yield as of June 30, 2024. |
# | Loaned security; a portion of the security is on loan at June 30, 2024. |
μ | Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date. |
Ç | Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate. |
◊ | Zero coupon bond. |
¤ | Interest only security. An interest only security represents the interest only portion of a pool of underlying mortgages or mortgage-backed securities which are separated and sold individually from the principal portion of the securities. Principal amount shown represents the par value on which interest payments are based. |
£ | The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. |
∆ | Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
Janus Investment Fund | 17
Janus Henderson Flexible Bond Fund
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2024. See Notes to Financial Statements for more information.
Valuation Inputs Summary | |||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | |
Assets | |||
Investments In Securities: | |||
Asset-Backed/Commercial Mortgage-Backed Securities | $- | $792,318,779 | $- |
Bank Loans and Mezzanine Loans | - | 50,720,432 | - |
Corporate Bonds | - | 942,527,407 | - |
Mortgage-Backed Securities | - | 652,062,878 | - |
United States Treasury Notes/Bonds | - | 144,826,309 | - |
Investment Companies | - | 124,598,646 | - |
Investments Purchased with Cash Collateral from Securities Lending | - | 17,878,268 | - |
Total Investments in Securities | $- | $2,724,932,719 | $- |
Other Financial Instruments(a): | |||
Futures Contracts | 16,503,727 | - | - |
Total Assets | $16,503,727 | $2,724,932,719 | $- |
Liabilities | |||
Other Financial Instruments(a): | |||
Futures Contracts | $5,144,030 | $- | $- |
(a) | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |
18 | June 30, 2024
Janus Henderson Flexible Bond Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Assets: | |
Unaffiliated investments, at value (cost $2,631,582,437)(1) | $2,586,031,459 |
Affiliated investments, at value (cost $138,892,370) | 138,901,260 |
Cash | 63,112 |
Collateral for To Be Announced transactions | 190,000 |
Deposits with brokers for futures | 17,300,000 |
Variation margin receivable on futures contracts | 1,141,748 |
Trustees' deferred compensation | 71,509 |
Receivables: | |
Investments sold | 32,393,762 |
Interest | 19,080,908 |
TBA investments sold | 4,581,507 |
Fund shares sold | 2,994,524 |
Dividends from affiliates | 467,289 |
Other assets | 114,296 |
Total Assets | 2,803,331,374 |
Liabilities: | |
Collateral for securities loaned (Note 3) | 17,878,268 |
Variation margin payable on futures contracts | 4,227,228 |
Payables: | |
Investments purchased | 111,014,232 |
TBA investments purchased | 57,659,027 |
Fund shares repurchased | 5,269,555 |
Dividends | 1,094,848 |
Advisory fees | 698,508 |
Transfer agent fees and expenses | 285,369 |
Professional fees | 84,956 |
Trustees' deferred compensation fees | 71,509 |
12b-1 Distribution and shareholder servicing fees | 45,827 |
Trustees' fees and expenses | 14,496 |
Affiliated fund administration fees payable | 5,337 |
Custodian fees | 1,897 |
Accrued expenses and other payables | 195,507 |
Total Liabilities | 198,546,564 |
Commitments and contingent liabilities (Note 4) | |
Net Assets | $2,604,784,810 |
See footnotes at the end of the Statement.
See Notes to Financial Statements.
Janus Investment Fund | 19
Janus Henderson Flexible Bond Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Net Assets Consist of: | |
Capital (par value and paid-in surplus) | $3,223,610,342 |
Total distributable earnings (loss) | (618,825,532) |
Total Net Assets | $2,604,784,810 |
Net Assets - Class A Shares | $101,054,730 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 10,974,382 |
Net Asset Value Per Share(2) | $9.21 |
Maximum Offering Price Per Share(3) | $9.67 |
Net Assets - Class C Shares | $19,527,723 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2,119,953 |
Net Asset Value Per Share(2) | $9.21 |
Net Assets - Class D Shares | $412,080,600 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 44,739,473 |
Net Asset Value Per Share | $9.21 |
Net Assets - Class I Shares | $1,240,733,770 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 134,679,378 |
Net Asset Value Per Share | $9.21 |
Net Assets - Class N Shares | $526,371,496 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 57,189,483 |
Net Asset Value Per Share | $9.20 |
Net Assets - Class R Shares | $14,254,090 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1,547,170 |
Net Asset Value Per Share | $9.21 |
Net Assets - Class S Shares | $15,403,305 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1,672,232 |
Net Asset Value Per Share | $9.21 |
Net Assets - Class T Shares | $275,359,096 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 29,900,117 |
Net Asset Value Per Share | $9.21 |
(1) | Includes $17,195,268 of securities on loan. See Note 3 in Notes to Financial Statements. |
(2) | Redemption price per share may be reduced for any applicable contingent deferred sales charge. |
(3) | Maximum offering price is computed at 100/95.25 of net asset value. |
See Notes to Financial Statements.
20 | June 30, 2024
Janus Henderson Flexible Bond Fund
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Investment Income: | |
Interest | $126,709,277 |
Dividends from affiliates | 10,317,783 |
Affiliated securities lending income, net | 274,432 |
Unaffiliated securities lending income, net | 71,228 |
Other income | 770,515 |
Total Investment Income | 138,143,235 |
Expenses: | |
Advisory fees | 11,004,115 |
12b-1 Distribution and shareholder servicing fees: | |
Class A Shares | 258,795 |
Class C Shares | 230,388 |
Class R Shares | 76,995 |
Class S Shares | 35,590 |
Transfer agent administrative fees and expenses: | |
Class D Shares | 475,043 |
Class R Shares | 38,808 |
Class S Shares | 35,586 |
Class T Shares | 753,602 |
Transfer agent networking and omnibus fees: | |
Class A Shares | 189,228 |
Class C Shares | 17,044 |
Class I Shares | 1,088,755 |
Other transfer agent fees and expenses: | |
Class A Shares | 5,436 |
Class C Shares | 993 |
Class D Shares | 77,615 |
Class I Shares | 60,481 |
Class N Shares | 18,092 |
Class R Shares | 475 |
Class S Shares | 313 |
Class T Shares | 3,957 |
Shareholder reports expense | 216,956 |
Registration fees | 169,787 |
Professional fees | 104,736 |
Affiliated fund administration fees | 66,911 |
Trustees' fees and expenses | 57,050 |
Custodian fees | 55,387 |
Other expenses | 278,456 |
Total Expenses | 15,320,594 |
Less: Excess Expense Reimbursement and Waivers | (1,317,809) |
Net Expenses | 14,002,785 |
Net Investment Income/(Loss) | 124,140,450 |
Net Realized Gain/(Loss) on Investments: | |
Investments | (93,531,397) |
Investments in affiliates | 15,942 |
Futures contracts | (42,223,969) |
Swap contracts | (185,250) |
Total Net Realized Gain/(Loss) on Investments | (135,924,674) |
Change in Unrealized Net Appreciation/Depreciation: | |
Investments and Trustees' deferred compensation | 78,380,543 |
Investments in affiliates | (16,268) |
Futures contracts | 26,852,822 |
Total Change in Unrealized Net Appreciation/Depreciation | 105,217,097 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $93,432,873 |
See Notes to Financial Statements.
Janus Investment Fund | 21
Janus Henderson Flexible Bond Fund
Statements of Changes in Net Assets
Statements of Changes in Net Assets
Year ended June 30, 2024 | Year ended June 30, 2023 | |
Operations: | ||
Net investment income/(loss) | $124,140,450 | $100,730,416 |
Net realized gain/(loss) on investments | (135,924,674) | (243,097,908) |
Change in unrealized net appreciation/depreciation | 105,217,097 | 97,008,000 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 93,432,873 | (45,359,492) |
Dividends and Distributions to Shareholders: | ||
Class A Shares | (4,665,824) | (3,658,551) |
Class C Shares | (883,554) | (869,717) |
Class D Shares | (19,359,312) | (15,693,299) |
Class I Shares | (63,346,853) | (50,800,690) |
Class N Shares | (22,304,784) | (16,123,613) |
Class R Shares | (621,298) | (508,784) |
Class S Shares | (607,502) | (439,859) |
Class T Shares | (13,615,380) | (12,017,415) |
Total Dividends and Distributions to Shareholders | (125,404,507) | (100,111,928) |
Return of Capital on Dividends and Distributions: | ||
Class A Shares | — | (75,544) |
Class C Shares | — | (23,801) |
Class D Shares | — | (312,644) |
Class I Shares | — | (974,821) |
Class N Shares | — | (309,806) |
Class R Shares | — | (12,473) |
Class S Shares | — | (9,845) |
Class T Shares | — | (247,782) |
Total Return of Capital on Dividends and Distributions | — | (1,966,716) |
Net Decrease from Dividends and Distributions to Shareholders | (125,404,507) | (102,078,644) |
Capital Share Transactions: | ||
Class A Shares | (10,326,342) | 4,030,249 |
Class C Shares | (8,639,104) | (13,764,677) |
Class D Shares | (25,870,927) | (31,617,091) |
Class I Shares | (230,719,019) | 35,370,063 |
Class N Shares | 49,063,821 | (44,483,585) |
Class R Shares | (3,202,639) | (1,560,405) |
Class S Shares | 1,040,680 | 205,450 |
Class T Shares | (68,926,362) | (16,923,475) |
Net Increase/(Decrease) from Capital Share Transactions | (297,579,892) | (68,743,471) |
Net Increase/(Decrease) in Net Assets | (329,551,526) | (216,181,607) |
Net Assets: | ||
Beginning of period | 2,934,336,336 | 3,150,517,943 |
End of period | $2,604,784,810 | $2,934,336,336 |
See Notes to Financial Statements.
22 | June 30, 2024
Janus Henderson Flexible Bond Fund
Financial Highlights
Financial Highlights
Class A Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $9.30 | $9.76 | $11.16 | $11.14 | $10.39 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.41 | 0.31 | 0.17 | 0.20 | 0.25 |
Net realized and unrealized gain/(loss) | (0.09) | (0.46) | (1.38) | 0.04 | 0.76 |
Total from Investment Operations | 0.32 | (0.15) | (1.21) | 0.24 | 1.01 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.41) | (0.31) | (0.19) | (0.22) | (0.26) |
Return of capital | — | — (2) | — | — | — |
Total Dividends and Distributions | (0.41) | (0.31) | (0.19) | (0.22) | (0.26) |
Net Asset Value, End of Period | $9.21 | $9.30 | $9.76 | $11.16 | $11.14 |
Total Return* | 3.57% | (1.50)% | (11.00)% | 2.19% | 9.90% |
Net Assets, End of Period (in thousands) | $101,055 | $112,400 | $113,840 | $144,886 | $118,862 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.88% | 0.89% | 0.85% | 0.86% | 0.92% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.70% | 0.71% | 0.76% | 0.86% | 0.88% |
Ratio of Net Investment Income/(Loss) | 4.43% | 3.26% | 1.59% | 1.74% | 2.30% |
Portfolio Turnover Rate(3) | 170% | 195% | 158% | 132% | 175% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
(3) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
Janus Investment Fund | 23
Janus Henderson Flexible Bond Fund
Financial Highlights
Financial Highlights
Class C Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $9.30 | $9.76 | $11.16 | $11.14 | $10.39 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.34 | 0.24 | 0.09 | 0.13 | 0.18 |
Net realized and unrealized gain/(loss) | (0.08) | (0.46) | (1.38) | 0.05 | 0.77 |
Total from Investment Operations | 0.26 | (0.22) | (1.29) | 0.18 | 0.95 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.35) | (0.24) | (0.11) | (0.16) | (0.20) |
Return of capital | — | — (2) | — | — | — |
Total Dividends and Distributions | (0.35) | (0.24) | (0.11) | (0.16) | (0.20) |
Net Asset Value, End of Period | $9.21 | $9.30 | $9.76 | $11.16 | $11.14 |
Total Return* | 2.83% | (2.21)% | (11.62)% | 1.60% | 9.23% |
Net Assets, End of Period (in thousands) | $19,528 | $28,509 | $44,112 | $74,867 | $122,908 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.50% | 1.51% | 1.49% | 1.44% | 1.50% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.43% | 1.43% | 1.45% | 1.44% | 1.50% |
Ratio of Net Investment Income/(Loss) | 3.68% | 2.47% | 0.88% | 1.17% | 1.67% |
Portfolio Turnover Rate(3) | 170% | 195% | 158% | 132% | 175% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
(3) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
24 | June 30, 2024
Janus Henderson Flexible Bond Fund
Financial Highlights
Financial Highlights
Class D Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $9.30 | $9.76 | $11.16 | $11.14 | $10.39 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.42 | 0.32 | 0.19 | 0.23 | 0.28 |
Net realized and unrealized gain/(loss) | (0.09) | (0.45) | (1.38) | 0.05 | 0.77 |
Total from Investment Operations | 0.33 | (0.13) | (1.19) | 0.28 | 1.05 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.42) | (0.33) | (0.21) | (0.26) | (0.30) |
Return of capital | — | — (2) | — | — | — |
Total Dividends and Distributions | (0.42) | (0.33) | (0.21) | (0.26) | (0.30) |
Net Asset Value, End of Period | $9.21 | $9.30 | $9.76 | $11.16 | $11.14 |
Total Return* | 3.71% | (1.37)% | (10.83)% | 2.49% | 10.22% |
Net Assets, End of Period (in thousands) | $412,081 | $442,271 | $496,739 | $639,286 | $641,920 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.59% | 0.59% | 0.57% | 0.57% | 0.59% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.56% | 0.57% | 0.57% | 0.57% | 0.59% |
Ratio of Net Investment Income/(Loss) | 4.57% | 3.38% | 1.78% | 2.03% | 2.58% |
Portfolio Turnover Rate(3) | 170% | 195% | 158% | 132% | 175% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
(3) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
Janus Investment Fund | 25
Janus Henderson Flexible Bond Fund
Financial Highlights
Financial Highlights
Class I Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $9.30 | $9.76 | $11.16 | $11.14 | $10.39 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.43 | 0.33 | 0.20 | 0.24 | 0.28 |
Net realized and unrealized gain/(loss) | (0.09) | (0.45) | (1.38) | 0.04 | 0.77 |
Total from Investment Operations | 0.34 | (0.12) | (1.18) | 0.28 | 1.05 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.43) | (0.34) | (0.22) | (0.26) | (0.30) |
Return of capital | — | — (2) | — | — | — |
Total Dividends and Distributions | (0.43) | (0.34) | (0.22) | (0.26) | (0.30) |
Net Asset Value, End of Period | $9.21 | $9.30 | $9.76 | $11.16 | $11.14 |
Total Return* | 3.83% | (1.25)% | (10.75)% | 2.56% | 10.31% |
Net Assets, End of Period (in thousands) | $1,240,734 | $1,489,875 | $1,527,891 | $1,967,268 | $1,746,376 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.53% | 0.53% | 0.51% | 0.50% | 0.51% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.45% | 0.46% | 0.47% | 0.50% | 0.51% |
Ratio of Net Investment Income/(Loss) | 4.67% | 3.51% | 1.87% | 2.10% | 2.67% |
Portfolio Turnover Rate(3) | 170% | 195% | 158% | 132% | 175% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
(3) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
26 | June 30, 2024
Janus Henderson Flexible Bond Fund
Financial Highlights
Financial Highlights
Class N Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $9.29 | $9.76 | $11.15 | $11.14 | $10.38 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.43 | 0.33 | 0.21 | 0.24 | 0.29 |
Net realized and unrealized gain/(loss) | (0.09) | (0.46) | (1.38) | 0.04 | 0.78 |
Total from Investment Operations | 0.34 | (0.13) | (1.17) | 0.28 | 1.07 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.43) | (0.34) | (0.22) | (0.27) | (0.31) |
Return of capital | — | — (2) | — | — | — |
Total Dividends and Distributions | (0.43) | (0.34) | (0.22) | (0.27) | (0.31) |
Net Asset Value, End of Period | $9.20 | $9.29 | $9.76 | $11.15 | $11.14 |
Total Return* | 3.84% | (1.35)% | (10.63)% | 2.54% | 10.49% |
Net Assets, End of Period (in thousands) | $526,371 | $481,188 | $549,639 | $487,997 | $539,154 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.45% | 0.45% | 0.43% | 0.43% | 0.44% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.45% | 0.45% | 0.43% | 0.43% | 0.44% |
Ratio of Net Investment Income/(Loss) | 4.70% | 3.51% | 1.94% | 2.18% | 2.74% |
Portfolio Turnover Rate(3) | 170% | 195% | 158% | 132% | 175% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
(3) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
Janus Investment Fund | 27
Janus Henderson Flexible Bond Fund
Financial Highlights
Financial Highlights
Class R Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $9.30 | $9.76 | $11.16 | $11.15 | $10.39 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.36 | 0.26 | 0.12 | 0.16 | 0.21 |
Net realized and unrealized gain/(loss) | (0.08) | (0.45) | (1.38) | 0.04 | 0.78 |
Total from Investment Operations | 0.28 | (0.19) | (1.26) | 0.20 | 0.99 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.37) | (0.27) | (0.14) | (0.19) | (0.23) |
Return of capital | — | — (2) | — | — | — |
Total Dividends and Distributions | (0.37) | (0.27) | (0.14) | (0.19) | (0.23) |
Net Asset Value, End of Period | $9.21 | $9.30 | $9.76 | $11.16 | $11.15 |
Total Return* | 3.06% | (1.98)% | (11.38)% | 1.80% | 9.65% |
Net Assets, End of Period (in thousands) | $14,254 | $17,622 | $20,102 | $25,664 | $24,453 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.20% | 1.21% | 1.18% | 1.16% | 1.20% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.19% | 1.20% | 1.18% | 1.16% | 1.20% |
Ratio of Net Investment Income/(Loss) | 3.93% | 2.75% | 1.16% | 1.45% | 1.98% |
Portfolio Turnover Rate(3) | 170% | 195% | 158% | 132% | 175% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
(3) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
28 | June 30, 2024
Janus Henderson Flexible Bond Fund
Financial Highlights
Financial Highlights
Class S Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $9.30 | $9.76 | $11.16 | $11.14 | $10.39 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.38 | 0.29 | 0.15 | 0.19 | 0.24 |
Net realized and unrealized gain/(loss) | (0.08) | (0.46) | (1.38) | 0.04 | 0.77 |
Total from Investment Operations | 0.30 | (0.17) | (1.23) | 0.23 | 1.01 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.39) | (0.29) | (0.17) | (0.21) | (0.26) |
Return of capital | — | — (2) | — | — | — |
Total Dividends and Distributions | (0.39) | (0.29) | (0.17) | (0.21) | (0.26) |
Net Asset Value, End of Period | $9.21 | $9.30 | $9.76 | $11.16 | $11.14 |
Total Return* | 3.32% | (1.74)% | (11.17)% | 2.11% | 9.83% |
Net Assets, End of Period (in thousands) | $15,403 | $14,489 | $15,002 | $19,114 | $18,630 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.96% | 0.97% | 0.95% | 0.94% | 0.95% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.95% | 0.95% | 0.94% | 0.94% | 0.95% |
Ratio of Net Investment Income/(Loss) | 4.20% | 3.01% | 1.41% | 1.66% | 2.24% |
Portfolio Turnover Rate(3) | 170% | 195% | 158% | 132% | 175% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
(3) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
Janus Investment Fund | 29
Janus Henderson Flexible Bond Fund
Financial Highlights
Financial Highlights
Class T Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $9.30 | $9.76 | $11.16 | $11.14 | $10.39 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.41 | 0.31 | 0.18 | 0.22 | 0.27 |
Net realized and unrealized gain/(loss) | (0.09) | (0.45) | (1.38) | 0.04 | 0.77 |
Total from Investment Operations | 0.32 | (0.14) | (1.20) | 0.26 | 1.04 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.41) | (0.32) | (0.20) | (0.24) | (0.29) |
Return of capital | — | — (2) | — | — | — |
Total Dividends and Distributions | (0.41) | (0.32) | (0.20) | (0.24) | (0.29) |
Net Asset Value, End of Period | $9.21 | $9.30 | $9.76 | $11.16 | $11.14 |
Total Return* | 3.59% | (1.48)% | (10.93)% | 2.39% | 10.12% |
Net Assets, End of Period (in thousands) | $275,359 | $347,983 | $383,193 | $547,371 | $597,879 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.69% | 0.70% | 0.68% | 0.68% | 0.69% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.68% | 0.69% | 0.67% | 0.67% | 0.68% |
Ratio of Net Investment Income/(Loss) | 4.44% | 3.27% | 1.67% | 1.94% | 2.49% |
Portfolio Turnover Rate(3) | 170% | 195% | 158% | 132% | 175% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
(3) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
30 | June 30, 2024
Janus Henderson Flexible Bond Fund
Notes to Financial Statements
Notes to Financial Statements
1.
Organization and Significant Accounting Policies
Janus Henderson Flexible Bond Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 36 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to obtain maximum total return, consistent with preservation of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
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Janus Henderson Flexible Bond Fund
Notes to Financial Statements
Notes to Financial Statements
Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
Investment Valuation
Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.
Valuation Inputs Summary
FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:
Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.
Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
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Notes to Financial Statements
Notes to Financial Statements
Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.
Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2024 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Dividends and Distributions
Dividends are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice,
Janus Investment Fund | 33
Janus Henderson Flexible Bond Fund
Notes to Financial Statements
Notes to Financial Statements
commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2.
Derivative Instruments
The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended June 30, 2024 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.
The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.
Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.
In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:
• Commodity Risk – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.
• Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.
• Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.
• Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.
34 | June 30, 2024
Janus Henderson Flexible Bond Fund
Notes to Financial Statements
Notes to Financial Statements
• Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.
• Index Risk – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.
• Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.
• Leverage Risk – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.
• Liquidity Risk – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.
Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser’s needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.
In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser’s ability to establish and maintain appropriate systems and trading.
Futures Contracts
A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.
Futures contracts are valued at the settlement price on valuation date on the exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or “ASET” price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used.
Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract.
Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund’s futures commission merchant.
Janus Investment Fund | 35
Janus Henderson Flexible Bond Fund
Notes to Financial Statements
Notes to Financial Statements
With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.
During the year, the Fund purchased interest rate futures to increase exposure to interest rate risk.
During the year, the Fund sold interest rate futures to decrease exposure to interest rate risk.
Swaps
Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return.
Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty (“CCP”). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant (“FCM”) that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the “Executing Dealer”) and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission (“CFTC”). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.
Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades.
The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund’s Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund’s Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the year is included in the Statement of Operations (if applicable).
The Fund’s maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty.
The Fund may enter into various types of credit default swap agreements, including OTC credit default swap agreements, for investment purposes, to add leverage to its Fund, or to hedge against widening credit spreads on high-yield/high-risk bonds. Credit default swaps are a specific kind of counterparty agreement that allow the transfer of third party credit risk from one party to the other. One party in the swap is a lender and faces credit risk from a third party, and the counterparty in the credit default swap agrees to insure this risk in exchange for regular periodic payments. Credit default swaps could result in losses if the Fund does not correctly evaluate the creditworthiness of the company or companies on which the credit default swap is based. Credit default swap agreements may involve greater risks than
36 | June 30, 2024
Janus Henderson Flexible Bond Fund
Notes to Financial Statements
Notes to Financial Statements
if the Fund had invested in the reference obligation directly since, in addition to risks relating to the reference obligation, credit default swaps are subject to illiquidity risk, counterparty risk, and credit risk. The Fund will generally incur a greater degree of risk when it sells a credit default swap than when it purchases a credit default swap. As a buyer of a credit default swap, the Fund may lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event were to occur, the value of any deliverable obligation received by the Fund, coupled with the upfront or periodic payments previously received, may be less than what it pays to the buyer, resulting in a loss of value to the Fund.
As a buyer of credit protection, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default or other credit event by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, the Fund as buyer would pay to the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and potentially received no benefit from the contract.
If the Fund is the seller of credit protection against a particular security, the Fund would receive an up-front or periodic payment to compensate against potential credit events. As the seller in a credit default swap contract, the Fund would be required to pay the par value (the “notional value”) (or other agreed-upon value) of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments and would have no payment obligations. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional value of the swap. The maximum potential amount of future payments (undiscounted) that the Fund as a seller could be required to make in a credit default transaction would be the notional amount of the agreement.
The Fund may invest in CDXs. A CDX is a swap on an index of credit default swaps. CDXs allow an investor to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or commercial mortgage-backed securities) in a more efficient manner than transacting in a single-name CDS. If a credit event occurs in one of the underlying companies, the protection is paid out via the delivery of the defaulted bond by the buyer of protection in return for a payment of notional value of the defaulted bond by the seller of protection or it may be settled through a cash settlement between the two parties. The underlying company is then removed from the index. If the Fund holds a long position in a CDX, the Fund would indirectly bear its proportionate share of any expenses paid by a CDX. A Fund holding a long position in CDXs typically receives income from principal or interest paid on the underlying securities. By investing in CDXs, the Fund could be exposed to illiquidity risk, counterparty risk, and credit risk of the issuers of the underlying loan obligations and of the CDX markets. If there is a default by the CDX counterparty, the Fund will have contractual remedies pursuant to the agreements related to the transaction. CDXs also bear the risk that the Fund will not be able to meet its obligation to the counterparty.
During the year, the Fund purchased protection via the credit default swap market in order to reduce credit risk exposure to individual corporates, countries and/or credit indices where reducing this exposure via the cash bond market was less attractive.
There were no credit default swaps held at June 30, 2024.
3.
Other Investments and Strategies
Market Risk
The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in
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one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
Loans
The Fund may invest in various commercial loans, including bank loans, bridge loans, debtor-in-possession (“DIP”) loans, mezzanine loans, and other fixed and floating rate loans. These loans may be acquired through loan participations and assignments or on a when-issued basis. Commercial loans will comprise no more than 20% of the Fund’s total assets. Below are descriptions of the types of loans held by the Fund as of June 30, 2024.
• Bank Loans – Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund’s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities.
• Floating Rate Loans – Floating rate loans are debt securities that have floating interest rates, that adjust periodically, and are tied to a benchmark lending rate, such as Secured Overnight Financing Rate ("SOFR”). In other cases, the lending rate could be tied to the prime rate offered by one or more major U.S. banks or the rate paid on large certificates of deposit traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies (‘‘borrowers’’) in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are senior in the borrower’s capital structure. The senior position in the borrower’s capital structure generally gives holders of senior loans a claim on certain of the borrower’s assets that is senior to subordinated debt and preferred and common stock in the case of a borrower’s default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. While the Fund generally expects to invest in fully funded term loans, certain of the loans in which the Fund may invest include revolving loans, bridge loans, and delayed draw term loans.
Purchasers of floating rate loans may pay and/or receive certain fees. The Fund may receive fees such as covenant waiver fees or prepayment penalty fees. The Fund may pay fees such as facility fees. Such fees may affect the Fund’s return.
• Mezzanine Loans – Mezzanine loans are secured by the stock of the company that owns the assets. Mezzanine loans are a hybrid of debt and equity financing that is typically used to fund the expansion of existing companies. A mezzanine loan is composed of debt capital that gives the lender the right to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. Mezzanine loans typically are the most subordinated debt obligation in an issuer’s capital structure.
Mortgage- and Asset-Backed Securities
Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer and commercial loans or receivables. The Fund may purchase fixed or variable rate
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Notes to Financial Statements
commercial or residential mortgage-backed securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or other governmental or government-related entities. Ginnie Mae’s guarantees are backed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency (“FHFA”), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities’ mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA’s appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.
The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities’ issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund’s returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.
Sovereign Debt
The Fund may invest in U.S. and non-U.S. government debt securities (“sovereign debt”). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund’s holdings. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.
TBA Commitments
The Fund may enter into “to be announced” or “TBA” commitments. TBAs are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate, and mortgage terms. Although TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA commitments do not require the delivery of a specific security, the characteristics of the security delivered to the Fund may be less favorable than expected. If the counterparty to a transaction fails to deliver the security, the Fund could suffer a loss. Cash collateral
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Notes to Financial Statements
that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Collateral for To Be Announced Transactions.
When-Issued, Delayed Delivery and Forward Commitment Transactions
The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis. When purchasing a security on a when-issued, delayed delivery, or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund’s other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases (including TBA commitments) are outstanding, the purchases may result in a form of leverage.
When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security’s price appreciates in value such that the security’s price is above the agreed upon price on the settlement date. The Fund may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward commitment securities before the settlement date, which may result in a gain or loss.
Counterparties
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.
The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in
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the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.
Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.
The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).
Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of June 30, 2024, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $17,195,268. Gross amounts of recognized liabilities for securities lending (collateral received) as of June 30, 2024 is $17,878,268, resulting in the net amount due to the counterparty of $683,000.
Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.
The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.
4.
Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund’s contractual investment advisory fee rate (expressed as an annual rate).
Average Daily Net Assets of the Fund | Contractual Investment Advisory Fee (%) |
First $300 Million | 0.50 |
Over $300 Million | 0.40 |
The Fund’s actual investment advisory fee rate for the reporting period was 0.41% of average annual net assets before any applicable waivers.
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Notes to Financial Statements
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (but excluding out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.45%. The Adviser has agreed to continue the waivers for at least a one-year period commencing on October 27, 2023. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $435,029 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion — $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the
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Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 4.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended June 30, 2024, the Distributor retained upfront sales charges of $1,477.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended June 30, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended June 30, 2024, redeeming shareholders of Class C Shares paid CDSCs of $1,635.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of June 30, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the
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Notes to Financial Statements
“Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended June 30, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
5.
Federal Income Tax
The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.
Other book to tax differences primarily consist of deferred compensation and derivatives. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
Undistributed Ordinary Income | Undistributed Long-Term Gains | Accumulated Capital Losses | Loss Deferrals | Other Book to Tax Differences | Net Tax Appreciation/ (Depreciation) |
$2,598,429 | $- | $(577,444,536) | $- | $(46,511) | $(43,932,914) |
Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2024, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.
Capital Loss Carryover Schedule | ||
For the year ended June 30, 2024 | ||
No Expiration | ||
Short-Term | Long-Term | Accumulated Capital Losses |
$(359,399,525) | $(218,045,011) | $(577,444,536) |
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$2,768,865,633 | $17,608,299 | $(61,541,213) | $(43,932,914) |
Information on the tax components of derivatives as of June 30, 2024 is as follows:
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$11,359,697 | $- | $- | $- |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
44 | June 30, 2024
Janus Henderson Flexible Bond Fund
Notes to Financial Statements
Notes to Financial Statements
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.
For the year ended June 30, 2024 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$125,404,507 | $- | $- | $- |
For the year ended June 30, 2023 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$100,111,928 | $- | $1,966,716 | $- |
Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets.
Janus Investment Fund | 45
Janus Henderson Flexible Bond Fund
Notes to Financial Statements
Notes to Financial Statements
6.
Capital Share Transactions
Year ended June 30, 2024 | Year ended June 30, 2023 | |||
Shares | Amount | Shares | Amount | |
Class A Shares: | ||||
Shares sold | 2,180,833 | $19,955,277 | 3,639,114 | $34,392,871 |
Reinvested dividends and distributions | 367,217 | 3,362,536 | 283,598 | 2,676,284 |
Shares repurchased | (3,664,893) | (33,644,155) | (3,497,255) | (33,038,906) |
Net Increase/(Decrease) | (1,116,843) | $(10,326,342) | 425,457 | $4,030,249 |
Class C Shares: | ||||
Shares sold | 314,555 | $2,896,318 | 628,916 | $5,915,263 |
Reinvested dividends and distributions | 91,226 | 835,170 | 88,943 | 839,879 |
Shares repurchased | (1,351,548) | (12,370,592) | (2,171,740) | (20,519,819) |
Net Increase/(Decrease) | (945,767) | $(8,639,104) | (1,453,881) | $(13,764,677) |
Class D Shares: | ||||
Shares sold | 3,277,784 | $30,094,255 | 1,931,504 | $18,330,177 |
Reinvested dividends and distributions | 1,969,330 | 18,039,072 | 1,585,804 | 14,975,373 |
Shares repurchased | (8,070,207) | (74,004,254) | (6,843,426) | (64,922,641) |
Net Increase/(Decrease) | (2,823,093) | $(25,870,927) | (3,326,118) | $(31,617,091) |
Class I Shares: | ||||
Shares sold | 34,110,321 | $313,275,224 | 61,228,049 | $580,131,750 |
Reinvested dividends and distributions | 5,993,730 | 54,905,147 | 4,664,635 | 44,044,317 |
Shares repurchased | (65,622,533) | (598,899,390) | (62,200,366) | (588,806,004) |
Net Increase/(Decrease) | (25,518,482) | $(230,719,019) | 3,692,318 | $35,370,063 |
Class N Shares: | ||||
Shares sold | 16,973,727 | $155,259,947 | 13,258,201 | $125,587,876 |
Reinvested dividends and distributions | 2,166,830 | 19,838,147 | 1,522,259 | 14,371,001 |
Shares repurchased | (13,733,680) | (126,034,273) | (19,330,656) | (184,442,462) |
Net Increase/(Decrease) | 5,406,877 | $49,063,821 | (4,550,196) | $(44,483,585) |
Class R Shares: | ||||
Shares sold | 223,479 | $2,042,943 | 236,065 | $2,246,676 |
Reinvested dividends and distributions | 66,792 | 611,888 | 54,563 | 515,067 |
Shares repurchased | (637,822) | (5,857,470) | (455,039) | (4,322,148) |
Net Increase/(Decrease) | (347,551) | $(3,202,639) | (164,411) | $(1,560,405) |
Class S Shares: | ||||
Shares sold | 420,136 | $3,854,351 | 379,086 | $3,601,384 |
Reinvested dividends and distributions | 66,193 | 606,561 | 47,513 | 448,580 |
Shares repurchased | (372,136) | (3,420,232) | (405,291) | (3,844,514) |
Net Increase/(Decrease) | 114,193 | $1,040,680 | 21,308 | $205,450 |
Class T Shares: | ||||
Shares sold | 2,950,609 | $27,118,884 | 5,938,312 | $56,606,163 |
Reinvested dividends and distributions | 1,464,100 | 13,405,531 | 1,282,679 | 12,109,110 |
Shares repurchased | (11,943,064) | (109,450,777) | (9,057,167) | (85,638,748) |
Net Increase/(Decrease) | (7,528,355) | $(68,926,362) | (1,836,176) | $(16,923,475) |
7.
Purchases and Sales of Investment Securities
For the year ended June 30, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
Purchases of Securities | Proceeds from Sales of Securities | Purchases of Long- Term U.S. Government Obligations | Proceeds from Sales of Long-Term U.S. Government Obligations |
$1,943,365,453 | $1,562,370,123 | $2,315,872,544 | $2,812,942,333 |
46 | June 30, 2024
Janus Henderson Flexible Bond Fund
Notes to Financial Statements
Notes to Financial Statements
8.
Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to June 30, 2024 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
Janus Investment Fund | 47
Janus Henderson Flexible Bond Fund
Report of Independent Registered Public Accounting Firm
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Flexible Bond Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Flexible Bond Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of June 30, 2024, the related statement of operations for the year ended June 30, 2024, the statement of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2024 and the financial highlights for each of the five years in the period ended June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Denver, Colorado
August 22, 2024
August 22, 2024
We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.
48 | June 30, 2024
Janus Henderson Flexible Bond Fund
Designation Requirements (unaudited)
Designation Requirements (unaudited)
For federal income tax purposes, the Fund designated the following for the year ended June 30, 2024:
Section 163(j) Interest Dividend | 96% |
Janus Investment Fund | 49
Janus Henderson Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees’ fees and expenses.
Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus
50 | June 30, 2024
Janus Henderson Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 51
Janus Henderson Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
52 | June 30, 2024
Janus Henderson Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
Janus Investment Fund | 53
Janus Henderson Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
54 | June 30, 2024
Janus Henderson Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees
Janus Investment Fund | 55
Janus Henderson Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
56 | June 30, 2024
Janus Henderson Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Janus Investment Fund | 57
Janus Henderson Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
58 | June 30, 2024
Janus Henderson Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
Janus Investment Fund | 59
Janus Henderson Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
60 | June 30, 2024
This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
Mutual funds distributed by Janus Henderson Distributors US LLC
125-02-93019 08-24
ANNUAL FINANCIAL STATEMENTS
June 30, 2024
June 30, 2024
Janus Henderson Global Allocation Fund – Conservative
Janus Investment Fund
Janus Henderson Global Allocation Fund – Conservative
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares | Value | ||
Investment Companies – 100.0% | |||
Equity Funds – 31.6% | |||
Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares£ | 332,194 | $3,701,019 | |
Janus Henderson Enterprise Fund - Class N Shares£ | 45,212 | 6,341,881 | |
Janus Henderson Growth and Income Fund - Class N Shares£ | 93,494 | 6,969,933 | |
Janus Henderson Overseas Fund - Class N Shares£ | 391,697 | 18,499,851 | |
Janus Henderson Research Fund - Class N Shares*,£ | 68,928 | 5,669,934 | |
Janus Henderson Small-Mid Cap Value Fund - Class N Shares£ | 23,546 | 376,979 | |
Janus Henderson Triton Fund - Class N Shares£ | 4,911 | 135,240 | |
Janus Henderson U.S. Dividend Income Fund - Class N Shares£ | 90,732 | 997,159 | |
42,691,996 | |||
Exchange-Traded Funds (ETFs) – 30.7% | |||
iShares Core International Aggregate Bond | 259,501 | 12,954,290 | |
iShares JP Morgan USD Emerging Markets Bond | 126,216 | 11,167,592 | |
iShares Russell 2000 Value | 18,054 | 2,749,624 | |
Janus Henderson Small Cap Growth Alpha£ | 15,036 | 888,026 | |
Vanguard FTSE Emerging Markets | 232,726 | 10,184,090 | |
Vanguard Value | 21,626 | 3,469,026 | |
41,412,648 | |||
Fixed Income Funds – 36.5% | |||
Janus Henderson Developed World Bond Fund - Class N Shares£ | 3,672,402 | 27,726,621 | |
Janus Henderson Flexible Bond Fund - Class N Shares£ | 2,192,198 | 20,168,197 | |
Janus Henderson High-Yield Fund - Class N Shares£ | 123,288 | 891,373 | |
Janus Henderson Short Duration Flexible Bond Fund - Class N Shares£ | 164,459 | 465,419 | |
49,251,610 | |||
Money Markets – 1.2% | |||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº,£ | 1,691,283 | 1,691,622 | |
Total Investments (total cost $131,733,995) – 100.0% | 135,047,876 | ||
Liabilities, net of Cash, Receivables and Other Assets – (0)% | (19,320) | ||
Net Assets – 100% | $135,028,556 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 1
Janus Henderson Global Allocation Fund – Conservative
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Schedule of Affiliated Investments - (% of Net Assets) | |||||||||
Affiliate | Affiliated Investments, at Value at 6/30/23 | Purchases | Sales Proceeds | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Affiliated Investments, at Value at 6/30/24 | Ending Shares | Dividend Income | Capital Gain Distributions from Underlying Funds |
Investment Companies - 70.0% | |||||||||
Equity Funds - 31.6% | |||||||||
Janus Henderson Adaptive Global Allocation Fund - Class N Shares | |||||||||
$8,294,827 | $524,216 | $(8,833,606) | $132,105 | $(117,542) | $- | - | $698,720 | $138,800 | |
Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | |||||||||
5,555,857 | 346,370 | (2,854,262) | 637,529 | 15,525 | 3,701,019 | 332,194 | 31,966 | 162,909 | |
Janus Henderson Asia Equity Fund - Class N Shares | |||||||||
2,039,935 | 72,579 | (2,235,429) | (29,970) | 152,885 | - | - | 912 | - | |
Janus Henderson Contrarian Fund - Class N Shares | |||||||||
3,523,700 | 299,220 | (3,926,502) | 983,914 | (880,332) | - | - | 20,030 | 196,183 | |
Janus Henderson Emerging Markets Fund - Class N Shares | |||||||||
5,623,909 | 151,566 | (5,984,558) | (356,255) | 565,338 | - | - | 32,692 | - | |
Janus Henderson Enterprise Fund - Class N Shares | |||||||||
2,580,433 | 4,312,486 | (673,925) | 2,508 | 120,379 | 6,341,881 | 45,212 | - | 218,762 | |
Janus Henderson European Focus Fund - Class N Shares | |||||||||
1,515,164 | 1,211,777 | (3,106,683) | 553,649 | (173,907) | - | - | 64,290 | - | |
Janus Henderson Forty Fund - Class N Shares | |||||||||
2,649,937 | 1,288,448 | (4,582,535) | 1,193,827 | (549,677) | - | - | 11,764 | 263,599 | |
Janus Henderson Global Equity Income Fund - Class N Shares | |||||||||
2,379,943 | 2,036,377 | (4,680,105) | (14,536) | 278,321 | - | - | 201,794 | - | |
Janus Henderson Global Real Estate Fund - Class N Shares | |||||||||
2,178,313 | 91,754 | (2,263,601) | 257,453 | (263,919) | - | - | 43,835 | - | |
Janus Henderson Global Research Fund - Class N Shares | |||||||||
1,751,768 | 953,397 | (3,171,212) | 605,126 | (139,079) | - | - | 23,756 | 96,672 | |
Janus Henderson Global Select Fund - Class N Shares | |||||||||
3,667,947 | 317,840 | (4,446,920) | 975,650 | (514,517) | - | - | 42,180 | 192,425 | |
Janus Henderson Growth and Income Fund - Class N Shares | |||||||||
2,295,680 | 6,285,599 | (1,902,462) | 104,089 | 187,027 | 6,969,933 | 93,494 | 59,028 | 305,857 | |
Janus Henderson Overseas Fund - Class N Shares | |||||||||
7,214,738 | 13,665,675 | (2,977,391) | 804,353 | (207,524) | 18,499,851 | 391,697 | 79,304 | - | |
Janus Henderson Research Fund - Class N Shares* | |||||||||
- | 5,720,008 | (92,071) | (123) | 42,120 | 5,669,934 | 68,928 | - | - | |
Janus Henderson Small-Mid Cap Value Fund - Class N Shares | |||||||||
3,537,057 | 120,146 | (3,765,518) | 392,797 | 92,497 | 376,979 | 23,546 | 32,284 | - | |
Janus Henderson Triton Fund - Class N Shares | |||||||||
1,907,549 | 660,442 | (2,433,830) | 569,335 | (568,256) | 135,240 | 4,911 | - | 147,075 | |
Janus Henderson U.S. Dividend Income Fund - Class N Shares | |||||||||
3,300,923 | 178,423 | (2,731,901) | 227,407 | 22,307 | 997,159 | 90,732 | 63,241 | - | |
Total Equity Funds - 31.6% | |||||||||
$60,017,680 | $38,236,323 | $(60,662,511) | $7,038,858 | $(1,938,354) | $42,691,996 | 1,050,714 | $1,405,796 | $1,722,282 | |
Exchange-Traded Funds (ETFs) - 0.7% | |||||||||
Janus Henderson AAA CLO | |||||||||
3,497,775 | 2,189,483 | (5,766,354) | 116,179 | (37,083) | - | - | 276,957 | - | |
Janus Henderson Small Cap Growth Alpha | |||||||||
- | 883,786 | (13,301) | 99 | 17,442 | 888,026 | 15,036 | 770 | - | |
Total Exchange-Traded Funds (ETFs) - 0.7% | |||||||||
$3,497,775 | $3,073,269 | $(5,779,655) | $116,278 | $(19,641) | $888,026 | 15,036 | $277,727 | $- | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
2 | June 30, 2024
Janus Henderson Global Allocation Fund – Conservative
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Affiliate | Affiliated Investments, at Value at 6/30/23 | Purchases | Sales Proceeds | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Affiliated Investments, at Value at 6/30/24 | Ending Shares | Dividend Income | Capital Gain Distributions from Underlying Funds |
Investment Companies - (continued) | |||||||||
Fixed Income Funds - 36.5% | |||||||||
Janus Henderson Developed World Bond Fund - Class N Shares | |||||||||
$- | $47,768,594 | $(20,040,942) | $103,400 | $(104,431) | $27,726,621 | 3,672,402 | $530,751 | $- | |
Janus Henderson Flexible Bond Fund - Class N Shares | |||||||||
21,068,546 | 8,438,468 | (9,067,997) | (328,566) | 57,746 | 20,168,197 | 2,192,198 | 762,221 | - | |
Janus Henderson Global Bond Fund - Class N Shares | |||||||||
54,378,698 | 1,369,593 | (56,394,782) | (9,405,879) | 10,052,370 | - | - | (398,286) þ | - | |
Janus Henderson High-Yield Fund - Class N Shares | |||||||||
1,204,049 | 645,818 | (1,001,550) | (129,122) | 172,178 | 891,373 | 123,288 | 101,124 | - | |
Janus Henderson Multi-Sector Income Fund - Class N Shares | |||||||||
744,737 | 3,799,171 | (4,598,930) | 63,092 | (8,070) | - | - | 165,458 | - | |
Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | |||||||||
6,602,049 | 2,299,373 | (8,472,179) | (214,855) | 251,031 | 465,419 | 164,459 | 172,485 | - | |
Total Fixed Income Funds - 36.5% | |||||||||
$83,998,079 | $64,321,017 | $(99,576,380) | $(9,911,930) | $10,420,824 | $49,251,610 | 6,152,347 | $1,333,753 | $- | |
Money Markets - 1.2% | |||||||||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº | |||||||||
213,812 | 6,786,306 | (5,308,493) | (3) | - | 1,691,622 | 1,691,283 | 61,759 | - | |
Total Affiliated Investments - 70.0% | |||||||||
$147,727,346 | $112,416,915 | $(171,327,039) | $(2,756,797) | $8,462,829 | $94,523,254 | 8,909,380 | $3,079,035 | $1,722,282 | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 3
Janus Henderson Global Allocation Fund – Conservative
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
LLC | Limited Liability Company |
* | Non-income producing security. |
ºº | Rate shown is the 7-day yield as of June 30, 2024. |
£ | The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. |
þ | During the Fund’s current reporting period, a portion of the prior year distributions it received from this underlying fund was determined to be return of capital distributions. The negative amount disclosed was originally recorded as income in the Fund’s prior fiscal year and has been reclassified as a return of capital in the current reporting period. |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2024. See Notes to Financial Statements for more information.
Valuation Inputs Summary | |||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | |
Assets | |||
Investments In Securities: | |||
Investment Companies | |||
Equity Funds | $42,691,996 | $- | $- |
Exchange-Traded Funds (ETFs) | 41,412,648 | - | - |
Fixed Income Funds | 49,251,610 | - | - |
Money Markets | - | 1,691,622 | - |
Total Assets | $133,356,254 | $1,691,622 | $- |
4 | June 30, 2024
Janus Henderson Global Allocation Fund – Conservative
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Assets: | |
Unaffiliated investments, at value (cost $38,437,618) | $40,524,622 |
Affiliated investments, at value (cost $93,296,377) | 94,523,254 |
Trustees' deferred compensation | 3,718 |
Receivables: | |
Dividends | 211,414 |
Fund shares sold | 115,537 |
Investments sold | 34,345 |
Due from adviser | 11,408 |
Dividends from affiliates | 6,663 |
Other assets | 200 |
Total Assets | 135,431,161 |
Liabilities: | |
Payables: | |
Investments purchased | 186,442 |
Fund shares repurchased | 126,812 |
Professional fees | 41,695 |
Transfer agent fees and expenses | 17,696 |
Advisory fees | 5,556 |
Trustees' deferred compensation fees | 3,718 |
12b-1 Distribution and shareholder servicing fees | 2,958 |
Custodian fees | 1,090 |
Trustees' fees and expenses | 757 |
Accrued expenses and other payables | 15,881 |
Total Liabilities | 402,605 |
Commitments and contingent liabilities (Note 3) | |
Net Assets | $135,028,556 |
Net Assets Consist of: | |
Capital (par value and paid-in surplus) | $137,900,126 |
Total distributable earnings (loss) | (2,871,570) |
Total Net Assets | $135,028,556 |
Net Assets - Class A Shares | $5,648,023 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 495,226 |
Net Asset Value Per Share(1) | $11.40 |
Maximum Offering Price Per Share(2) | $12.10 |
Net Assets - Class C Shares | $2,171,093 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 195,912 |
Net Asset Value Per Share(1) | $11.08 |
Net Assets - Class D Shares | $117,135,957 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 10,197,654 |
Net Asset Value Per Share | $11.49 |
Net Assets - Class I Shares | $1,847,651 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 160,762 |
Net Asset Value Per Share | $11.49 |
Net Assets - Class S Shares | $57,843 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 5,072 |
Net Asset Value Per Share | $11.40 |
Net Assets - Class T Shares | $8,167,989 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 712,918 |
Net Asset Value Per Share | $11.46 |
(1) | Redemption price per share may be reduced for any applicable contingent deferred sales charge. |
(2) | Maximum offering price is computed at 100/94.25 of net asset value. |
See Notes to Financial Statements.
Janus Investment Fund | 5
Janus Henderson Global Allocation Fund – Conservative
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Investment Income: | |
Dividends from affiliates | $3,079,035 |
Dividends | 24,209 |
Other income | 442 |
Total Investment Income | 3,103,686 |
Expenses: | |
Advisory fees | 68,558 |
12b-1 Distribution and shareholder servicing fees: | |
Class A Shares | 14,756 |
Class C Shares | 25,218 |
Class S Shares | 140 |
Transfer agent administrative fees and expenses: | |
Class D Shares | 134,063 |
Class S Shares | 140 |
Class T Shares | 23,254 |
Transfer agent networking and omnibus fees: | |
Class A Shares | 4,989 |
Class C Shares | 2,267 |
Class I Shares | 1,850 |
Other transfer agent fees and expenses: | |
Class A Shares | 358 |
Class C Shares | 133 |
Class D Shares | 17,476 |
Class I Shares | 122 |
Class S Shares | 9 |
Class T Shares | 198 |
Registration fees | 87,603 |
Professional fees | 47,460 |
Shareholder reports expense | 27,348 |
Custodian fees | 11,113 |
Trustees' fees and expenses | 2,912 |
Other expenses | 15,352 |
Total Expenses | 485,319 |
Less: Excess Expense Reimbursement and Waivers | (72,147) |
Net Expenses | 413,172 |
Net Investment Income/(Loss) | 2,690,514 |
Net Realized Gain/(Loss) on Investments: | |
Investments | 1,392 |
Investments in affiliates | (2,756,797) |
Capital gain distributions from underlying funds | 1,722,282 |
Total Net Realized Gain/(Loss) on Investments | (1,033,123) |
Change in Unrealized Net Appreciation/Depreciation: | |
Investments and Trustees' deferred compensation | (174,470) |
Investments in affiliates | 8,462,829 |
Total Change in Unrealized Net Appreciation/Depreciation | 8,288,359 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $9,945,750 |
See Notes to Financial Statements.
6 | June 30, 2024
Janus Henderson Global Allocation Fund – Conservative
Statements of Changes in Net Assets
Statements of Changes in Net Assets
Year ended June 30, 2024 | Year ended June 30, 2023 | |
Operations: | ||
Net investment income/(loss) | $2,690,514 | $2,320,670 |
Net realized gain/(loss) on investments | (1,033,123) | (5,755,237) |
Change in unrealized net appreciation/depreciation | 8,288,359 | 10,277,849 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 9,945,750 | 6,843,282 |
Dividends and Distributions to Shareholders: | ||
Class A Shares | (90,046) | (131,557) |
Class C Shares | (24,374) | (74,669) |
Class D Shares | (1,981,569) | (2,866,502) |
Class I Shares | (26,674) | (59,077) |
Class S Shares | (879) | (988) |
Class T Shares | (156,405) | (236,186) |
Net Decrease from Dividends and Distributions to Shareholders | (2,279,947) | (3,368,979) |
Capital Share Transactions: | ||
Class A Shares | (1,187,876) | (868,840) |
Class C Shares | (1,410,006) | (2,712,685) |
Class D Shares | (14,606,730) | (7,317,963) |
Class I Shares | (91,666) | (866,985) |
Class S Shares | (591) | (42,971) |
Class T Shares | (2,995,590) | (1,930,543) |
Net Increase/(Decrease) from Capital Share Transactions | (20,292,459) | (13,739,987) |
Net Increase/(Decrease) in Net Assets | (12,626,656) | (10,265,684) |
Net Assets: | ||
Beginning of period | 147,655,212 | 157,920,896 |
End of period | $135,028,556 | $147,655,212 |
See Notes to Financial Statements.
Janus Investment Fund | 7
Janus Henderson Global Allocation Fund – Conservative
Financial Highlights
Financial Highlights
Class A Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $10.77 | $10.52 | $13.99 | $12.28 | $12.53 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.19 | 0.14 | 0.39 | 0.25 | 0.14 |
Net realized and unrealized gain/(loss) | 0.61 | 0.33 | (2.57) | 2.07 | 0.19 |
Total from Investment Operations | 0.80 | 0.47 | (2.18) | 2.32 | 0.33 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.17) | (0.04) | (0.41) | (0.26) | (0.13) |
Distributions (from capital gains) | — | (0.18) | (0.88) | (0.35) | (0.45) |
Total Dividends and Distributions | (0.17) | (0.22) | (1.29) | (0.61) | (0.58) |
Net Asset Value, End of Period | $11.40 | $10.77 | $10.52 | $13.99 | $12.28 |
Total Return* | 7.51% | 4.54% | (17.15)% | 19.10% | 2.58% |
Net Assets, End of Period (in thousands) | $5,648 | $6,511 | $7,213 | $8,650 | $4,030 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses(2) | 0.51% | 0.51% | 0.47% | 0.47% | 0.47% |
Ratio of Net Expenses (After Waivers and Expense Offsets)(2) | 0.48% | 0.48% | 0.47% | 0.47% | 0.47% |
Ratio of Net Investment Income/(Loss)(2) | 1.78% | 1.36% | 3.03% | 1.84% | 1.13% |
Portfolio Turnover Rate | 111% | 41% | 43% | 34% | 57% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |
See Notes to Financial Statements.
8 | June 30, 2024
Janus Henderson Global Allocation Fund – Conservative
Financial Highlights
Financial Highlights
Class C Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $10.49 | $10.28 | $13.67 | $12.01 | $12.26 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.11 | 0.08 | 0.29 | 0.18 | 0.05 |
Net realized and unrealized gain/(loss) | 0.59 | 0.31 | (2.50) | 1.98 | 0.18 |
Total from Investment Operations | 0.70 | 0.39 | (2.21) | 2.16 | 0.23 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.11) | — | (0.30) | (0.15) | (0.03) |
Distributions (from capital gains) | — | (0.18) | (0.88) | (0.35) | (0.45) |
Total Dividends and Distributions | (0.11) | (0.18) | (1.18) | (0.50) | (0.48) |
Net Asset Value, End of Period | $11.08 | $10.49 | $10.28 | $13.67 | $12.01 |
Total Return* | 6.66% | 3.88% | (17.65)% | 18.20% | 1.85% |
Net Assets, End of Period (in thousands) | $2,171 | $3,461 | $6,096 | $9,356 | $10,655 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses(2) | 1.24% | 1.18% | 1.18% | 1.15% | 1.18% |
Ratio of Net Expenses (After Waivers and Expense Offsets)(2) | 1.21% | 1.15% | 1.18% | 1.15% | 1.18% |
Ratio of Net Investment Income/(Loss)(2) | 1.08% | 0.76% | 2.31% | 1.38% | 0.41% |
Portfolio Turnover Rate | 111% | 41% | 43% | 34% | 57% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |
See Notes to Financial Statements.
Janus Investment Fund | 9
Janus Henderson Global Allocation Fund – Conservative
Financial Highlights
Financial Highlights
Class D Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $10.84 | $10.59 | $14.06 | $12.34 | $12.59 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.22 | 0.17 | 0.41 | 0.30 | 0.16 |
Net realized and unrealized gain/(loss) | 0.62 | 0.32 | (2.57) | 2.05 | 0.20 |
Total from Investment Operations | 0.84 | 0.49 | (2.16) | 2.35 | 0.36 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.19) | (0.06) | (0.43) | (0.28) | (0.16) |
Distributions (from capital gains) | — | (0.18) | (0.88) | (0.35) | (0.45) |
Total Dividends and Distributions | (0.19) | (0.24) | (1.31) | (0.63) | (0.61) |
Net Asset Value, End of Period | $11.49 | $10.84 | $10.59 | $14.06 | $12.34 |
Total Return* | 7.77% | 4.78% | (16.91)% | 19.27% | 2.77% |
Net Assets, End of Period (in thousands) | $117,136 | $125,119 | $129,498 | $174,449 | $147,682 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses(2) | 0.32% | 0.31% | 0.27% | 0.28% | 0.28% |
Ratio of Net Expenses (After Waivers and Expense Offsets)(2) | 0.27% | 0.27% | 0.27% | 0.27% | 0.27% |
Ratio of Net Investment Income/(Loss)(2) | 1.98% | 1.57% | 3.22% | 2.20% | 1.32% |
Portfolio Turnover Rate | 111% | 41% | 43% | 34% | 57% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |
See Notes to Financial Statements.
10 | June 30, 2024
Janus Henderson Global Allocation Fund – Conservative
Financial Highlights
Financial Highlights
Class I Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $10.84 | $10.59 | $14.07 | $12.34 | $12.58 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.21 | 0.17 | 0.42 | 0.29 | 0.17 |
Net realized and unrealized gain/(loss) | 0.62 | 0.33 | (2.58) | 2.07 | 0.20 |
Total from Investment Operations | 0.83 | 0.50 | (2.16) | 2.36 | 0.37 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.18) | (0.07) | (0.44) | (0.28) | (0.16) |
Distributions (from capital gains) | — | (0.18) | (0.88) | (0.35) | (0.45) |
Total Dividends and Distributions | (0.18) | (0.25) | (1.32) | (0.63) | (0.61) |
Net Asset Value, End of Period | $11.49 | $10.84 | $10.59 | $14.07 | $12.34 |
Total Return* | 7.73% | 4.80% | (16.92)% | 19.39% | 2.89% |
Net Assets, End of Period (in thousands) | $1,848 | $1,842 | $2,645 | $3,830 | $3,381 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses(2) | 0.29% | 0.28% | 0.24% | 0.22% | 0.21% |
Ratio of Net Expenses (After Waivers and Expense Offsets)(2) | 0.25% | 0.25% | 0.24% | 0.22% | 0.21% |
Ratio of Net Investment Income/(Loss)(2) | 1.93% | 1.56% | 3.27% | 2.16% | 1.37% |
Portfolio Turnover Rate | 111% | 41% | 43% | 34% | 57% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |
See Notes to Financial Statements.
Janus Investment Fund | 11
Janus Henderson Global Allocation Fund – Conservative
Financial Highlights
Financial Highlights
Class S Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $10.79 | $10.52 | $13.97 | $12.25 | $12.45 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.18 | 0.13 | 0.36 | 0.25 | 0.11 |
Net realized and unrealized gain/(loss) | 0.60 | 0.32 | (2.55) | 2.02 | 0.20 |
Total from Investment Operations | 0.78 | 0.45 | (2.19) | 2.27 | 0.31 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.17) | — | (0.38) | (0.20) | (0.06) |
Distributions (from capital gains) | — | (0.18) | (0.88) | (0.35) | (0.45) |
Total Dividends and Distributions | (0.17) | (0.18) | (1.26) | (0.55) | (0.51) |
Net Asset Value, End of Period | $11.40 | $10.79 | $10.52 | $13.97 | $12.25 |
Total Return* | 7.24% | 4.36% | (17.19)% | 18.70% | 2.43% |
Net Assets, End of Period (in thousands) | $58 | $55 | $96 | $108 | $126 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses(2) | 0.68% | 0.69% | 0.65% | 0.65% | 0.63% |
Ratio of Net Expenses (After Waivers and Expense Offsets)(2) | 0.65% | 0.66% | 0.65% | 0.65% | 0.63% |
Ratio of Net Investment Income/(Loss)(2) | 1.61% | 1.19% | 2.83% | 1.88% | 0.90% |
Portfolio Turnover Rate | 111% | 41% | 43% | 34% | 57% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |
See Notes to Financial Statements.
12 | June 30, 2024
Janus Henderson Global Allocation Fund – Conservative
Financial Highlights
Financial Highlights
Class T Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $10.82 | $10.56 | $14.03 | $12.32 | $12.56 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.21 | 0.16 | 0.41 | 0.29 | 0.16 |
Net realized and unrealized gain/(loss) | 0.61 | 0.33 | (2.58) | 2.04 | 0.20 |
Total from Investment Operations | 0.82 | 0.49 | (2.17) | 2.33 | 0.36 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.18) | (0.05) | (0.42) | (0.27) | (0.15) |
Distributions (from capital gains) | — | (0.18) | (0.88) | (0.35) | (0.45) |
Total Dividends and Distributions | (0.18) | (0.23) | (1.30) | (0.62) | (0.60) |
Net Asset Value, End of Period | $11.46 | $10.82 | $10.56 | $14.03 | $12.32 |
Total Return* | 7.65% | 4.76% | (17.02)% | 19.12% | 2.78% |
Net Assets, End of Period (in thousands) | $8,168 | $10,666 | $12,373 | $16,283 | $15,174 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses(2) | 0.42% | 0.42% | 0.39% | 0.39% | 0.38% |
Ratio of Net Expenses (After Waivers and Expense Offsets)(2) | 0.34% | 0.35% | 0.36% | 0.35% | 0.36% |
Ratio of Net Investment Income/(Loss)(2) | 1.96% | 1.51% | 3.22% | 2.14% | 1.27% |
Portfolio Turnover Rate | 111% | 41% | 43% | 34% | 57% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |
See Notes to Financial Statements.
Janus Investment Fund | 13
Janus Henderson Global Allocation Fund – Conservative
Notes to Financial Statements
Notes to Financial Statements
1.
Organization and Significant Accounting Policies
Janus Henderson Global Allocation Fund – Conservative (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Fund operates as a "fund of funds," meaning substantially all of the Fund's assets will be invested in other mutual funds and exchange-traded funds ("ETFs") (the "underlying funds"). The Trust offers 36 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through a primary emphasis on income with a secondary emphasis on growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms.
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
14 | June 30, 2024
Janus Henderson Global Allocation Fund – Conservative
Notes to Financial Statements
Notes to Financial Statements
Underlying Funds
The Fund invests in a variety of underlying funds to pursue a target allocation of equity investments, fixed-income securities, and alternative investments and may also invest in money market instruments or cash/cash equivalents. The Fund has a target allocation, which is how the Fund's investments generally will be allocated among the major asset classes over the long term, as well as normal ranges, under normal market conditions, within which the Fund's asset class allocations generally will vary over short-term periods. The Fund's long-term expected average asset allocation is as follows: 40% to equity investments, 55% to fixed-income securities and money market instruments, and 5% to alternative investments. Additional details and descriptions of the investment objectives and strategies of each of the underlying funds are available in the underlying funds’ prospectuses.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
Investment Valuation
The Fund’s net asset value (“NAV”) is calculated based upon the NAV of each of the underlying funds in which the Fund invests on the day of valuation. The NAV for each class of the underlying funds is computed by dividing the total value of securities and other assets allocated to the class, less liabilities allocated to that class, by the total number of shares outstanding for the class.
Valuation Inputs Summary
FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:
Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.
Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
The Fund classifies each of its investments in underlying funds as Level 1, without consideration as to the classification level of the specific investments held by the underlying funds. There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2024 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities held by the underlying funds will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Any distributions from the underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is
Janus Investment Fund | 15
Janus Henderson Global Allocation Fund – Conservative
Notes to Financial Statements
Notes to Financial Statements
the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Dividend distributions received from the underlying funds are recorded on the ex-dividend date. Upon receipt of the notification from an underlying fund, and subsequent to the ex-dividend date, a part or all of the dividend income originally recorded by the Fund may be reclassified as a tax return of capital by reducing the cost basis of the underlying fund and/or increasing the realized gain on sales of investments in the underlying fund.
Expenses
The Fund bears expenses incurred specifically on its behalf. Additionally, the Fund, as a shareholder in the underlying funds, will also indirectly bear its pro rata share of the expenses incurred by the underlying funds. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The underlying funds may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the underlying funds distribute such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2.
Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.05% of its average daily net assets.
The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, excluding any expenses of an underlying fund (acquired fund fees and expenses), the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer
16 | June 30, 2024
Janus Henderson Global Allocation Fund – Conservative
Notes to Financial Statements
Notes to Financial Statements
agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus payable by any share class, brokerage commissions, interest, dividends, taxes, and extraordinary expenses, exceed the annual rate of 0.14% of the Fund’s average daily net assets. The Adviser has agreed to continue the waiver for at least a one-year period commencing on October 27, 2023. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement, and is authorized to perform, or cause others to perform, the administration services necessary for the operation of the Fund. The Adviser does not receive compensation for serving as administrator and it bears the expenses related to operation of the Fund, such as, but not limited to fund accounting and tax services; shareholder servicing; and preparation of various documents filed with the SEC. The Fund bears costs related to any compensation, fees, or reimbursements paid to Trustees who are independent of the Adviser; fees and expenses of counsel to the Independent Trustees; fees and expenses of consultants to the Fund; custody fees; audit expenses; brokerage commissions and all other expenses in connection with execution of portfolio transactions; blue sky registration costs; interest; all federal, state and local taxes (including stamp, excise, income, and franchise taxes); expenses of shareholder meetings, including the preparation, printing, and distribution of proxy statements, notices, and reports to shareholders; expenses of printing and mailing to existing shareholders prospectuses, statements of additional information, shareholder reports, and other materials required to be mailed to shareholders by federal or state laws or regulations; transfer agency fees and expenses payable pursuant to a transfer agency agreement between the Trust and the Transfer Agent on behalf of the Fund; any litigation; and other extraordinary expenses. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $435,029 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s and the underlying funds’ transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion — $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to
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Janus Henderson Global Allocation Fund – Conservative
Notes to Financial Statements
Notes to Financial Statements
reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors US LLC (the “Distributor”), a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets, and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended June 30, 2024, the Distributor retained upfront sales charges of $461.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended June 30, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended June 30, 2024, redeeming shareholders of Class C Shares paid CDSCs of $10.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of June 30, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in
18 | June 30, 2024
Janus Henderson Global Allocation Fund – Conservative
Notes to Financial Statements
Notes to Financial Statements
highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended June 30, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
3.
Federal Income Tax
The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.
Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
Undistributed Ordinary Income | Undistributed Long-Term Gains | Accumulated Capital Losses | Loss Deferrals | Other Book to Tax Differences | Net Tax Appreciation/ (Depreciation) |
$2,638,515 | $- | $(7,961,170) | $- | $(2,563) | $2,453,648 |
Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2024, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.
Capital Loss Carryover Schedule | ||
For the year ended June 30, 2024 | ||
No Expiration | ||
Short-Term | Long-Term | Accumulated Capital Losses |
$(1,571,859) | $(6,389,311) | $(7,961,170) |
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$132,594,228 | $4,000,185 | $(1,546,537) | $2,453,648 |
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.
For the year ended June 30, 2024 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$2,279,947 | $- | $- | $- |
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Janus Henderson Global Allocation Fund – Conservative
Notes to Financial Statements
Notes to Financial Statements
For the year ended June 30, 2023 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$834,110 | $2,534,869 | $- | $- |
Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets.
4.
Capital Share Transactions
Year ended June 30, 2024 | Year ended June 30, 2023 | |||
Shares | Amount | Shares | Amount | |
Class A Shares: | ||||
Shares sold | 42,053 | $454,098 | 76,211 | $808,674 |
Reinvested dividends and distributions | 7,151 | 79,449 | 11,370 | 117,336 |
Shares repurchased | (158,331) | (1,721,423) | (168,774) | (1,794,850) |
Net Increase/(Decrease) | (109,127) | $(1,187,876) | (81,193) | $(868,840) |
Class C Shares: | ||||
Shares sold | 481 | $5,200 | 53,348 | $542,580 |
Reinvested dividends and distributions | 2,228 | 24,131 | 7,366 | 74,253 |
Shares repurchased | (136,908) | (1,439,337) | (323,680) | (3,329,518) |
Net Increase/(Decrease) | (134,199) | $(1,410,006) | (262,966) | $(2,712,685) |
Class D Shares: | ||||
Shares sold | 564,016 | $6,215,314 | 606,807 | $6,472,180 |
Reinvested dividends and distributions | 175,584 | 1,963,026 | 274,054 | 2,844,684 |
Shares repurchased | (2,084,793) | (22,785,070) | (1,567,497) | (16,634,827) |
Net Increase/(Decrease) | (1,345,193) | $(14,606,730) | (686,636) | $(7,317,963) |
Class I Shares: | ||||
Shares sold | 61,986 | $680,383 | 93,951 | $997,758 |
Reinvested dividends and distributions | 2,367 | 26,465 | 5,670 | 58,799 |
Shares repurchased | (73,572) | (798,514) | (179,492) | (1,923,542) |
Net Increase/(Decrease) | (9,219) | $(91,666) | (79,871) | $(866,985) |
Class S Shares: | ||||
Shares sold | 309 | $3,375 | 522 | $5,494 |
Reinvested dividends and distributions | 79 | 879 | 95 | 988 |
Shares repurchased | (433) | (4,845) | (4,623) | (49,453) |
Net Increase/(Decrease) | (45) | $(591) | (4,006) | $(42,971) |
Class T Shares: | ||||
Shares sold | 246,651 | $2,669,704 | 234,302 | $2,489,430 |
Reinvested dividends and distributions | 13,830 | 154,199 | 22,539 | 233,507 |
Shares repurchased | (533,741) | (5,819,493) | (442,216) | (4,653,480) |
Net Increase/(Decrease) | (273,260) | $(2,995,590) | (185,375) | $(1,930,543) |
5.
Purchases and Sales of Investment Securities
For the year ended June 30, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
Purchases of Securities | Proceeds from Sales of Securities | Purchases of Long- Term U.S. Government Obligations | Proceeds from Sales of Long-Term U.S. Government Obligations |
$153,727,393 | $170,796,272 | $- | $- |
6.
Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to June 30, 2024 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
20 | June 30, 2024
Janus Henderson Global Allocation Fund – Conservative
Report of Independent Registered Public Accounting Firm
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Global Allocation Fund – Conservative
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Global Allocation Fund – Conservative (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of June 30, 2024, the related statement of operations for the year ended June 30, 2024, the statement of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2024 and the financial highlights for each of the five years in the period ended June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Denver, Colorado
August 22, 2024
August 22, 2024
We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.
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Janus Henderson Global Allocation Fund – Conservative
Designation Requirements (unaudited)
Designation Requirements (unaudited)
For federal income tax purposes, the Fund designated the following for the year ended June 30, 2024:
Foreign Taxes Paid | $52,570 |
Foreign Source Income | $135,518 |
Dividends Received Deduction Percentage | 11% |
Qualified Dividend Income Percentage | 25% |
22 | June 30, 2024
Janus Henderson Global Allocation Fund – Conservative
Additional Information (unaudited)
Additional Information (unaudited)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees’ fees and expenses.
Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus
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Janus Henderson Global Allocation Fund – Conservative
Additional Information (unaudited)
Additional Information (unaudited)
Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
24 | June 30, 2024
Janus Henderson Global Allocation Fund – Conservative
Additional Information (unaudited)
Additional Information (unaudited)
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
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Janus Henderson Global Allocation Fund – Conservative
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
26 | June 30, 2024
Janus Henderson Global Allocation Fund – Conservative
Additional Information (unaudited)
Additional Information (unaudited)
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
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Janus Henderson Global Allocation Fund – Conservative
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees
28 | June 30, 2024
Janus Henderson Global Allocation Fund – Conservative
Additional Information (unaudited)
Additional Information (unaudited)
noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
Janus Investment Fund | 29
Janus Henderson Global Allocation Fund – Conservative
Additional Information (unaudited)
Additional Information (unaudited)
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
30 | June 30, 2024
Janus Henderson Global Allocation Fund – Conservative
Additional Information (unaudited)
Additional Information (unaudited)
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Janus Investment Fund | 31
Janus Henderson Global Allocation Fund – Conservative
Additional Information (unaudited)
Additional Information (unaudited)
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
32 | June 30, 2024
Janus Henderson Global Allocation Fund – Conservative
Additional Information (unaudited)
Additional Information (unaudited)
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
Janus Investment Fund | 33
This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
Mutual funds distributed by Janus Henderson Distributors US LLC
125-02-93020 08-24
ANNUAL FINANCIAL STATEMENTS
June 30, 2024
June 30, 2024
Janus Henderson Global Allocation Fund – Growth
Janus Investment Fund
Janus Henderson Global Allocation Fund – Growth
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares | Value | ||
Investment Companies – 100.0% | |||
Equity Funds – 60.0% | |||
Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares£ | 1,089,682 | $12,142,610 | |
Janus Henderson Enterprise Fund - Class N Shares£ | 147,863 | 20,741,233 | |
Janus Henderson Growth and Income Fund - Class N Shares£ | 305,546 | 22,778,352 | |
Janus Henderson Overseas Fund - Class N Shares£ | 1,281,997 | 60,548,620 | |
Janus Henderson Research Fund - Class N Shares*,£ | 224,720 | 18,485,383 | |
Janus Henderson Small-Mid Cap Value Fund - Class N Shares£ | 77,997 | 1,248,808 | |
Janus Henderson Triton Fund - Class N Shares£ | 16,869 | 464,600 | |
Janus Henderson U.S. Dividend Income Fund - Class N Shares£ | 307,535 | 3,379,965 | |
139,789,571 | |||
Exchange-Traded Funds (ETFs) – 28.9% | |||
iShares Core International Aggregate Bond | 117,679 | 5,874,534 | |
iShares JP Morgan USD Emerging Markets Bond | 58,023 | 5,133,875 | |
iShares Russell 2000 Value | 58,576 | 8,921,127 | |
Janus Henderson Small Cap Growth Alpha£ | 46,910 | 2,770,504 | |
Vanguard FTSE Emerging Markets | 752,995 | 32,951,061 | |
Vanguard Value | 72,043 | 11,556,418 | |
67,207,519 | |||
Fixed Income Funds – 9.6% | |||
Janus Henderson Developed World Bond Fund - Class N Shares£ | 1,666,171 | 12,579,565 | |
Janus Henderson Flexible Bond Fund - Class N Shares£ | 996,342 | 9,166,308 | |
Janus Henderson High-Yield Fund - Class N Shares£ | 54,636 | 394,990 | |
Janus Henderson Short Duration Flexible Bond Fund - Class N Shares£ | 74,866 | 211,870 | |
22,352,733 | |||
Money Markets – 1.5% | |||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº,£ | 3,559,671 | 3,560,383 | |
Total Investments (total cost $216,871,867) – 100.0% | 232,910,206 | ||
Liabilities, net of Cash, Receivables and Other Assets – (0)% | (11,366) | ||
Net Assets – 100% | $232,898,840 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 1
Janus Henderson Global Allocation Fund – Growth
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Schedule of Affiliated Investments - (% of Net Assets) | |||||||||
Affiliate | Affiliated Investments, at Value at 6/30/23 | Purchases | Sales Proceeds | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Affiliated Investments, at Value at 6/30/24 | Ending Shares | Dividend Income | Capital Gain Distributions from Underlying Funds |
Investment Companies - 72.3% | |||||||||
Equity Funds - 60.0% | |||||||||
Janus Henderson Adaptive Global Allocation Fund - Class N Shares | |||||||||
$12,443,914 | $853,964 | $(13,316,527) | $91,507 | $(72,858) | $- | - | $1,155,574 | $233,846 | |
Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | |||||||||
17,762,545 | 2,450,904 | (10,590,278) | 806,888 | 1,712,551 | 12,142,610 | 1,089,682 | 112,582 | 573,763 | |
Janus Henderson Asia Equity Fund - Class N Shares | |||||||||
6,574,368 | 100,210 | (7,085,655) | (110,503) | 521,580 | - | - | 2,945 | - | |
Janus Henderson Contrarian Fund - Class N Shares | |||||||||
11,934,681 | 992,213 | (13,410,875) | 4,308,102 | (3,824,121) | - | - | 74,578 | 730,460 | |
Janus Henderson Emerging Markets Fund - Class N Shares | |||||||||
18,554,793 | 543,047 | (19,835,590) | (1,382,519) | 2,120,269 | - | - | 110,395 | - | |
Janus Henderson Enterprise Fund - Class N Shares | |||||||||
9,119,303 | 12,719,668 | (1,473,314) | 4,809 | 370,767 | 20,741,233 | 147,863 | - | 647,756 | |
Janus Henderson European Focus Fund - Class N Shares | |||||||||
4,876,866 | 3,734,684 | (9,915,073) | 1,865,591 | (562,068) | - | - | 214,788 | - | |
Janus Henderson Forty Fund - Class N Shares | |||||||||
9,481,531 | 3,169,875 | (15,009,434) | 4,137,849 | (1,779,821) | - | - | 39,939 | 894,941 | |
Janus Henderson Global Equity Income Fund - Class N Shares | |||||||||
8,892,937 | 6,450,907 | (16,323,037) | (94,107) | 1,073,300 | - | - | 721,095 | - | |
Janus Henderson Global Real Estate Fund - Class N Shares | |||||||||
6,903,772 | 238,803 | (7,131,022) | 812,918 | (824,471) | - | - | 146,150 | - | |
Janus Henderson Global Research Fund - Class N Shares | |||||||||
6,288,233 | 2,242,066 | (10,137,093) | 2,226,599 | (619,805) | - | - | 79,171 | 322,178 | |
Janus Henderson Global Select Fund - Class N Shares | |||||||||
10,170,853 | 945,198 | (12,682,247) | 3,670,793 | (2,104,597) | - | - | 140,990 | 643,199 | |
Janus Henderson Growth and Income Fund - Class N Shares | |||||||||
9,300,603 | 16,343,875 | (3,849,115) | 170,326 | 812,663 | 22,778,352 | 305,546 | 197,786 | 1,005,391 | |
Janus Henderson Overseas Fund - Class N Shares | |||||||||
19,492,007 | 44,384,903 | (5,054,323) | 300,459 | 1,425,574 | 60,548,620 | 1,281,997 | 264,205 | - | |
Janus Henderson Research Fund - Class N Shares* | |||||||||
- | 18,869,042 | (413,630) | (1,200) | 31,171 | 18,485,383 | 224,720 | - | - | |
Janus Henderson Small-Mid Cap Value Fund - Class N Shares | |||||||||
11,258,174 | 779,988 | (12,509,826) | 1,084,797 | 635,675 | 1,248,808 | 77,997 | 106,689 | - | |
Janus Henderson Triton Fund - Class N Shares | |||||||||
7,514,081 | 1,190,740 | (8,241,825) | 771,234 | (769,630) | 464,600 | 16,869 | - | 504,940 | |
Janus Henderson U.S. Dividend Income Fund - Class N Shares | |||||||||
8,700,249 | 393,241 | (6,414,326) | 576,514 | 124,287 | 3,379,965 | 307,535 | 180,748 | - | |
Total Equity Funds - 60.0% | |||||||||
$179,268,910 | $116,403,328 | $(173,393,190) | $19,240,057 | $(1,729,534) | $139,789,571 | 3,452,209 | $3,547,635 | $5,556,474 | |
Exchange-Traded Funds (ETFs) - 1.2% | |||||||||
Janus Henderson AAA CLO | |||||||||
1,874,908 | 648,102 | (2,560,639) | 57,507 | (19,878) | - | - | 129,515 | - | |
Janus Henderson Small Cap Growth Alpha | |||||||||
- | 2,773,352 | (57,597) | 333 | 54,416 | 2,770,504 | 46,910 | 2,401 | - | |
Total Exchange-Traded Funds (ETFs) - 1.2% | |||||||||
$1,874,908 | $3,421,454 | $(2,618,236) | $57,840 | $34,538 | $2,770,504 | 46,910 | $131,916 | $- | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
2 | June 30, 2024
Janus Henderson Global Allocation Fund – Growth
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Affiliate | Affiliated Investments, at Value at 6/30/23 | Purchases | Sales Proceeds | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Affiliated Investments, at Value at 6/30/24 | Ending Shares | Dividend Income | Capital Gain Distributions from Underlying Funds |
Investment Companies - (continued) | |||||||||
Fixed Income Funds - 9.6% | |||||||||
Janus Henderson Developed World Bond Fund - Class N Shares | |||||||||
$- | $21,810,149 | $(9,236,068) | $53,403 | $(47,919) | $12,579,565 | 1,666,171 | $242,471 | $- | |
Janus Henderson Flexible Bond Fund - Class N Shares | |||||||||
12,673,083 | 4,192,377 | (7,524,536) | (306,134) | 131,518 | 9,166,308 | 996,342 | 354,660 | - | |
Janus Henderson Global Bond Fund - Class N Shares | |||||||||
27,664,133 | 479,555 | (28,292,966) | (3,217,668) | 3,366,946 | - | - | (140,990) þ | - | |
Janus Henderson High-Yield Fund - Class N Shares | |||||||||
813,130 | 162,129 | (601,321) | (95,985) | 117,037 | 394,990 | 54,636 | 55,000 | - | |
Janus Henderson Multi-Sector Income Fund - Class N Shares | |||||||||
401,077 | 2,258,347 | (2,689,683) | 34,559 | (4,300) | - | - | 91,740 | - | |
Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | |||||||||
3,543,268 | 1,134,761 | (4,482,292) | (84,549) | 100,682 | 211,870 | 74,866 | 83,777 | - | |
Total Fixed Income Funds - 9.6% | |||||||||
$45,094,691 | $30,037,318 | $(52,826,866) | $(3,616,374) | $3,663,964 | $22,352,733 | 2,792,015 | $686,658 | $- | |
Money Markets - 1.5% | |||||||||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº | |||||||||
154,030 | 8,223,806 | (4,817,453) | - | - | 3,560,383 | 3,559,671 | 35,727 | - | |
Total Affiliated Investments - 72.3% | |||||||||
$226,392,539 | $158,085,906 | $(233,655,745) | $15,681,523 | $1,968,968 | $168,473,191 | 9,850,805 | $4,401,936 | $5,556,474 | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 3
Janus Henderson Global Allocation Fund – Growth
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
LLC | Limited Liability Company |
* | Non-income producing security. |
ºº | Rate shown is the 7-day yield as of June 30, 2024. |
£ | The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. |
þ | During the Fund’s current reporting period, a portion of the prior year distributions it received from this underlying fund was determined to be return of capital distributions. The negative amount disclosed was originally recorded as income in the Fund’s prior fiscal year and has been reclassified as a return of capital in the current reporting period. |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2024. See Notes to Financial Statements for more information.
Valuation Inputs Summary | |||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | |
Assets | |||
Investments In Securities: | |||
Investment Companies | |||
Equity Funds | $139,789,571 | $- | $- |
Exchange-Traded Funds (ETFs) | 67,207,519 | - | - |
Fixed Income Funds | 22,352,733 | - | - |
Money Markets | - | 3,560,383 | - |
Total Assets | $229,349,823 | $3,560,383 | $- |
4 | June 30, 2024
Janus Henderson Global Allocation Fund – Growth
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Assets: | |
Unaffiliated investments, at value (cost $64,625,946) | $64,437,015 |
Affiliated investments, at value (cost $152,245,921) | 168,473,191 |
Trustees' deferred compensation | 6,415 |
Receivables: | |
Dividends | 233,681 |
Investments sold | 99,349 |
Fund shares sold | 34,211 |
Dividends from affiliates | 10,884 |
Other assets | 369 |
Total Assets | 233,295,115 |
Liabilities: | |
Payables: | |
Investments purchased | 157,492 |
Fund shares repurchased | 131,634 |
Professional fees | 41,757 |
Transfer agent fees and expenses | 31,518 |
Trustees' deferred compensation fees | 6,415 |
Advisory fees | 4,304 |
12b-1 Distribution and shareholder servicing fees | 3,204 |
Trustees' fees and expenses | 1,255 |
Custodian fees | 1,118 |
Accrued expenses and other payables | 17,578 |
Total Liabilities | 396,275 |
Commitments and contingent liabilities (Note 3) | |
Net Assets | $232,898,840 |
Net Assets Consist of: | |
Capital (par value and paid-in surplus) | $202,988,995 |
Total distributable earnings (loss) | 29,909,845 |
Total Net Assets | $232,898,840 |
Net Assets - Class A Shares | $6,632,741 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 491,766 |
Net Asset Value Per Share(1) | $13.49 |
Maximum Offering Price Per Share(2) | $14.31 |
Net Assets - Class C Shares | $1,819,556 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 138,240 |
Net Asset Value Per Share(1) | $13.16 |
Net Assets - Class D Shares | $197,176,871 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 14,452,057 |
Net Asset Value Per Share | $13.64 |
Net Assets - Class I Shares | $13,397,337 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 982,698 |
Net Asset Value Per Share | $13.63 |
Net Assets - Class S Shares | $1,556,828 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 116,314 |
Net Asset Value Per Share | $13.38 |
Net Assets - Class T Shares | $12,315,507 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 904,145 |
Net Asset Value Per Share | $13.62 |
(1) | Redemption price per share may be reduced for any applicable contingent deferred sales charge. |
(2) | Maximum offering price is computed at 100/94.25 of net asset value. |
See Notes to Financial Statements.
Janus Investment Fund | 5
Janus Henderson Global Allocation Fund – Growth
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Investment Income: | |
Dividends from affiliates | $4,401,936 |
Dividends | 73,460 |
Other income | 727 |
Total Investment Income | 4,476,123 |
Expenses: | |
Advisory fees | 111,484 |
12b-1 Distribution and shareholder servicing fees: | |
Class A Shares | 15,329 |
Class C Shares | 20,704 |
Class S Shares | 3,062 |
Transfer agent administrative fees and expenses: | |
Class D Shares | 214,615 |
Class S Shares | 3,063 |
Class T Shares | 30,625 |
Transfer agent networking and omnibus fees: | |
Class A Shares | 4,497 |
Class C Shares | 1,902 |
Class I Shares | 12,528 |
Other transfer agent fees and expenses: | |
Class A Shares | 364 |
Class C Shares | 113 |
Class D Shares | 35,281 |
Class I Shares | 693 |
Class S Shares | 46 |
Class T Shares | 250 |
Registration fees | 85,322 |
Professional fees | 48,321 |
Shareholder reports expense | 43,428 |
Custodian fees | 10,494 |
Trustees' fees and expenses | 4,833 |
Other expenses | 16,512 |
Total Expenses | 663,466 |
Less: Excess Expense Reimbursement and Waivers | (15,247) |
Net Expenses | 648,219 |
Net Investment Income/(Loss) | 3,827,904 |
Net Realized Gain/(Loss) on Investments: | |
Investments | 2,997 |
Investments in affiliates | 15,681,523 |
Capital gain distributions from underlying funds | 5,556,474 |
Total Net Realized Gain/(Loss) on Investments | 21,240,994 |
Change in Unrealized Net Appreciation/Depreciation: | |
Investments and Trustees' deferred compensation | (188,932) |
Investments in affiliates | 1,968,968 |
Total Change in Unrealized Net Appreciation/Depreciation | 1,780,036 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $26,848,934 |
See Notes to Financial Statements.
6 | June 30, 2024
Janus Henderson Global Allocation Fund – Growth
Statements of Changes in Net Assets
Statements of Changes in Net Assets
Year ended June 30, 2024 | Year ended June 30, 2023 | |
Operations: | ||
Net investment income/(loss) | $3,827,904 | $2,835,132 |
Net realized gain/(loss) on investments | 21,240,994 | (5,692,960) |
Change in unrealized net appreciation/depreciation | 1,780,036 | 24,451,761 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 26,848,934 | 21,593,933 |
Dividends and Distributions to Shareholders: | ||
Class A Shares | (78,984) | (230,518) |
Class C Shares | (12,756) | (86,622) |
Class D Shares | (2,757,150) | (8,037,482) |
Class I Shares | (186,334) | (588,717) |
Class S Shares | (11,693) | (54,407) |
Class T Shares | (162,020) | (545,358) |
Net Decrease from Dividends and Distributions to Shareholders | (3,208,937) | (9,543,104) |
Capital Share Transactions: | ||
Class A Shares | (90,193) | 623,306 |
Class C Shares | (770,250) | (768,807) |
Class D Shares | (13,346,724) | (1,068,279) |
Class I Shares | (1,646,568) | 1,481,819 |
Class S Shares | 384,562 | (154,959) |
Class T Shares | (1,580,660) | (1,440,925) |
Net Increase/(Decrease) from Capital Share Transactions | (17,049,833) | (1,327,845) |
Net Increase/(Decrease) in Net Assets | 6,590,164 | 10,722,984 |
Net Assets: | ||
Beginning of period | 226,308,676 | 215,585,692 |
End of period | $232,898,840 | $226,308,676 |
See Notes to Financial Statements.
Janus Investment Fund | 7
Janus Henderson Global Allocation Fund – Growth
Financial Highlights
Financial Highlights
Class A Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $12.15 | $11.54 | $16.53 | $12.93 | $14.05 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.19 | 0.13 | 0.48 | 0.18 | 0.17 |
Net realized and unrealized gain/(loss) | 1.31 | 0.99 | (3.08) | 4.12 | (0.32) |
Total from Investment Operations | 1.50 | 1.12 | (2.60) | 4.30 | (0.15) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.16) | (0.10) | (0.50) | (0.18) | (0.17) |
Distributions (from capital gains) | — | (0.41) | (1.89) | (0.52) | (0.80) |
Total Dividends and Distributions | (0.16) | (0.51) | (2.39) | (0.70) | (0.97) |
Net Asset Value, End of Period | $13.49 | $12.15 | $11.54 | $16.53 | $12.93 |
Total Return* | 12.46% | 10.03% | (18.53)% | 33.72% | (1.48)% |
Net Assets, End of Period (in thousands) | $6,633 | $6,073 | $5,148 | $6,003 | $4,381 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses(2) | 0.46% | 0.48% | 0.45% | 0.46% | 0.46% |
Ratio of Net Expenses (After Waivers and Expense Offsets)(2) | 0.46% | 0.48% | 0.45% | 0.46% | 0.46% |
Ratio of Net Investment Income/(Loss)(2) | 1.54% | 1.11% | 3.28% | 1.17% | 1.29% |
Portfolio Turnover Rate | 100% | 35% | 32% | 50% | 49% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |
See Notes to Financial Statements.
8 | June 30, 2024
Janus Henderson Global Allocation Fund – Growth
Financial Highlights
Financial Highlights
Class C Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $11.86 | $11.25 | $16.16 | $12.65 | $13.76 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.10 | 0.05 | 0.37 | 0.09 | 0.07 |
Net realized and unrealized gain/(loss) | 1.27 | 0.97 | (3.01) | 4.00 | (0.32) |
Total from Investment Operations | 1.37 | 1.02 | (2.64) | 4.09 | (0.25) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.07) | — | (0.38) | (0.06) | (0.06) |
Distributions (from capital gains) | — | (0.41) | (1.89) | (0.52) | (0.80) |
Total Dividends and Distributions | (0.07) | (0.41) | (2.27) | (0.58) | (0.86) |
Net Asset Value, End of Period | $13.16 | $11.86 | $11.25 | $16.16 | $12.65 |
Total Return* | 11.58% | 9.31% | (19.11)% | 32.77% | (2.23)% |
Net Assets, End of Period (in thousands) | $1,820 | $2,373 | $3,031 | $4,096 | $4,497 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses(2) | 1.19% | 1.14% | 1.16% | 1.14% | 1.18% |
Ratio of Net Expenses (After Waivers and Expense Offsets)(2) | 1.19% | 1.14% | 1.16% | 1.14% | 1.18% |
Ratio of Net Investment Income/(Loss)(2) | 0.83% | 0.40% | 2.60% | 0.64% | 0.55% |
Portfolio Turnover Rate | 100% | 35% | 32% | 50% | 49% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |
See Notes to Financial Statements.
Janus Investment Fund | 9
Janus Henderson Global Allocation Fund – Growth
Financial Highlights
Financial Highlights
Class D Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $12.29 | $11.66 | $16.68 | $13.04 | $14.17 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.22 | 0.16 | 0.51 | 0.22 | 0.20 |
Net realized and unrealized gain/(loss) | 1.32 | 1.00 | (3.12) | 4.15 | (0.33) |
Total from Investment Operations | 1.54 | 1.16 | (2.61) | 4.37 | (0.13) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.19) | (0.12) | (0.52) | (0.21) | (0.20) |
Distributions (from capital gains) | — | (0.41) | (1.89) | (0.52) | (0.80) |
Total Dividends and Distributions | (0.19) | (0.53) | (2.41) | (0.73) | (1.00) |
Net Asset Value, End of Period | $13.64 | $12.29 | $11.66 | $16.68 | $13.04 |
Total Return* | 12.60% | 10.31% | (18.41)% | 34.01% | (1.37)% |
Net Assets, End of Period (in thousands) | $197,177 | $190,497 | $181,527 | $233,735 | $187,295 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses(2) | 0.28% | 0.29% | 0.26% | 0.27% | 0.28% |
Ratio of Net Expenses (After Waivers and Expense Offsets)(2) | 0.27% | 0.28% | 0.26% | 0.27% | 0.28% |
Ratio of Net Investment Income/(Loss)(2) | 1.73% | 1.31% | 3.45% | 1.45% | 1.46% |
Portfolio Turnover Rate | 100% | 35% | 32% | 50% | 49% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |
See Notes to Financial Statements.
10 | June 30, 2024
Janus Henderson Global Allocation Fund – Growth
Financial Highlights
Financial Highlights
Class I Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $12.28 | $11.65 | $16.68 | $13.04 | $14.16 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.22 | 0.16 | 0.54 | 0.23 | 0.22 |
Net realized and unrealized gain/(loss) | 1.32 | 1.01 | (3.14) | 4.14 | (0.33) |
Total from Investment Operations | 1.54 | 1.17 | (2.60) | 4.37 | (0.11) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.19) | (0.13) | (0.54) | (0.21) | (0.21) |
Distributions (from capital gains) | — | (0.41) | (1.89) | (0.52) | (0.80) |
Total Dividends and Distributions | (0.19) | (0.54) | (2.43) | (0.73) | (1.01) |
Net Asset Value, End of Period | $13.63 | $12.28 | $11.65 | $16.68 | $13.04 |
Total Return* | 12.63% | 10.40% | (18.42)% | 34.07% | (1.24)% |
Net Assets, End of Period (in thousands) | $13,397 | $13,700 | $11,359 | $14,799 | $11,548 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses(2) | 0.23% | 0.23% | 0.21% | 0.21% | 0.22% |
Ratio of Net Expenses (After Waivers and Expense Offsets)(2) | 0.23% | 0.23% | 0.21% | 0.21% | 0.22% |
Ratio of Net Investment Income/(Loss)(2) | 1.74% | 1.37% | 3.65% | 1.49% | 1.59% |
Portfolio Turnover Rate | 100% | 35% | 32% | 50% | 49% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |
See Notes to Financial Statements.
Janus Investment Fund | 11
Janus Henderson Global Allocation Fund – Growth
Financial Highlights
Financial Highlights
Class S Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $12.06 | $11.45 | $16.43 | $12.85 | $13.96 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.16 | 0.12 | 0.48 | 0.16 | 0.18 |
Net realized and unrealized gain/(loss) | 1.30 | 0.99 | (3.09) | 4.08 | (0.35) |
Total from Investment Operations | 1.46 | 1.11 | (2.61) | 4.24 | (0.17) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.14) | (0.09) | (0.48) | (0.14) | (0.14) |
Distributions (from capital gains) | — | (0.41) | (1.89) | (0.52) | (0.80) |
Total Dividends and Distributions | (0.14) | (0.50) | (2.37) | (0.66) | (0.94) |
Net Asset Value, End of Period | $13.38 | $12.06 | $11.45 | $16.43 | $12.85 |
Total Return* | 12.17% | 9.97% | (18.71)% | 33.45% | (1.67)% |
Net Assets, End of Period (in thousands) | $1,557 | $1,031 | $1,134 | $1,408 | $1,539 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses(2) | 0.63% | 0.64% | 0.62% | 0.62% | 0.62% |
Ratio of Net Expenses (After Waivers and Expense Offsets)(2) | 0.63% | 0.64% | 0.62% | 0.62% | 0.62% |
Ratio of Net Investment Income/(Loss)(2) | 1.27% | 1.06% | 3.31% | 1.05% | 1.30% |
Portfolio Turnover Rate | 100% | 35% | 32% | 50% | 49% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |
See Notes to Financial Statements.
12 | June 30, 2024
Janus Henderson Global Allocation Fund – Growth
Financial Highlights
Financial Highlights
Class T Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $12.27 | $11.64 | $16.65 | $13.02 | $14.14 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.21 | 0.15 | 0.49 | 0.21 | 0.19 |
Net realized and unrealized gain/(loss) | 1.31 | 1.00 | (3.10) | 4.14 | (0.32) |
Total from Investment Operations | 1.52 | 1.15 | (2.61) | 4.35 | (0.13) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.17) | (0.11) | (0.51) | (0.20) | (0.19) |
Distributions (from capital gains) | — | (0.41) | (1.89) | (0.52) | (0.80) |
Total Dividends and Distributions | (0.17) | (0.52) | (2.40) | (0.72) | (0.99) |
Net Asset Value, End of Period | $13.62 | $12.27 | $11.64 | $16.65 | $13.02 |
Total Return* | 12.52% | 10.22% | (18.45)% | 33.88% | (1.37)% |
Net Assets, End of Period (in thousands) | $12,316 | $12,635 | $13,387 | $16,385 | $13,330 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses(2) | 0.38% | 0.39% | 0.36% | 0.37% | 0.37% |
Ratio of Net Expenses (After Waivers and Expense Offsets)(2) | 0.34% | 0.35% | 0.34% | 0.34% | 0.35% |
Ratio of Net Investment Income/(Loss)(2) | 1.65% | 1.24% | 3.34% | 1.37% | 1.43% |
Portfolio Turnover Rate | 100% | 35% | 32% | 50% | 49% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |
See Notes to Financial Statements.
Janus Investment Fund | 13
Janus Henderson Global Allocation Fund – Growth
Notes to Financial Statements
Notes to Financial Statements
1.
Organization and Significant Accounting Policies
Janus Henderson Global Allocation Fund – Growth (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Fund operates as a "fund of funds," meaning substantially all of the Fund's assets will be invested in other mutual funds and exchange-traded funds ("ETFs") (the "underlying funds"). The Trust offers 36 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through a primary emphasis on growth of capital with a secondary emphasis on income. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms.
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
14 | June 30, 2024
Janus Henderson Global Allocation Fund – Growth
Notes to Financial Statements
Notes to Financial Statements
Underlying Funds
The Fund invests in a variety of underlying funds to pursue a target allocation of equity investments, fixed-income securities, and alternative investments and may also invest in money market instruments or cash/cash equivalents. The Fund has a target allocation, which is how the Fund's investments generally will be allocated among the major asset classes over the long term, as well as normal ranges, under normal market conditions, within which the Fund's asset class allocations generally will vary over short-term periods. The Fund's long-term expected average asset allocation is as follows: 75% to equity investments, 15% to fixed-income securities and money market instruments, and 10% to alternative investments. Additional details and descriptions of the investment objectives and strategies of each of the underlying funds are available in the underlying funds’ prospectuses.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
Investment Valuation
The Fund’s net asset value (“NAV”) is calculated based upon the NAV of each of the underlying funds in which the Fund invests on the day of valuation. The NAV for each class of the underlying funds is computed by dividing the total value of securities and other assets allocated to the class, less liabilities allocated to that class, by the total number of shares outstanding for the class.
Valuation Inputs Summary
FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:
Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.
Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
The Fund classifies each of its investments in underlying funds as Level 1, without consideration as to the classification level of the specific investments held by the underlying funds. There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2024 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities held by the underlying funds will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Any distributions from the underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is
Janus Investment Fund | 15
Janus Henderson Global Allocation Fund – Growth
Notes to Financial Statements
Notes to Financial Statements
the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Dividend distributions received from the underlying funds are recorded on the ex-dividend date. Upon receipt of the notification from an underlying fund, and subsequent to the ex-dividend date, a part or all of the dividend income originally recorded by the Fund may be reclassified as a tax return of capital by reducing the cost basis of the underlying fund and/or increasing the realized gain on sales of investments in the underlying fund.
Expenses
The Fund bears expenses incurred specifically on its behalf. Additionally, the Fund, as a shareholder in the underlying funds, will also indirectly bear its pro rata share of the expenses incurred by the underlying funds. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The underlying funds may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the underlying funds distribute such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2.
Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.05% of its average daily net assets.
The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, excluding any expenses of an underlying fund (acquired fund fees and expenses), the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer
16 | June 30, 2024
Janus Henderson Global Allocation Fund – Growth
Notes to Financial Statements
Notes to Financial Statements
agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus payable by any share class, brokerage commissions, interest, dividends, taxes, and extraordinary expenses, exceed the annual rate of 0.14% of the Fund’s average daily net assets. The Adviser has agreed to continue the waivers for at least a one-year period commencing on June 20, 2024. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement, and is authorized to perform, or cause others to perform, the administration services necessary for the operation of the Fund. The Adviser does not receive compensation for serving as administrator and it bears the expenses related to operation of the Fund, such as, but not limited to fund accounting and tax services; shareholder servicing; and preparation of various documents filed with the SEC. The Fund bears costs related to any compensation, fees, or reimbursements paid to Trustees who are independent of the Adviser; fees and expenses of counsel to the Independent Trustees; fees and expenses of consultants to the Fund; custody fees; audit expenses; brokerage commissions and all other expenses in connection with execution of portfolio transactions; blue sky registration costs; interest; all federal, state and local taxes (including stamp, excise, income, and franchise taxes); expenses of shareholder meetings, including the preparation, printing, and distribution of proxy statements, notices, and reports to shareholders; expenses of printing and mailing to existing shareholders prospectuses, statements of additional information, shareholder reports, and other materials required to be mailed to shareholders by federal or state laws or regulations; transfer agency fees and expenses payable pursuant to a transfer agency agreement between the Trust and the Transfer Agent on behalf of the Fund; any litigation; and other extraordinary expenses. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $435,029 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s and the underlying funds’ transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion — $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to
Janus Investment Fund | 17
Janus Henderson Global Allocation Fund – Growth
Notes to Financial Statements
Notes to Financial Statements
reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors US LLC (the “Distributor”), a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets, and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended June 30, 2024, the Distributor retained upfront sales charges of $428.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended June 30, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended June 30, 2024, redeeming shareholders of Class C Shares paid CDSCs of $5.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of June 30, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in
18 | June 30, 2024
Janus Henderson Global Allocation Fund – Growth
Notes to Financial Statements
Notes to Financial Statements
highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended June 30, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
3.
Federal Income Tax
The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.
Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
Undistributed Ordinary Income | Undistributed Long-Term Gains | Accumulated Capital Losses | Loss Deferrals | Other Book to Tax Differences | Net Tax Appreciation/ (Depreciation) |
$1,552,766 | $14,094,076 | $- | $- | $(5,334) | $14,268,337 |
During the year ended June 30, 2024, capital loss carryovers of $4,926,051 were utilized by the Fund .
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$218,641,869 | $15,149,404 | $(881,067) | $14,268,337 |
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.
For the year ended June 30, 2024 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$3,208,937 | $- | $- | $- |
For the year ended June 30, 2023 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$2,177,263 | $7,365,841 | $- | $- |
Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $799,705, including $635,763 of long-term capital gain, for distributions in connection with Fund shares redemption (tax equalization).
Janus Investment Fund | 19
Janus Henderson Global Allocation Fund – Growth
Notes to Financial Statements
Notes to Financial Statements
4.
Capital Share Transactions
Year ended June 30, 2024 | Year ended June 30, 2023 | |||
Shares | Amount | Shares | Amount | |
Class A Shares: | ||||
Shares sold | 45,166 | $576,075 | 115,901 | $1,364,485 |
Reinvested dividends and distributions | 6,096 | 76,812 | 19,817 | 223,339 |
Shares repurchased | (59,332) | (743,080) | (82,085) | (964,518) |
Net Increase/(Decrease) | (8,070) | $(90,193) | 53,633 | $623,306 |
Class C Shares: | ||||
Shares sold | 10,802 | $128,326 | 18,242 | $206,928 |
Reinvested dividends and distributions | 1,033 | 12,756 | 7,846 | 86,622 |
Shares repurchased | (73,706) | (911,332) | (95,507) | (1,062,357) |
Net Increase/(Decrease) | (61,871) | $(770,250) | (69,419) | $(768,807) |
Class D Shares: | ||||
Shares sold | 554,572 | $7,076,644 | 502,381 | $5,966,714 |
Reinvested dividends and distributions | 213,674 | 2,722,210 | 697,247 | 7,941,664 |
Shares repurchased | (1,818,994) | (23,145,578) | (1,264,469) | (14,976,657) |
Net Increase/(Decrease) | (1,050,748) | $(13,346,724) | (64,841) | $(1,068,279) |
Class I Shares: | ||||
Shares sold | 200,348 | $2,539,602 | 484,618 | $5,591,527 |
Reinvested dividends and distributions | 14,637 | 186,334 | 51,778 | 588,717 |
Shares repurchased | (348,239) | (4,372,504) | (395,189) | (4,698,425) |
Net Increase/(Decrease) | (133,254) | $(1,646,568) | 141,207 | $1,481,819 |
Class S Shares: | ||||
Shares sold | 32,531 | $403,745 | 15,078 | $179,544 |
Reinvested dividends and distributions | 934 | 11,693 | 4,862 | 54,407 |
Shares repurchased | (2,678) | (30,876) | (33,387) | (388,910) |
Net Increase/(Decrease) | 30,787 | $384,562 | (13,447) | $(154,959) |
Class T Shares: | ||||
Shares sold | 439,427 | $5,646,206 | 243,469 | $2,847,082 |
Reinvested dividends and distributions | 12,632 | 160,683 | 47,633 | 541,587 |
Shares repurchased | (577,937) | (7,387,549) | (411,256) | (4,829,594) |
Net Increase/(Decrease) | (125,878) | $(1,580,660) | (120,154) | $(1,440,925) |
5.
Purchases and Sales of Investment Securities
For the year ended June 30, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
Purchases of Securities | Proceeds from Sales of Securities | Purchases of Long- Term U.S. Government Obligations | Proceeds from Sales of Long-Term U.S. Government Obligations |
$224,075,234 | $234,537,942 | $- | $- |
6.
Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to June 30, 2024 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
20 | June 30, 2024
Janus Henderson Global Allocation Fund – Growth
Report of Independent Registered Public Accounting Firm
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Global Allocation Fund – Growth
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Global Allocation Fund – Growth (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of June 30, 2024, the related statement of operations for the year ended June 30, 2024, the statement of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2024 and the financial highlights for each of the five years in the period ended June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Denver, Colorado
August 22, 2024
August 22, 2024
We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.
Janus Investment Fund | 21
Janus Henderson Global Allocation Fund – Growth
Designation Requirements (unaudited)
Designation Requirements (unaudited)
For federal income tax purposes, the Fund designated the following for the year ended June 30, 2024:
Capital Gain Distributions | $635,763 |
Foreign Taxes Paid | $179,104 |
Foreign Source Income | $460,186 |
Dividends Received Deduction Percentage | 26% |
Qualified Dividend Income Percentage | 62% |
22 | June 30, 2024
Janus Henderson Global Allocation Fund – Growth
Additional Information (unaudited)
Additional Information (unaudited)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees’ fees and expenses.
Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus
Janus Investment Fund | 23
Janus Henderson Global Allocation Fund – Growth
Additional Information (unaudited)
Additional Information (unaudited)
Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
24 | June 30, 2024
Janus Henderson Global Allocation Fund – Growth
Additional Information (unaudited)
Additional Information (unaudited)
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 25
Janus Henderson Global Allocation Fund – Growth
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
26 | June 30, 2024
Janus Henderson Global Allocation Fund – Growth
Additional Information (unaudited)
Additional Information (unaudited)
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 27
Janus Henderson Global Allocation Fund – Growth
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees
28 | June 30, 2024
Janus Henderson Global Allocation Fund – Growth
Additional Information (unaudited)
Additional Information (unaudited)
noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
Janus Investment Fund | 29
Janus Henderson Global Allocation Fund – Growth
Additional Information (unaudited)
Additional Information (unaudited)
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
30 | June 30, 2024
Janus Henderson Global Allocation Fund – Growth
Additional Information (unaudited)
Additional Information (unaudited)
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Janus Investment Fund | 31
Janus Henderson Global Allocation Fund – Growth
Additional Information (unaudited)
Additional Information (unaudited)
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
32 | June 30, 2024
Janus Henderson Global Allocation Fund – Growth
Additional Information (unaudited)
Additional Information (unaudited)
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
Janus Investment Fund | 33
This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
Mutual funds distributed by Janus Henderson Distributors US LLC
125-02-93021 08-24
ANNUAL FINANCIAL STATEMENTS
June 30, 2024
June 30, 2024
Janus Henderson Global Allocation Fund – Moderate
Janus Investment Fund
Janus Henderson Global Allocation Fund – Moderate
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares | Value | ||
Investment Companies – 100.0% | |||
Equity Funds – 46.0% | |||
Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares£ | 681,842 | $7,597,558 | |
Janus Henderson Enterprise Fund - Class N Shares£ | 92,617 | 12,991,576 | |
Janus Henderson Growth and Income Fund - Class N Shares£ | 191,558 | 14,280,618 | |
Janus Henderson Overseas Fund - Class N Shares£ | 801,400 | 37,850,078 | |
Janus Henderson Research Fund - Class N Shares*,£ | 140,910 | 11,591,156 | |
Janus Henderson Small-Mid Cap Value Fund - Class N Shares£ | 48,641 | 778,776 | |
Janus Henderson Triton Fund - Class N Shares£ | 10,392 | 286,200 | |
Janus Henderson U.S. Dividend Income Fund - Class N Shares£ | 189,448 | 2,082,099 | |
87,458,061 | |||
Exchange-Traded Funds (ETFs) – 29.9% | |||
iShares Core International Aggregate Bond | 231,036 | 11,533,317 | |
iShares JP Morgan USD Emerging Markets Bond | 112,670 | 9,969,042 | |
iShares Russell 2000 Value | 36,737 | 5,595,045 | |
Janus Henderson Small Cap Growth Alpha£ | 29,708 | 1,754,555 | |
Vanguard FTSE Emerging Markets | 472,753 | 20,687,670 | |
Vanguard Value | 44,840 | 7,192,784 | |
56,732,413 | |||
Fixed Income Funds – 23.2% | |||
Janus Henderson Developed World Bond Fund - Class N Shares£ | 3,280,992 | 24,771,453 | |
Janus Henderson Flexible Bond Fund - Class N Shares£ | 1,961,796 | 18,048,468 | |
Janus Henderson High-Yield Fund - Class N Shares£ | 108,047 | 781,179 | |
Janus Henderson Short Duration Flexible Bond Fund - Class N Shares£ | 143,623 | 406,454 | |
44,007,554 | |||
Money Markets – 0.9% | |||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº,£ | 1,689,977 | 1,690,315 | |
Total Investments (total cost $181,155,349) – 100.0% | 189,888,343 | ||
Liabilities, net of Cash, Receivables and Other Assets – (0)% | (31,858) | ||
Net Assets – 100% | $189,856,485 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 1
Janus Henderson Global Allocation Fund – Moderate
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Schedule of Affiliated Investments - (% of Net Assets) | |||||||||
Affiliate | Affiliated Investments, at Value at 6/30/23 | Purchases | Sales Proceeds | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Affiliated Investments, at Value at 6/30/24 | Ending Shares | Dividend Income | Capital Gain Distributions from Underlying Funds |
Investment Companies - 71.0% | |||||||||
Equity Funds - 46.0% | |||||||||
Janus Henderson Adaptive Global Allocation Fund - Class N Shares | |||||||||
$10,568,203 | $587,615 | $(11,176,036) | $309,228 | $(289,010) | $- | - | $961,103 | $192,593 | |
Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | |||||||||
11,052,160 | 1,217,328 | (6,205,556) | 985,735 | 547,891 | 7,597,558 | 681,842 | 70,153 | 357,528 | |
Janus Henderson Asia Equity Fund - Class N Shares | |||||||||
4,080,932 | 64,224 | (4,403,796) | (88,274) | 346,914 | - | - | 1,852 | - | |
Janus Henderson Contrarian Fund - Class N Shares | |||||||||
7,313,733 | 596,163 | (8,188,125) | 2,470,432 | (2,192,203) | - | - | 44,822 | 439,017 | |
Janus Henderson Emerging Markets Fund - Class N Shares | |||||||||
11,363,068 | 248,662 | (12,067,092) | (859,412) | 1,314,774 | - | - | 68,414 | - | |
Janus Henderson Enterprise Fund - Class N Shares | |||||||||
5,506,479 | 8,092,439 | (853,551) | 10,266 | 235,943 | 12,991,576 | 92,617 | - | 419,047 | |
Janus Henderson European Focus Fund - Class N Shares | |||||||||
3,036,451 | 2,343,160 | (6,185,453) | 1,157,713 | (351,871) | - | - | 133,816 | - | |
Janus Henderson Forty Fund - Class N Shares | |||||||||
5,725,518 | 2,120,818 | (9,284,949) | 2,670,478 | (1,231,865) | - | - | 24,707 | 553,640 | |
Janus Henderson Global Equity Income Fund - Class N Shares | |||||||||
5,283,368 | 3,963,054 | (9,835,966) | (49,724) | 639,268 | - | - | 438,090 | - | |
Janus Henderson Global Real Estate Fund - Class N Shares | |||||||||
4,318,573 | 153,194 | (4,464,594) | 637,772 | (644,945) | - | - | 91,108 | - | |
Janus Henderson Global Research Fund - Class N Shares | |||||||||
3,786,506 | 1,534,569 | (6,311,995) | 1,318,013 | (327,093) | - | - | 49,273 | 200,514 | |
Janus Henderson Global Select Fund - Class N Shares | |||||||||
6,646,549 | 588,231 | (8,204,644) | 2,206,907 | (1,237,043) | - | - | 87,664 | 399,923 | |
Janus Henderson Growth and Income Fund - Class N Shares | |||||||||
5,412,270 | 11,049,657 | (2,789,517) | 158,867 | 449,341 | 14,280,618 | 191,558 | 122,365 | 630,170 | |
Janus Henderson Overseas Fund - Class N Shares | |||||||||
12,994,370 | 27,466,838 | (3,744,132) | 930,024 | 202,978 | 37,850,078 | 801,400 | 164,454 | - | |
Janus Henderson Research Fund - Class N Shares* | |||||||||
- | 11,708,671 | (159,211) | (344) | 42,040 | 11,591,156 | 140,910 | - | - | |
Janus Henderson Small-Mid Cap Value Fund - Class N Shares | |||||||||
7,145,641 | 169,782 | (7,547,788) | 593,480 | 417,661 | 778,776 | 48,641 | 64,737 | - | |
Janus Henderson Triton Fund - Class N Shares | |||||||||
4,406,443 | 776,168 | (4,900,808) | 1,080,103 | (1,075,706) | 286,200 | 10,392 | - | 311,876 | |
Janus Henderson U.S. Dividend Income Fund - Class N Shares | |||||||||
5,691,394 | 214,457 | (4,287,385) | 392,864 | 70,769 | 2,082,099 | 189,448 | 118,051 | - | |
Total Equity Funds - 46.0% | |||||||||
$114,331,658 | $72,895,030 | $(110,610,598) | $13,924,128 | $(3,082,157) | $87,458,061 | 2,156,808 | $2,440,609 | $3,504,308 | |
Exchange-Traded Funds (ETFs) - 0.9% | |||||||||
Janus Henderson AAA CLO | |||||||||
3,015,825 | 2,021,297 | (5,107,411) | 102,262 | (31,973) | - | - | 246,088 | - | |
Janus Henderson Small Cap Growth Alpha | |||||||||
- | 1,742,327 | (22,361) | 128 | 34,461 | 1,754,555 | 29,708 | 1,520 | - | |
Total Exchange-Traded Funds (ETFs) - 0.9% | |||||||||
$3,015,825 | $3,763,624 | $(5,129,772) | $102,390 | $2,488 | $1,754,555 | 29,708 | $247,608 | $- | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
2 | June 30, 2024
Janus Henderson Global Allocation Fund – Moderate
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Affiliate | Affiliated Investments, at Value at 6/30/23 | Purchases | Sales Proceeds | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Affiliated Investments, at Value at 6/30/24 | Ending Shares | Dividend Income | Capital Gain Distributions from Underlying Funds |
Investment Companies - (continued) | |||||||||
Fixed Income Funds - 23.2% | |||||||||
Janus Henderson Developed World Bond Fund - Class N Shares | |||||||||
$- | $41,727,023 | $(16,955,771) | $94,452 | $(94,251) | $24,771,453 | 3,280,992 | $467,709 | $- | |
Janus Henderson Flexible Bond Fund - Class N Shares | |||||||||
18,813,049 | 7,413,911 | (7,949,382) | (296,120) | 67,010 | 18,048,468 | 1,961,796 | 671,456 | - | |
Janus Henderson Global Bond Fund - Class N Shares | |||||||||
46,390,269 | 1,107,463 | (48,020,516) | (7,461,935) | 7,984,719 | - | - | (306,766) þ | - | |
Janus Henderson High-Yield Fund - Class N Shares | |||||||||
1,116,081 | 394,496 | (766,278) | (123,157) | 160,037 | 781,179 | 108,047 | 87,622 | - | |
Janus Henderson Multi-Sector Income Fund - Class N Shares | |||||||||
644,661 | 3,132,766 | (3,824,482) | 54,037 | (6,982) | - | - | 140,499 | - | |
Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | |||||||||
5,701,280 | 2,302,561 | (7,628,618) | (180,820) | 212,051 | 406,454 | 143,623 | 155,028 | - | |
Total Fixed Income Funds - 23.2% | |||||||||
$72,665,340 | $56,078,220 | $(85,145,047) | $(7,913,543) | $8,322,584 | $44,007,554 | 5,494,458 | $1,215,548 | $- | |
Money Markets - 0.9% | |||||||||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº | |||||||||
192,076 | 5,935,908 | (4,437,669) | - | - | 1,690,315 | 1,689,977 | 46,722 | - | |
Total Affiliated Investments - 71.0% | |||||||||
$190,204,899 | $138,672,782 | $(205,323,086) | $6,112,975 | $5,242,915 | $134,910,485 | 9,370,951 | $3,950,487 | $3,504,308 | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 3
Janus Henderson Global Allocation Fund – Moderate
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
LLC | Limited Liability Company |
* | Non-income producing security. |
ºº | Rate shown is the 7-day yield as of June 30, 2024. |
£ | The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. |
þ | During the Fund’s current reporting period, a portion of the prior year distributions it received from this underlying fund was determined to be return of capital distributions. The negative amount disclosed was originally recorded as income in the Fund’s prior fiscal year and has been reclassified as a return of capital in the current reporting period. |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2024. See Notes to Financial Statements for more information.
Valuation Inputs Summary | |||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | |
Assets | |||
Investments In Securities: | |||
Investment Companies | |||
Equity Funds | $87,458,061 | $- | $- |
Exchange-Traded Funds (ETFs) | 56,732,413 | - | - |
Fixed Income Funds | 44,007,554 | - | - |
Money Markets | - | 1,690,315 | - |
Total Assets | $188,198,028 | $1,690,315 | $- |
4 | June 30, 2024
Janus Henderson Global Allocation Fund – Moderate
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Assets: | |
Unaffiliated investments, at value (cost $55,178,305) | $54,977,858 |
Affiliated investments, at value (cost $125,977,044) | 134,910,485 |
Trustees' deferred compensation | 5,229 |
Receivables: | |
Dividends | 246,346 |
Investments sold | 54,127 |
Fund shares sold | 19,260 |
Due from adviser | 11,603 |
Dividends from affiliates | 5,804 |
Other assets | 267 |
Total Assets | 190,230,979 |
Liabilities: | |
Payables: | |
Investments purchased | 197,588 |
Fund shares repurchased | 75,504 |
Professional fees | 41,741 |
Transfer agent fees and expenses | 24,995 |
Advisory fees | 7,817 |
Trustees' deferred compensation fees | 5,229 |
12b-1 Distribution and shareholder servicing fees | 2,525 |
Custodian fees | 1,110 |
Trustees' fees and expenses | 1,035 |
Accrued expenses and other payables | 16,950 |
Total Liabilities | 374,494 |
Commitments and contingent liabilities (Note 3) | |
Net Assets | $189,856,485 |
Net Assets Consist of: | |
Capital (par value and paid-in surplus) | $177,686,170 |
Total distributable earnings (loss) | 12,170,315 |
Total Net Assets | $189,856,485 |
Net Assets - Class A Shares | $9,236,613 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 754,437 |
Net Asset Value Per Share(1) | $12.24 |
Maximum Offering Price Per Share(2) | $12.99 |
Net Assets - Class C Shares | $629,315 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 52,259 |
Net Asset Value Per Share(1) | $12.04 |
Net Assets - Class D Shares | $164,482,484 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 13,325,218 |
Net Asset Value Per Share | $12.34 |
Net Assets - Class I Shares | $3,446,674 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 279,443 |
Net Asset Value Per Share | $12.33 |
Net Assets - Class S Shares | $538,950 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 44,423 |
Net Asset Value Per Share | $12.13 |
Net Assets - Class T Shares | $11,522,449 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 936,662 |
Net Asset Value Per Share | $12.30 |
(1) | Redemption price per share may be reduced for any applicable contingent deferred sales charge. |
(2) | Maximum offering price is computed at 100/94.25 of net asset value. |
See Notes to Financial Statements.
Janus Investment Fund | 5
Janus Henderson Global Allocation Fund – Moderate
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Investment Income: | |
Dividends from affiliates | $3,950,487 |
Dividends | 796,579 |
Other income | 607 |
Total Investment Income | 4,747,673 |
Expenses: | |
Advisory fees | 92,843 |
12b-1 Distribution and shareholder servicing fees: | |
Class A Shares | 22,885 |
Class C Shares | 6,468 |
Class S Shares | 1,171 |
Transfer agent administrative fees and expenses: | |
Class D Shares | 183,254 |
Class S Shares | 1,192 |
Class T Shares | 27,879 |
Transfer agent networking and omnibus fees: | |
Class A Shares | 5,099 |
Class C Shares | 682 |
Class I Shares | 3,241 |
Other transfer agent fees and expenses: | |
Class A Shares | 528 |
Class C Shares | 49 |
Class D Shares | 27,585 |
Class I Shares | 218 |
Class S Shares | 21 |
Class T Shares | 233 |
Registration fees | 88,145 |
Professional fees | 48,003 |
Shareholder reports expense | 37,213 |
Custodian fees | 10,948 |
Trustees' fees and expenses | 3,989 |
Other expenses | 15,976 |
Total Expenses | 577,622 |
Less: Excess Expense Reimbursement and Waivers | (77,918) |
Net Expenses | 499,704 |
Net Investment Income/(Loss) | 4,247,969 |
Net Realized Gain/(Loss) on Investments: | |
Investments | (748,820) |
Investments in affiliates | 6,112,975 |
Capital gain distributions from underlying funds | 3,504,308 |
Total Net Realized Gain/(Loss) on Investments | 8,868,463 |
Change in Unrealized Net Appreciation/Depreciation: | |
Investments and Trustees' deferred compensation | (200,527) |
Investments in affiliates | 5,242,915 |
Total Change in Unrealized Net Appreciation/Depreciation | 5,042,388 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $18,158,820 |
See Notes to Financial Statements.
6 | June 30, 2024
Janus Henderson Global Allocation Fund – Moderate
Statements of Changes in Net Assets
Statements of Changes in Net Assets
Year ended June 30, 2024 | Year ended June 30, 2023 | |
Operations: | ||
Net investment income/(loss) | $4,247,969 | $2,762,568 |
Net realized gain/(loss) on investments | 8,868,463 | (6,010,036) |
Change in unrealized net appreciation/depreciation | 5,042,388 | 17,173,033 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 18,158,820 | 13,925,565 |
Dividends and Distributions to Shareholders: | ||
Class A Shares | (124,694) | (242,632) |
Class C Shares | (4,668) | (20,118) |
Class D Shares | (2,504,968) | (4,624,841) |
Class I Shares | (53,937) | (122,537) |
Class S Shares | (4,883) | (26,980) |
Class T Shares | (155,379) | (324,596) |
Net Decrease from Dividends and Distributions to Shareholders | (2,848,529) | (5,361,704) |
Capital Share Transactions: | ||
Class A Shares | (951,563) | (2,434,840) |
Class C Shares | (214,694) | (653,691) |
Class D Shares | (13,120,896) | (7,638,439) |
Class I Shares | (735,120) | (767,425) |
Class S Shares | 54,307 | (664,740) |
Class T Shares | (613,919) | (2,468,613) |
Net Increase/(Decrease) from Capital Share Transactions | (15,581,885) | (14,627,748) |
Net Increase/(Decrease) in Net Assets | (271,594) | (6,063,887) |
Net Assets: | ||
Beginning of period | 190,128,079 | 196,191,966 |
End of period | $189,856,485 | $190,128,079 |
See Notes to Financial Statements.
Janus Investment Fund | 7
Janus Henderson Global Allocation Fund – Moderate
Financial Highlights
Financial Highlights
Class A Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $11.28 | $10.79 | $14.88 | $12.29 | $12.90 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.24 | 0.14 | 0.43 | 0.22 | 0.16 |
Net realized and unrealized gain/(loss) | 0.88 | 0.64 | (2.77) | 2.98 | (0.06) |
Total from Investment Operations | 1.12 | 0.78 | (2.34) | 3.20 | 0.10 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.16) | (0.06) | (0.44) | (0.22) | (0.14) |
Distributions (from capital gains) | — | (0.23) | (1.31) | (0.39) | (0.57) |
Total Dividends and Distributions | (0.16) | (0.29) | (1.75) | (0.61) | (0.71) |
Net Asset Value, End of Period | $12.24 | $11.28 | $10.79 | $14.88 | $12.29 |
Total Return* | 9.98% | 7.37% | (17.84)% | 26.39% | 0.60% |
Net Assets, End of Period (in thousands) | $9,237 | $9,441 | $11,371 | $14,023 | $8,165 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses(2) | 0.45% | 0.46% | 0.43% | 0.43% | 0.41% |
Ratio of Net Expenses (After Waivers and Expense Offsets)(2) | 0.43% | 0.44% | 0.43% | 0.43% | 0.41% |
Ratio of Net Investment Income/(Loss)(2) | 2.11% | 1.24% | 3.21% | 1.56% | 1.29% |
Portfolio Turnover Rate | 104% | 36% | 43% | 41% | 51% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |
See Notes to Financial Statements.
8 | June 30, 2024
Janus Henderson Global Allocation Fund – Moderate
Financial Highlights
Financial Highlights
Class C Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $11.10 | $10.64 | $14.66 | $12.11 | $12.70 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.16 | 0.06 | 0.32 | 0.16 | 0.06 |
Net realized and unrealized gain/(loss) | 0.85 | 0.63 | (2.72) | 2.88 | (0.05) |
Total from Investment Operations | 1.01 | 0.69 | (2.40) | 3.04 | 0.01 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.07) | — | (0.31) | (0.10) | (0.03) |
Distributions (from capital gains) | — | (0.23) | (1.31) | (0.39) | (0.57) |
Total Dividends and Distributions | (0.07) | (0.23) | (1.62) | (0.49) | (0.60) |
Net Asset Value, End of Period | $12.04 | $11.10 | $10.64 | $14.66 | $12.11 |
Total Return* | 9.15% | 6.61% | (18.40)% | 25.39% | (0.06)% |
Net Assets, End of Period (in thousands) | $629 | $789 | $1,387 | $2,854 | $4,381 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses(2) | 1.16% | 1.17% | 1.19% | 1.12% | 1.18% |
Ratio of Net Expenses (After Waivers and Expense Offsets)(2) | 1.14% | 1.15% | 1.19% | 1.11% | 1.18% |
Ratio of Net Investment Income/(Loss)(2) | 1.46% | 0.56% | 2.42% | 1.17% | 0.45% |
Portfolio Turnover Rate | 104% | 36% | 43% | 41% | 51% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |
See Notes to Financial Statements.
Janus Investment Fund | 9
Janus Henderson Global Allocation Fund – Moderate
Financial Highlights
Financial Highlights
Class D Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $11.37 | $10.88 | $14.99 | $12.38 | $12.98 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.27 | 0.16 | 0.45 | 0.26 | 0.18 |
Net realized and unrealized gain/(loss) | 0.88 | 0.65 | (2.79) | 2.98 | (0.05) |
Total from Investment Operations | 1.15 | 0.81 | (2.34) | 3.24 | 0.13 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.18) | (0.09) | (0.46) | (0.24) | (0.16) |
Distributions (from capital gains) | — | (0.23) | (1.31) | (0.39) | (0.57) |
Total Dividends and Distributions | (0.18) | (0.32) | (1.77) | (0.63) | (0.73) |
Net Asset Value, End of Period | $12.34 | $11.37 | $10.88 | $14.99 | $12.38 |
Total Return* | 10.19% | 7.59% | (17.71)% | 26.53% | 0.84% |
Net Assets, End of Period (in thousands) | $164,482 | $164,312 | $164,692 | $213,724 | $178,202 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses(2) | 0.29% | 0.30% | 0.26% | 0.27% | 0.27% |
Ratio of Net Expenses (After Waivers and Expense Offsets)(2) | 0.25% | 0.26% | 0.25% | 0.25% | 0.26% |
Ratio of Net Investment Income/(Loss)(2) | 2.30% | 1.46% | 3.35% | 1.84% | 1.40% |
Portfolio Turnover Rate | 104% | 36% | 43% | 41% | 51% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |
See Notes to Financial Statements.
10 | June 30, 2024
Janus Henderson Global Allocation Fund – Moderate
Financial Highlights
Financial Highlights
Class I Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $11.36 | $10.86 | $14.98 | $12.37 | $12.97 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.27 | 0.17 | 0.53 | 0.25 | 0.19 |
Net realized and unrealized gain/(loss) | 0.88 | 0.64 | (2.86) | 3.00 | (0.05) |
Total from Investment Operations | 1.15 | 0.81 | (2.33) | 3.25 | 0.14 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.18) | (0.08) | (0.48) | (0.25) | (0.17) |
Distributions (from capital gains) | — | (0.23) | (1.31) | (0.39) | (0.57) |
Total Dividends and Distributions | (0.18) | (0.31) | (1.79) | (0.64) | (0.74) |
Net Asset Value, End of Period | $12.33 | $11.36 | $10.86 | $14.98 | $12.37 |
Total Return* | 10.21% | 7.65% | (17.72)% | 26.62% | 0.88% |
Net Assets, End of Period (in thousands) | $3,447 | $3,930 | $4,528 | $6,744 | $4,551 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses(2) | 0.24% | 0.23% | 0.22% | 0.21% | 0.21% |
Ratio of Net Expenses (After Waivers and Expense Offsets)(2) | 0.22% | 0.21% | 0.22% | 0.21% | 0.21% |
Ratio of Net Investment Income/(Loss)(2) | 2.30% | 1.55% | 3.87% | 1.81% | 1.47% |
Portfolio Turnover Rate | 104% | 36% | 43% | 41% | 51% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |
See Notes to Financial Statements.
Janus Investment Fund | 11
Janus Henderson Global Allocation Fund – Moderate
Financial Highlights
Financial Highlights
Class S Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $11.16 | $10.69 | $14.75 | $12.19 | $12.79 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.22 | 0.14 | 0.40 | 0.21 | 0.15 |
Net realized and unrealized gain/(loss) | 0.87 | 0.60 | (2.74) | 2.93 | (0.07) |
Total from Investment Operations | 1.09 | 0.74 | (2.34) | 3.14 | 0.08 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.12) | (0.04) | (0.41) | (0.19) | (0.11) |
Distributions (from capital gains) | — | (0.23) | (1.31) | (0.39) | (0.57) |
Total Dividends and Distributions | (0.12) | (0.27) | (1.72) | (0.58) | (0.68) |
Net Asset Value, End of Period | $12.13 | $11.16 | $10.69 | $14.75 | $12.19 |
Total Return* | 9.80% | 7.11% | (17.97)% | 26.03% | 0.47% |
Net Assets, End of Period (in thousands) | $539 | $443 | $1,066 | $1,385 | $1,247 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses(2) | 0.64% | 0.65% | 0.62% | 0.62% | 0.62% |
Ratio of Net Expenses (After Waivers and Expense Offsets)(2) | 0.62% | 0.63% | 0.62% | 0.62% | 0.62% |
Ratio of Net Investment Income/(Loss)(2) | 1.91% | 1.30% | 3.03% | 1.51% | 1.17% |
Portfolio Turnover Rate | 104% | 36% | 43% | 41% | 51% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |
See Notes to Financial Statements.
12 | June 30, 2024
Janus Henderson Global Allocation Fund – Moderate
Financial Highlights
Financial Highlights
Class T Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $11.33 | $10.84 | $14.94 | $12.34 | $12.94 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.25 | 0.15 | 0.44 | 0.24 | 0.16 |
Net realized and unrealized gain/(loss) | 0.89 | 0.64 | (2.78) | 2.98 | (0.04) |
Total from Investment Operations | 1.14 | 0.79 | (2.34) | 3.22 | 0.12 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.17) | (0.07) | (0.45) | (0.23) | (0.15) |
Distributions (from capital gains) | — | (0.23) | (1.31) | (0.39) | (0.57) |
Total Dividends and Distributions | (0.17) | (0.30) | (1.76) | (0.62) | (0.72) |
Net Asset Value, End of Period | $12.30 | $11.33 | $10.84 | $14.94 | $12.34 |
Total Return* | 10.13% | 7.51% | (17.77)% | 26.43% | 0.76% |
Net Assets, End of Period (in thousands) | $11,522 | $11,213 | $13,148 | $16,849 | $13,981 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses(2) | 0.39% | 0.40% | 0.37% | 0.37% | 0.37% |
Ratio of Net Expenses (After Waivers and Expense Offsets)(2) | 0.33% | 0.33% | 0.33% | 0.32% | 0.34% |
Ratio of Net Investment Income/(Loss)(2) | 2.17% | 1.38% | 3.27% | 1.76% | 1.29% |
Portfolio Turnover Rate | 104% | 36% | 43% | 41% | 51% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests. |
See Notes to Financial Statements.
Janus Investment Fund | 13
Janus Henderson Global Allocation Fund – Moderate
Notes to Financial Statements
Notes to Financial Statements
1.
Organization and Significant Accounting Policies
Janus Henderson Global Allocation Fund – Moderate (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Fund operates as a "fund of funds," meaning substantially all of the Fund's assets will be invested in other mutual funds and exchange-traded funds ("ETFs") (the "underlying funds"). The Trust offers 36 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through growth of capital and income. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms.
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
14 | June 30, 2024
Janus Henderson Global Allocation Fund – Moderate
Notes to Financial Statements
Notes to Financial Statements
Underlying Funds
The Fund invests in a variety of underlying funds to pursue a target allocation of equity investments, fixed-income securities, and alternative investments and may also invest in money market instruments or cash/cash equivalents. The Fund has a target allocation, which is how the Fund's investments generally will be allocated among the major asset classes over the long term, as well as normal ranges, under normal market conditions, within which the Fund's asset class allocations generally will vary over short-term periods. The Fund's long-term expected average asset allocation is as follows: 55% to equity investments, 35% to fixed-income securities and money market instruments, and 10% to alternative investments. Additional details and descriptions of the investment objectives and strategies of each of the underlying funds are available in the underlying funds’ prospectuses.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
Investment Valuation
The Fund’s net asset value (“NAV”) is calculated based upon the NAV of each of the underlying funds in which the Fund invests on the day of valuation. The NAV for each class of the underlying funds is computed by dividing the total value of securities and other assets allocated to the class, less liabilities allocated to that class, by the total number of shares outstanding for the class.
Valuation Inputs Summary
FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:
Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.
Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
The Fund classifies each of its investments in underlying funds as Level 1, without consideration as to the classification level of the specific investments held by the underlying funds. There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2024 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities held by the underlying funds will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Any distributions from the underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is
Janus Investment Fund | 15
Janus Henderson Global Allocation Fund – Moderate
Notes to Financial Statements
Notes to Financial Statements
the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Dividend distributions received from the underlying funds are recorded on the ex-dividend date. Upon receipt of the notification from an underlying fund, and subsequent to the ex-dividend date, a part or all of the dividend income originally recorded by the Fund may be reclassified as a tax return of capital by reducing the cost basis of the underlying fund and/or increasing the realized gain on sales of investments in the underlying fund.
Expenses
The Fund bears expenses incurred specifically on its behalf. Additionally, the Fund, as a shareholder in the underlying funds, will also indirectly bear its pro rata share of the expenses incurred by the underlying funds. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The underlying funds may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the underlying funds distribute such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2.
Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.05% of its average daily net assets.
The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, excluding any expenses of an underlying fund (acquired fund fees and expenses), the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer
16 | June 30, 2024
Janus Henderson Global Allocation Fund – Moderate
Notes to Financial Statements
Notes to Financial Statements
agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus payable by any share class, brokerage commissions, interest, dividends, taxes, and extraordinary expenses, exceed the annual rate of 0.12% of the Fund’s average daily net assets. The Adviser has agreed to continue the waiver for at least a one-year period commencing on June 20, 2024. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement, and is authorized to perform, or cause others to perform, the administration services necessary for the operation of the Fund. The Adviser does not receive compensation for serving as administrator and it bears the expenses related to operation of the Fund, such as, but not limited to fund accounting and tax services; shareholder servicing; and preparation of various documents filed with the SEC. The Fund bears costs related to any compensation, fees, or reimbursements paid to Trustees who are independent of the Adviser; fees and expenses of counsel to the Independent Trustees; fees and expenses of consultants to the Fund; custody fees; audit expenses; brokerage commissions and all other expenses in connection with execution of portfolio transactions; blue sky registration costs; interest; all federal, state and local taxes (including stamp, excise, income, and franchise taxes); expenses of shareholder meetings, including the preparation, printing, and distribution of proxy statements, notices, and reports to shareholders; expenses of printing and mailing to existing shareholders prospectuses, statements of additional information, shareholder reports, and other materials required to be mailed to shareholders by federal or state laws or regulations; transfer agency fees and expenses payable pursuant to a transfer agency agreement between the Trust and the Transfer Agent on behalf of the Fund; any litigation; and other extraordinary expenses. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and compliance staff are shared with the Fund. Total compensation of $435,029 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s and the underlying funds’ transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion — $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to
Janus Investment Fund | 17
Janus Henderson Global Allocation Fund – Moderate
Notes to Financial Statements
Notes to Financial Statements
reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors US LLC (the “Distributor”), a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets, and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended June 30, 2024, the Distributor retained upfront sales charges of $115.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended June 30, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the year ended June 30, 2024.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of June 30, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in
18 | June 30, 2024
Janus Henderson Global Allocation Fund – Moderate
Notes to Financial Statements
Notes to Financial Statements
highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended June 30, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
3.
Federal Income Tax
The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.
Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
Undistributed Ordinary Income | Undistributed Long-Term Gains | Accumulated Capital Losses | Loss Deferrals | Other Book to Tax Differences | Net Tax Appreciation/ (Depreciation) |
$3,347,080 | $1,277,746 | $- | $- | $(3,981) | $7,549,470 |
During the year ended June 30, 2024, capital loss carryovers of $5,916,434 were utilized by the Fund .
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$182,338,873 | $8,913,167 | $(1,363,697) | $7,549,470 |
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.
For the year ended June 30, 2024 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$2,848,529 | $- | $- | $- |
For the year ended June 30, 2023 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$1,422,861 | $3,938,843 | $- | $- |
Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $225,734, including $54,254 of long-term capital gain, for distributions in connection with Fund shares redemption (tax equalization).
Janus Investment Fund | 19
Janus Henderson Global Allocation Fund – Moderate
Notes to Financial Statements
Notes to Financial Statements
4.
Capital Share Transactions
Year ended June 30, 2024 | Year ended June 30, 2023 | |||
Shares | Amount | Shares | Amount | |
Class A Shares: | ||||
Shares sold | 22,126 | $257,872 | 84,220 | $917,214 |
Reinvested dividends and distributions | 10,493 | 122,562 | 21,826 | 232,007 |
Shares repurchased | (115,090) | (1,331,997) | (322,999) | (3,584,061) |
Net Increase/(Decrease) | (82,471) | $(951,563) | (216,953) | $(2,434,840) |
Class C Shares: | ||||
Shares sold | 7,155 | $77,156 | 28,017 | $287,539 |
Reinvested dividends and distributions | 399 | 4,595 | 1,918 | 20,118 |
Shares repurchased | (26,411) | (296,445) | (89,195) | (961,348) |
Net Increase/(Decrease) | (18,857) | $(214,694) | (59,260) | $(653,691) |
Class D Shares: | ||||
Shares sold | 721,958 | $8,357,771 | 714,673 | $7,931,540 |
Reinvested dividends and distributions | 208,854 | 2,456,124 | 426,840 | 4,571,454 |
Shares repurchased | (2,053,429) | (23,934,791) | (1,824,967) | (20,141,433) |
Net Increase/(Decrease) | (1,122,617) | $(13,120,896) | (683,454) | $(7,638,439) |
Class I Shares: | ||||
Shares sold | 73,036 | $855,201 | 47,600 | $530,997 |
Reinvested dividends and distributions | 4,590 | 53,937 | 11,452 | 122,537 |
Shares repurchased | (144,076) | (1,644,258) | (129,897) | (1,420,959) |
Net Increase/(Decrease) | (66,450) | $(735,120) | (70,845) | $(767,425) |
Class S Shares: | ||||
Shares sold | 4,637 | $53,310 | 6,843 | $74,191 |
Reinvested dividends and distributions | 422 | 4,883 | 2,562 | 26,980 |
Shares repurchased | (334) | (3,886) | (69,443) | (765,911) |
Net Increase/(Decrease) | 4,725 | $54,307 | (60,038) | $(664,740) |
Class T Shares: | ||||
Shares sold | 460,923 | $5,363,030 | 273,679 | $2,984,463 |
Reinvested dividends and distributions | 13,183 | 154,633 | 30,278 | 323,070 |
Shares repurchased | (526,877) | (6,131,582) | (526,952) | (5,776,146) |
Net Increase/(Decrease) | (52,771) | $(613,919) | (222,995) | $(2,468,613) |
5.
Purchases and Sales of Investment Securities
For the year ended June 30, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
Purchases of Securities | Proceeds from Sales of Securities | Purchases of Long- Term U.S. Government Obligations | Proceeds from Sales of Long-Term U.S. Government Obligations |
$194,563,537 | $205,088,576 | $- | $- |
6.
Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to June 30, 2024 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
20 | June 30, 2024
Janus Henderson Global Allocation Fund – Moderate
Report of Independent Registered Public Accounting Firm
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Global Allocation Fund – Moderate
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Global Allocation Fund – Moderate (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of June 30, 2024, the related statement of operations for the year ended June 30, 2024, the statement of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2024 and the financial highlights for each of the five years in the period ended June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Denver, Colorado
August 22, 2024
August 22, 2024
We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.
Janus Investment Fund | 21
Janus Henderson Global Allocation Fund – Moderate
Designation Requirements (unaudited)
Designation Requirements (unaudited)
For federal income tax purposes, the Fund designated the following for the year ended June 30, 2024:
Capital Gain Distributions | $54,254 |
Foreign Taxes Paid | $110,394 |
Foreign Source Income | $284,183 |
Dividends Received Deduction Percentage | 15% |
Qualified Dividend Income Percentage | 35% |
22 | June 30, 2024
Janus Henderson Global Allocation Fund – Moderate
Additional Information (unaudited)
Additional Information (unaudited)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees’ fees and expenses.
Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus
Janus Investment Fund | 23
Janus Henderson Global Allocation Fund – Moderate
Additional Information (unaudited)
Additional Information (unaudited)
Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
24 | June 30, 2024
Janus Henderson Global Allocation Fund – Moderate
Additional Information (unaudited)
Additional Information (unaudited)
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 25
Janus Henderson Global Allocation Fund – Moderate
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
26 | June 30, 2024
Janus Henderson Global Allocation Fund – Moderate
Additional Information (unaudited)
Additional Information (unaudited)
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 27
Janus Henderson Global Allocation Fund – Moderate
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees
28 | June 30, 2024
Janus Henderson Global Allocation Fund – Moderate
Additional Information (unaudited)
Additional Information (unaudited)
noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
Janus Investment Fund | 29
Janus Henderson Global Allocation Fund – Moderate
Additional Information (unaudited)
Additional Information (unaudited)
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
30 | June 30, 2024
Janus Henderson Global Allocation Fund – Moderate
Additional Information (unaudited)
Additional Information (unaudited)
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Janus Investment Fund | 31
Janus Henderson Global Allocation Fund – Moderate
Additional Information (unaudited)
Additional Information (unaudited)
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
32 | June 30, 2024
Janus Henderson Global Allocation Fund – Moderate
Additional Information (unaudited)
Additional Information (unaudited)
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
Janus Investment Fund | 33
This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
Mutual funds distributed by Janus Henderson Distributors US LLC
125-02-93022 08-24
ANNUAL FINANCIAL STATEMENTS
June 30, 2024
June 30, 2024
Janus Henderson Government Money Market Fund
Janus Investment Fund
Janus Henderson Government Money Market Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Principal Amounts | Value | ||
U.S. Government Agency Notes – 32.1% | |||
Federal Home Loan Bank Discount Notes: | |||
5.1800%, 7/1/24 | $6,000,000 | $6,000,000 | |
5.2140%, 7/5/24 | 6,000,000 | 5,996,540 | |
5.2250%, 7/10/24 | 6,000,000 | 5,992,201 | |
5.2400%, 7/12/24 | 6,000,000 | 5,990,337 | |
5.2480%, 7/17/24 | 5,000,000 | 4,988,401 | |
5.2700%, 7/18/24 | 6,000,000 | 5,984,785 | |
5.2000%, 7/19/24 | 6,000,000 | 5,984,289 | |
5.2699%, 7/22/24 | 6,000,000 | 5,981,517 | |
5.2570%, 7/24/24 | 6,000,000 | 5,979,967 | |
5.2150%, 7/26/24 | 6,000,000 | 5,977,936 | |
5.1950%, 8/2/24 | 5,000,000 | 4,976,770 | |
5.2490%, 8/7/24 | 6,000,000 | 5,967,321 | |
5.2550%, 8/9/24 | 5,000,000 | 4,971,035 | |
5.2450%, 8/14/24 | 5,000,000 | 4,967,924 | |
5.2400%, 8/16/24 | 5,000,000 | 4,966,343 | |
5.2500%, 8/23/24 | 6,000,000 | 5,953,786 | |
5.2400%, 8/28/24 | 6,000,000 | 5,949,127 | |
5.2500%, 9/6/24 | 5,000,000 | 4,951,589 | |
5.2400%, 9/11/24 | 6,000,000 | 5,936,903 | |
5.2400%, 9/18/24 | 6,000,000 | 5,930,840 | |
5.2450%, 9/20/24 | 6,000,000 | 5,928,397 | |
Freddie Mac Discount Notes: | |||
5.2500%, 8/13/24 | 6,000,000 | 5,962,240 | |
Total U.S. Government Agency Notes (cost $125,338,248) | 125,338,248 | ||
U.S. Treasury Debt – 16.3% | |||
United States Treasury Bill, 5.2725%, 7/2/24 | 6,000,000 | 5,999,134 | |
United States Treasury Bill, 5.2310%, 7/25/24 | 6,000,000 | 5,979,350 | |
United States Treasury Bill, 5.1518%, 8/1/24 | 6,000,000 | 5,973,186 | |
United States Treasury Bill, 5.2460%, 8/27/24 | 6,000,000 | 5,950,366 | |
United States Treasury Bill, 5.2315%, 9/3/24 | 6,000,000 | 5,944,437 | |
United States Treasury Bill, 5.2432%, 9/5/24 | 6,000,000 | 5,942,219 | |
United States Treasury Bill, 5.2375%, 9/17/24 | 6,000,000 | 5,932,418 | |
United States Treasury Bill, 5.2245%, 10/1/24 | 6,000,000 | 5,919,774 | |
United States Treasury Bill, 5.2175%, 10/8/24 | 5,000,000 | 4,928,770 | |
United States Treasury Bill, 5.2145%, 10/15/24 | 5,000,000 | 4,921,899 | |
United States Treasury Bill, 5.1574%, 11/14/24 | 6,000,000 | 5,883,048 | |
Total U.S. Treasury Debt (cost $63,374,601) | 63,374,601 | ||
Variable Rate Demand Notes¶ – 15.0% | |||
6213 Montezuma LLC (LOC: FHLB of San Francisco), 5.4500%, 2/1/62 | 2,200,000 | 2,200,000 | |
Alberta Street Development LLC (LOC: FHLB of San Francisco), 5.4500%, 3/1/61 | 2,000,000 | 2,000,000 | |
Bryan W Kelley 2019 Irrevocable Insurance Trust (LOC: FHLB of Dallas), 5.4500%, 7/1/70 | 2,980,000 | 2,980,000 | |
Cypress Bend Real Estate Development Co LLC (LOC: FHLB of Dallas), 5.4500%, 4/1/33 | 9,000,000 | 9,000,000 | |
Irvine Inn Apartments LP (LOC: FHLB of San Francisco), 5.4500%, 2/2/60 | 4,000,000 | 4,000,000 | |
John H Smith Irrevocable Insurance Trust of 2017/The (LOC: FHLB of Dallas), 5.4500%, 2/1/41 | 5,820,000 | 5,820,000 | |
Johnson Capital Management LLC (LOC: FHLB of Indianapolis), 5.7500%, 6/3/47 | 2,845,000 | 2,845,000 | |
LML Trust (LOC: FHLB of Dallas), 5.4500%, 2/1/41 | 4,500,000 | 4,500,000 | |
Olivetree Apartments LP (LOC: FHLB of San Francisco), 5.4500%, 6/2/59 | 10,000,000 | 10,000,000 | |
Rieber Life Insurance Trust/The (LOC: FHLB of Dallas), 5.4500%, 5/1/42 | 4,000,000 | 4,000,000 | |
SIL Irrevocable Trust (LOC: FHLB of Dallas), 5.4500%, 6/1/43 | 6,150,000 | 6,150,000 | |
Ventana Housing LP (LOC: FHLB of San Francisco), 5.4500%, 6/1/60 | 5,000,000 | 5,000,000 | |
Total Variable Rate Demand Notes (cost $58,495,000) | 58,495,000 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 1
Janus Henderson Government Money Market Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Principal Amounts | Value | ||
Repurchase Agreementsë – 36.6% | |||
Goldman Sachs & Co, Joint repurchase agreement, 5.2200%, dated 6/28/24, maturing 7/1/24 to be repurchased at $35,015,225 collateralized by $35,637,901 in U.S. Government Agencies 2.9957% - 7.8051%, 4/20/46 - 7/16/54 with a value of $35,700,000 | $35,000,000 | $35,000,000 | |
HSBC Securities (USA), Inc, Joint repurchase agreement, 5.2600%, dated 6/28/24, maturing 7/1/24 to be repurchased at $10,004,383 collateralized by $19,524,279 in U.S. Treasuries 0% - 1.6250%, 7/15/25 - 11/15/50 with a value of $10,200,000 | 10,000,000 | 10,000,000 | |
ING Financial Markets LLC, Joint repurchase agreement, 5.3000%, dated 6/28/24, maturing 7/1/24 to be repurchased at $20,008,833 collateralized by $22,777,333 in U.S. Treasuries 0% - 5.3750%, 9/5/24 - 11/15/50 with a value of $20,409,013 | 20,000,000 | 20,000,000 | |
ING Financial Markets LLC, Joint repurchase agreement, 5.3100%, dated 6/28/24, maturing 7/1/24 to be repurchased at $30,013,275 collateralized by $32,463,005 in U.S. Government Agencies 1.5000% - 7.0000%, 1/1/26 - 1/1/57 with a value of $30,613,541 | 30,000,000 | 30,000,000 | |
Royal Bank of Canada, NY Branch, Joint repurchase agreement, 5.2800%, dated 6/28/24, maturing 7/1/24 to be repurchased at $5,002,200 collateralized by $5,079,155 in U.S. Treasuries 4.2500%, 3/15/27 with a value of $5,102,247 | 5,000,000 | 5,000,000 | |
Royal Bank of Canada, NY Branch, Joint repurchase agreement, 5.3000%, dated 6/28/24, maturing 7/1/24 to be repurchased at $42,518,771 collateralized by $16,126,096 in U.S. Government Agencies 4.5000% - 7.5000%, 8/1/37 - 7/20/63 and $27,270,556 in U.S. Treasuries 0.7500% - 4.6250%, 8/31/26 - 3/31/31 with a value of $43,369,152 | 42,500,000 | 42,500,000 | |
Total Repurchase Agreements (cost $142,500,000) | 142,500,000 | ||
Total Investments (total cost $389,707,849) – 100.0% | 389,707,849 | ||
Cash, Receivables and Other Assets, net of Liabilities – 0.0% | 90,760 | ||
Net Assets – 100% | $389,798,609 |
Offsetting of Financial Assets and Derivative Assets | ||||
Counterparty | Gross Amounts of Recognized Assets | Offsetting Asset or Liability(a) | Collateral Pledged(b) | Net Amount |
Goldman Sachs & Co | $35,000,000 | $— | $(35,000,000) | $— |
HSBC Securities (USA), Inc | 10,000,000 | — | (10,000,000) | — |
ING Financial Markets LLC | 50,000,000 | — | (50,000,000) | — |
Royal Bank of Canada, NY Branch | 47,500,000 | — | (47,500,000) | — |
Total | $142,500,000 | $— | $(142,500,000) | $— |
(a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
(b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
2 | June 30, 2024
Janus Henderson Government Money Market Fund
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
LLC | Limited Liability Company |
LOC | Letter of Credit |
LP | Limited Partnership |
Money market funds may hold securities with stated maturities of greater than 397 days when those securities have features that allow a fund to "put" back the security to the issuer or to a third party within 397 days of acquisition. The maturity dates shown in the security descriptions are the stated maturity dates.
¶ | Variable rate demand notes are not based on a published reference rate and spread; they are determined by the issuer or remarketing agent and current market conditions. The reference rate in the security description is as of June 30, 2024. |
ë | The Fund may have elements of risk due to concentration of investments. Such concentrations may subject the Fund to additional risks. |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2024. See Notes to Financial Statements for more information.
Valuation Inputs Summary | |||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | |
Assets | |||
Investments In Securities: | |||
U.S. Government Agency Notes | $- | $125,338,248 | $- |
U.S. Treasury Debt | - | 63,374,601 | - |
Variable Rate Demand Notes | - | 58,495,000 | - |
Repurchase Agreements | - | 142,500,000 | - |
Total Assets | $- | $389,707,849 | $- |
Janus Investment Fund | 3
Janus Henderson Government Money Market Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Assets: | |
Investments, at value (cost $247,207,849) | $247,207,849 |
Repurchase agreements, at value (cost $142,500,000) | 142,500,000 |
Cash | 118,235 |
Trustees' deferred compensation | 10,697 |
Receivables: | |
Interest | 308,746 |
Fund shares sold | 189,383 |
Total Assets | 390,334,910 |
Liabilities: | |
Payables: | |
Fund shares repurchased | 283,385 |
Administration services fees | 115,278 |
Advisory fees | 63,984 |
Professional fees | 45,914 |
Dividends | 14,823 |
Trustees' deferred compensation fees | 10,697 |
Trustees' fees and expenses | 2,087 |
Accrued expenses and other payables | 133 |
Total Liabilities | 536,301 |
Net Assets | $389,798,609 |
Net Assets Consist of: | |
Capital (par value and paid-in surplus) | $389,801,855 |
Total distributable earnings (loss) | (3,246) |
Total Net Assets | $389,798,609 |
Net Assets - Class D Shares | $383,581,504 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 383,588,843 |
Net Asset Value Per Share | $1.00 |
Net Assets - Class T Shares | $6,217,105 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 6,217,346 |
Net Asset Value Per Share | $1.00 |
See Notes to Financial Statements.
4 | June 30, 2024
Janus Henderson Government Money Market Fund
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Investment Income: | |
Interest | $20,527,024 |
Other income | 2,212 |
Total Investment Income | 20,529,236 |
Expenses: | |
Advisory fees | 763,877 |
Administration services fees: | |
Class D Shares | 1,352,116 |
Class T Shares | 24,133 |
Professional fees | 55,473 |
Trustees' fees and expenses | 8,093 |
Other expenses | 135 |
Total Expenses | 2,203,827 |
Net Investment Income/(Loss) | 18,325,409 |
Net Realized Gain/(Loss) on Investments: | |
Investments | 1,815 |
Total Net Realized Gain/(Loss) on Investments | 1,815 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $18,327,224 |
See Notes to Financial Statements.
Janus Investment Fund | 5
Janus Henderson Government Money Market Fund
Statements of Changes in Net Assets
Statements of Changes in Net Assets
Year ended June 30, 2024 | Year ended June 30, 2023 | |
Operations: | ||
Net investment income/(loss) | $18,325,409 | $12,934,389 |
Net realized gain/(loss) on investments | 1,815 | - |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 18,327,224 | 12,934,389 |
Dividends and Distributions to Shareholders: | ||
Class D Shares | (18,021,947) | (12,672,152) |
Class T Shares | (303,462) | (274,409) |
Net Decrease from Dividends and Distributions to Shareholders | (18,325,409) | (12,946,561) |
Capital Share Transactions: | ||
Class D Shares | (299,747) | (23,016,362) |
Class T Shares | (46,734) | (2,602,317) |
Net Increase/(Decrease) from Capital Share Transactions | (346,481) | (25,618,679) |
Net Increase/(Decrease) in Net Assets | (344,666) | (25,630,851) |
Net Assets: | ||
Beginning of period | 390,143,275 | 415,774,126 |
End of period | $389,798,609 | $390,143,275 |
See Notes to Financial Statements.
6 | June 30, 2024
Janus Henderson Government Money Market Fund
Financial Highlights
Financial Highlights
Class D Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.05 | 0.03 | — (2) | — (2) | 0.01 |
Net realized and unrealized gain/(loss)(2) | — | — | — | — | — |
Total from Investment Operations | 0.05 | 0.03 | — | — | 0.01 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.05) | (0.03) | — (2) | — (2) | (0.01) |
Distributions (from capital gains) | — | — (2) | — | — | — |
Total Dividends and Distributions | (0.05) | (0.03) | — | — | (0.01) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return* | 4.88% | 3.27% | 0.00% | 0.00% | 0.96% |
Net Assets, End of Period (in thousands) | $383,582 | $383,879 | $406,908 | $343,130 | $324,601 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.57% | 0.58% | 0.57% | 0.57% | 0.63% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.57% | 0.58% | 0.25% | 0.09% | 0.49% |
Ratio of Net Investment Income/(Loss) | 4.77% | 3.20% | 0.00% (3) | 0.00% (3) | 0.84% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
(3) | Less than 0.005%. |
See Notes to Financial Statements.
Janus Investment Fund | 7
Janus Henderson Government Money Market Fund
Financial Highlights
Financial Highlights
Class T Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.05 | 0.03 | — (2) | — (2) | 0.01 |
Net realized and unrealized gain/(loss)(2) | — | — | — | — | — |
Total from Investment Operations | 0.05 | 0.03 | — | — | 0.01 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.05) | (0.03) | — (2) | — (2) | (0.01) |
Distributions (from capital gains) | — | — (2) | — | — | — |
Total Dividends and Distributions | (0.05) | (0.03) | — | — | (0.01) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return* | 4.86% | 3.25% | 0.00% | 0.00% | 0.94% |
Net Assets, End of Period (in thousands) | $6,217 | $6,264 | $8,866 | $6,846 | $7,384 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.59% | 0.60% | 0.59% | 0.59% | 0.66% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.59% | 0.60% | 0.26% | 0.09% | 0.53% |
Ratio of Net Investment Income/(Loss) | 4.75% | 3.14% | 0.00% (3) | 0.00% (3) | 0.98% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
(3) | Less than 0.005%. |
See Notes to Financial Statements.
8 | June 30, 2024
Janus Henderson Government Money Market Fund
Notes to Financial Statements
Notes to Financial Statements
1.
Organization and Significant Accounting Policies
Janus Henderson Government Money Market Fund (the “Fund”) is a series fund. The Fund is part of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 36 Funds which include multiple series of shares, with differing investment objectives and policies. The Fund seeks capital preservation and liquidity with current income as a secondary objective. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers two classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer both classes of shares.
The Fund operates as a “government money market fund” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended. As a government money market fund, the Fund pursues its investment objectives by normally investing at least 99.5% of its total assets in cash, U.S. Government securities, and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash and/or government securities).
As a government money market fund, the Fund is not required to impose a liquidity fee on fund redemptions. The Trustees have determined not to subject the Fund to a liquidity fee on fund redemptions. The Trustees have reserved its ability to change this determination with respect to liquidity fees, but only after providing appropriate prior notice to shareholders.
Shareholders, including individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
Liquidity
The Fund has adopted liquidity requirements (measured at the time of purchase) as noted:
The Fund will limit its investments in illiquid securities to 5% or less of its total assets.
Daily liquidity. The Fund will invest at least 25% of its total assets in “daily liquid assets,” which generally include cash (including demand deposits), direct obligations of the U.S. Government, securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within one business day, and/or amounts receivable and due unconditionally within one business day on pending sales of portfolio securities.
Weekly liquidity. The Fund will invest at least 50% of its assets in “weekly liquid assets,” which generally include cash (including demand deposits), direct obligations of the U.S. Government, agency discount notes with remaining maturities of 60 days or less, and securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within five business days.
Investment Valuation
Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”).
Janus Investment Fund | 9
Janus Henderson Government Money Market Fund
Notes to Financial Statements
Notes to Financial Statements
Investments held by the Fund are valued utilizing the amortized cost method of valuation permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under the amortized cost method, which does not take into account unrealized capital gains or losses, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization to maturity of any discount or premium.
Valuation Inputs Summary
FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:
Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.
Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE.
Periodic review and monitoring of the valuation of short-term securities is performed in an effort to ensure that amortized cost approximates market value. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.
Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2024 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
10 | June 30, 2024
Janus Henderson Government Money Market Fund
Notes to Financial Statements
Notes to Financial Statements
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Dividends and Distributions
Dividends, if any, are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2.
Other Investments and Strategies
Market Risk
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
Janus Investment Fund | 11
Janus Henderson Government Money Market Fund
Notes to Financial Statements
Notes to Financial Statements
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
Repurchase Agreements
The Fund and other funds advised by the Adviser or its affiliates may transfer daily uninvested cash balances into one or more joint trading accounts. Assets in the joint trading accounts are invested in money market instruments and the proceeds are allocated to the participating funds on a pro rata basis.
Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.
Sovereign Debt
The Fund may invest in U.S. and non-U.S. government debt securities (“sovereign debt”). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund’s holdings. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.
Variable and Floating Rate Notes
The Fund also may purchase variable and floating rate demand notes of corporations and other entities, which are unsecured obligations redeemable upon not more than 30 days’ notice. The Fund may purchase variable and floating rate demand notes of U.S. Government issuers or commercial banks. These obligations include master demand notes that permit investment of fluctuating amounts at varying rates of interest pursuant to direct arrangements with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days’ notice. These obligations generally are not traded, nor generally is there an established secondary market for these obligations. To the extent a demand note does not have a seven day or shorter demand feature and there is no readily available market for the obligation, it is treated as an illiquid investment. The rate of interest on securities purchased by the Fund may be tied to short-term Treasury or other government securities or indices on securities that are permissible investments of the Fund, as well as other money market rates of interest. The Fund will not purchase securities whose values are tied to interest rates or indices that are not appropriate for the duration and volatility standards of a money market fund.
Counterparties
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or
12 | June 30, 2024
Janus Henderson Government Money Market Fund
Notes to Financial Statements
Notes to Financial Statements
recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.
The Fund may be exposed to counterparty risk through its investments in certain securities, including, but not limited to, repurchase agreements and debt securities. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.
The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.
All repurchase agreements are transacted under legally enforceable master repurchase agreements that give the Fund, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the counterparty. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest.
3.
Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.20% of its average daily net assets.
The Adviser may voluntarily waive and/or reimburse additional fees to the extent necessary to assist the Fund in attempting to maintain a yield of at least 0.00%. These waivers and reimbursements are voluntary and could change or be terminated at any time at the discretion of the Adviser. There is no guarantee that the Fund will maintain a positive yield. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement” on the Statement of Operations.
Class D Shares and Class T Shares of the Fund compensate the Adviser at an annual rate of 0.36% and 0.38%, respectively, of average daily net assets for providing certain administration services including, but not limited to, oversight and coordination of the Fund’s service providers, recordkeeping and registration functions and also to pay for costs such as shareholder servicing and custody. These amounts are disclosed as “Administration services fees” on the Statement of Operations. A portion of the Fund’s administration fee is paid to BNP Paribas Financial Services ("BPFS"). BPFS provides certain administrative services to the Fund, including services related to Fund accounting, calculation of the Fund’s daily NAV, and Fund audit, tax, and reporting obligations, pursuant to a sub-administration agreement with the Adviser on behalf of the Fund. The Adviser does not receive any additional compensation, beyond the administration services fee for serving as administrator.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of June 30, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total
Janus Investment Fund | 13
Janus Henderson Government Money Market Fund
Notes to Financial Statements
Notes to Financial Statements
distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2024.
4.
Federal Income Tax
The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.
Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
Undistributed Ordinary Income | Undistributed Long-Term Gains | Accumulated Capital Losses | Loss Deferrals | Other Book to Tax Differences | Net Tax Appreciation/ (Depreciation) |
$6,813 | $- | $- | $- | $(10,059) | $- |
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.
For the year ended June 30, 2024 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$18,325,409 | $- | $- | $- |
For the year ended June 30, 2023 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$12,936,711 | $9,850 | $- | $- |
Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets.
5.
Capital Share Transactions
Year ended June 30, 2024 | Year ended June 30, 2023 | |||
Shares | Amount | Shares | Amount | |
Class D Shares: | ||||
Shares sold | 141,176,354 | $141,176,353 | 138,981,154 | $138,981,797 |
Reinvested dividends and distributions | 17,747,254 | 17,747,254 | 12,522,215 | 12,522,215 |
Shares repurchased | (159,223,354) | (159,223,354) | (174,520,374) | (174,520,374) |
Net Increase/(Decrease) | (299,746) | $(299,747) | (23,017,005) | $(23,016,362) |
Class T Shares: | ||||
Shares sold | 6,962,890 | $6,962,889 | 9,837,496 | $9,837,512 |
Reinvested dividends and distributions | 303,043 | 303,043 | 272,793 | 272,793 |
Shares repurchased | (7,312,666) | (7,312,666) | (12,712,622) | (12,712,622) |
Net Increase/(Decrease) | (46,733) | $(46,734) | (2,602,333) | $(2,602,317) |
14 | June 30, 2024
Janus Henderson Government Money Market Fund
Notes to Financial Statements
Notes to Financial Statements
6.
Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to June 30, 2024 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
Janus Investment Fund | 15
Janus Henderson Government Money Market Fund
Report of Independent Registered Public Accounting Firm
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Government Money Market Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Government Money Market Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of June 30, 2024, the related statement of operations for the year ended June 30, 2024, the statement of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2024 and the financial highlights for each of the five years in the period ended June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
Denver, Colorado
August 22, 2024
August 22, 2024
We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.
16 | June 30, 2024
Janus Henderson Government Money Market Fund
Designation Requirements (unaudited)
Designation Requirements (unaudited)
For federal income tax purposes, the Fund designated the following for the year ended June 30, 2024:
Section 163(j) Interest Dividend | 100% |
Janus Investment Fund | 17
Janus Henderson Government Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees’ fees and expenses.
Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus
18 | June 30, 2024
Janus Henderson Government Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 19
Janus Henderson Government Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
20 | June 30, 2024
Janus Henderson Government Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
Janus Investment Fund | 21
Janus Henderson Government Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
22 | June 30, 2024
Janus Henderson Government Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees
Janus Investment Fund | 23
Janus Henderson Government Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
24 | June 30, 2024
Janus Henderson Government Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Janus Investment Fund | 25
Janus Henderson Government Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
26 | June 30, 2024
Janus Henderson Government Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
Janus Investment Fund | 27
Janus Henderson Government Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
28 | June 30, 2024
This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
Mutual funds distributed by Janus Henderson Distributors US LLC
125-02-93025 08-24
Janus Henderson High-Yield Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – 3.5% | |||
Amercian Airlines Inc / AAdvantage Loyalty IP Ltd, 5.7500%, 4/20/29ž | $2,522,791 | $2,454,345 | |
BX Commercial Mortgage Trust 2021-ARIA F, CME Term SOFR 1 Month + 2.7080%, 8.0370%, 10/15/36ž,‡ | 6,000,000 | 5,879,968 | |
JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE C, 3.8173%, 1/10/37ž,‡ | 5,000,000 | 4,847,417 | |
MED Trust 2021-MDLN F, CME Term SOFR 1 Month + 4.1145%, 9.4435%, 11/15/38ž,‡ | 5,476,378 | 5,436,873 | |
New Economy Assets Phase 1 Issuer LLC 2021-1 B1, 2.4100%, 10/20/61ž | 5,000,000 | 4,309,915 | |
VASA Trust 2021-VASA F, CME Term SOFR 1 Month + 4.0145%, 9.3435%, 7/15/39ž,‡ | 3,083,000 | 1,687,645 | |
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $24,214,477) | 24,616,163 | ||
Bank Loans and Mezzanine Loans – 4.1% | |||
Basic Industry – 0.2% | |||
Verde Purchaser LLC, CME Term SOFR 1 Month + 4.50000%, 9.8291%, 11/30/30ƒ,‡ | 1,382,872 | 1,380,452 | |
Capital Goods – 0.1% | |||
White Cap Buyer LLC, CME Term SOFR 1 Month + 3.25000%, 8.5779%, 10/19/29ƒ,‡ | 395,000 | 395,517 | |
Commercial Services – 0.3% | |||
Driven Holdings LLC, CME Term SOFR 1 Month + 3.0000%, 8.4584%, 12/17/28‡ | 2,204,102 | 2,199,858 | |
Communications – 1.2% | |||
Clear Channel International BV, 7.5000%, 8/12/27 | 3,126,734 | 3,040,749 | |
Directv Financing LLC, CME Term SOFR 1 Month + 5.0000%, 10.4584%, 8/2/27ƒ,‡ | 3,646,040 | 3,733,175 | |
Directv Financing LLC, CME Term SOFR 1 Month + 5.2500%, 10.7084%, 8/2/29‡ | 1,803,040 | 1,835,037 | |
8,608,961 | |||
Consumer Cyclical – 0.6% | |||
Caesars Entertainment Inc, CME Term SOFR 3 Month + 2.7500%, 8.0973%, 2/6/31‡ | 1,708,000 | 1,706,395 | |
Hoya Midco LLC, CME Term SOFR 1 Month + 3.25000%, 8.5779%, 2/3/29ƒ,‡ | 860,000 | 862,150 | |
Ovg Business Services LLC, CME Term SOFR 1 Month + 3.0000%, 8.3452%, 6/14/31‡ | 1,490,061 | 1,485,412 | |
4,053,957 | |||
Consumer Non-Cyclical – 0.8% | |||
Heartland Dental LLC, CME Term SOFR 1 Month + 4.5000%, 9.8439%, 4/28/28‡ | 4,950,984 | 4,969,597 | |
LifePoint Health Inc, CME Term SOFR 3 Month + 4.7500%, 10.0559%, 11/16/28‡ | 808,989 | 812,832 | |
5,782,429 | |||
Diversified Financial – 0% | |||
Osaic Holdings Inc, CME Term SOFR 1 Month + 4.0000%, 9.3439%, 8/17/28‡ | 3,218 | 3,226 | |
Technology – 0.6% | |||
Cloud Software Group Inc, CME Term SOFR 3 Month + 4.5000%, 9.8346%, 3/21/31‡ | 868,000 | 869,762 | |
Modena Buyer LLC, CME Term SOFR 1 Month + 4.50000%, 9.8240%, 4/18/31ƒ,‡ | 3,846,000 | 3,748,658 | |
4,618,420 | |||
Transportation – 0.3% | |||
AAdvantage Loyalty IP Ltd, CME Term SOFR 3 Month + 4.7500%, 10.3362%, 4/20/28‡ | 2,084,706 | 2,150,937 | |
Total Bank Loans and Mezzanine Loans (cost $29,135,361) | 29,193,757 | ||
Corporate Bonds – 85.9% | |||
Basic Industry – 9.6% | |||
Algoma Steel Inc, 9.1250%, 4/15/29ž | 2,704,000 | 2,633,020 | |
Compass Minerals International Inc, 6.7500%, 12/1/27ž | 7,869,000 | 7,519,930 | |
First Quantum Minerals Ltd, 9.3750%, 3/1/29ž | 3,420,000 | 3,573,474 | |
FMG Resources (August 2006) Pty Ltd, 4.3750%, 4/1/31ž | 7,683,000 | 6,866,517 | |
FMG Resources (August 2006) Pty Ltd, 6.1250%, 4/15/32ž | 2,706,000 | 2,675,394 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 1
Janus Henderson High-Yield Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Corporate Bonds – (continued) | |||
Basic Industry – (continued) | |||
Hudbay Minerals Inc, 6.1250%, 4/1/29ž,# | $7,984,000 | $7,944,934 | |
Mineral Resources Ltd, 9.2500%, 10/1/28ž | 6,530,000 | 6,853,444 | |
Novelis Corp, 3.2500%, 11/15/26ž | 1,656,000 | 1,558,303 | |
Olympus Water US Holding Corp, 6.2500%, 10/1/29ž,# | 6,054,000 | 5,526,163 | |
Olympus Water US Holding Corp, 7.2500%, 6/15/31ž | 2,887,000 | 2,869,707 | |
Taseko Mines Ltd, 8.2500%, 5/1/30ž | 5,043,000 | 5,159,085 | |
Tronox Inc, 4.6250%, 3/15/29ž | 5,851,000 | 5,281,630 | |
Verde Purchaser LLC, 10.5000%, 11/30/30ž | 4,988,000 | 5,271,837 | |
WR Grace Holdings LLC, 5.6250%, 8/15/29ž | 3,913,000 | 3,606,594 | |
67,340,032 | |||
Brokerage – 1.4% | |||
Artec Group Inc, 10.0000%, 8/15/30ž | 3,242,000 | 3,525,960 | |
StoneX Group Inc, 7.8750%, 3/1/31ž | 5,974,000 | 6,161,387 | |
9,687,347 | |||
Capital Goods – 8.2% | |||
Alta Equipment Group Inc, 9.0000%, 6/1/29ž | 3,287,000 | 3,049,378 | |
Ardagh Metal Packaging SA, 4.0000%, 9/1/29ž,# | 2,768,000 | 2,342,435 | |
Bombardier Inc, 8.7500%, 11/15/30ž,# | 3,688,000 | 3,985,928 | |
Bombardier Inc, 7.2500%, 7/1/31ž | 3,820,000 | 3,922,070 | |
Builders FirstSource Inc, 6.3750%, 6/15/32ž | 4,101,000 | 4,106,910 | |
Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC, 9.0000%, 2/15/29ž | 4,524,000 | 4,684,665 | |
MasterBrand Inc, 7.0000%, 7/15/32ž | 2,668,000 | 2,698,150 | |
Mauser Packaging Solutions Holding Co, 9.2500%, 4/15/27ž | 6,500,000 | 6,504,173 | |
Standard Industries Inc/NJ, 3.3750%, 1/15/31ž | 12,645,000 | 10,653,794 | |
Titan International Inc, 7.0000%, 4/30/28 | 3,513,000 | 3,378,396 | |
TransDigm Inc, 4.8750%, 5/1/29# | 9,852,000 | 9,228,272 | |
Velocity Vehicle Group LLC, 8.0000%, 6/1/29ž | 891,000 | 916,438 | |
White Cap Parent LLC, 8.2500% (8.25% Cash or 9% PIK), 3/15/26ž,Ø | 2,282,000 | 2,282,053 | |
57,752,662 | |||
Communications – 6.0% | |||
Cable One Inc, 4.0000%, 11/15/30ž,# | 4,774,000 | 3,563,073 | |
CCO Holdings LLC / CCO Holdings Capital Corp, 4.2500%, 2/1/31ž | 10,300,000 | 8,409,341 | |
Clear Channel Outdoor Holdings Inc, 7.8750%, 4/1/30ž | 7,158,000 | 7,204,856 | |
Connect Finco Sarl / Connect US Finco LLC, 6.7500%, 10/1/26ž | 4,367,000 | 4,214,815 | |
Frontier Communications Holdings LLC, 8.6250%, 3/15/31ž | 4,220,000 | 4,347,135 | |
Univision Communications Inc, 8.0000%, 8/15/28ž | 6,305,000 | 6,148,813 | |
Univision Communications Inc, 4.5000%, 5/1/29ž | 3,140,000 | 2,639,076 | |
Univision Communications Inc, 7.3750%, 6/30/30ž,# | 3,157,000 | 2,936,543 | |
Univision Communications Inc, 8.5000%, 7/31/31ž | 2,952,000 | 2,867,394 | |
42,331,046 | |||
Consumer Cyclical – 19.4% | |||
Allied Universal Holdco LLC, 7.8750%, 2/15/31ž | 3,577,000 | 3,586,307 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp, 6.0000%, 6/1/29ž,# | 4,419,000 | 3,868,327 | |
Aston Martin Capital Holdings Ltd, 10.0000%, 3/31/29ž | 5,190,000 | 5,113,759 | |
Bath & Body Works Inc, 6.9500%, 3/1/33 | 2,783,000 | 2,708,995 | |
Beazer Homes USA Inc, 7.5000%, 3/15/31ž | 3,741,000 | 3,733,195 | |
Carnival Corp, 6.0000%, 5/1/29ž | 11,458,000 | 11,318,439 | |
EG Global Finance PLC, 12.0000%, 11/30/28ž | 3,201,000 | 3,408,034 | |
Full House Resorts Inc, 8.2500%, 2/15/28ž | 6,270,000 | 6,006,927 | |
Garda World Security Corp, 7.7500%, 2/15/28ž | 2,038,000 | 2,075,677 | |
Garda World Security Corp, 6.0000%, 6/1/29ž,# | 5,194,000 | 4,738,626 | |
Garrett Motion Holdings Inc / Garrett LX I Sarl, 7.7500%, 5/31/32ž | 2,548,000 | 2,582,199 | |
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 4.8750%, 7/1/31ž | 1,699,000 | 1,504,057 | |
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 6.6250%, 1/15/32ž | 1,364,000 | 1,370,386 | |
JB Poindexter & Co Inc, 8.7500%, 12/15/31ž | 6,908,000 | 7,156,626 | |
Kohl's Corp, 4.6250%, 5/1/31Ç | 7,485,000 | 6,261,408 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
2 | June 30, 2024
Janus Henderson High-Yield Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Corporate Bonds – (continued) | |||
Consumer Cyclical – (continued) | |||
LGI Homes Inc, 4.0000%, 7/15/29ž | $7,914,000 | $6,847,601 | |
LSF9 Atlantis Holdings LLC / Victra Finance Corp, 7.7500%, 2/15/26ž | 8,562,000 | 8,515,769 | |
Macy's Retail Holdings LLC, 5.8750%, 4/1/29ž | 4,233,000 | 4,108,093 | |
Macy's Retail Holdings LLC, 6.7000%, 7/15/34ž | 2,094,000 | 1,793,060 | |
Mavis Tire Express Services Corp, 6.5000%, 5/15/29ž,# | 5,640,000 | 5,258,101 | |
Midwest Gaming Borrower LLC, 4.8750%, 5/1/29ž | 3,514,000 | 3,273,263 | |
NCL Corporation Ltd, 7.7500%, 2/15/29ž,# | 4,573,000 | 4,754,553 | |
Penn Entertainment Inc, 4.1250%, 7/1/29ž | 8,440,000 | 7,238,696 | |
Station Casinos LLC, 4.6250%, 12/1/31ž | 7,498,000 | 6,682,991 | |
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp, 5.8750%, 5/15/25ž | 4,816,000 | 4,785,374 | |
Travel + Leisure Co, 4.6250%, 3/1/30ž | 2,545,000 | 2,316,091 | |
Weekley Homes LLC / Weekly Finance Corp, 4.8750%, 9/15/28ž | 5,455,000 | 5,051,662 | |
Wynn Macau Ltd, 5.6250%, 8/26/28ž | 8,166,000 | 7,658,034 | |
Wynn Macau Ltd, 5.1250%, 12/15/29ž | 2,947,000 | 2,669,396 | |
136,385,646 | |||
Consumer Non-Cyclical – 9.9% | |||
Amer Sports Co, 6.7500%, 2/16/31ž,# | 4,366,000 | 4,354,379 | |
Atlas LuxCo 4 Sarl / Allied Universal Holdco LLC / Allied Universal Finance Corp, 4.6250%, 6/1/28ž | 491,000 | 447,321 | |
BellRing Brands Inc, 7.0000%, 3/15/30ž | 4,882,000 | 5,003,015 | |
Endo Finance Holdings Inc, 8.5000%, 4/15/31ž | 3,437,000 | 3,546,905 | |
Heartland Dental LLC / Heartland Dental Finance Corp, 10.5000%, 4/30/28ž | 9,289,000 | 9,859,902 | |
HLF Financing Sarl LLC / Herbalife International Inc, 12.2500%, 4/15/29ž | 4,393,000 | 4,378,755 | |
LifePoint Health Inc, 9.8750%, 8/15/30ž | 2,164,000 | 2,307,742 | |
LifePoint Health Inc, 10.0000%, 6/1/32ž | 8,042,000 | 8,222,245 | |
Mozart Debt Merger Sub Inc, 5.2500%, 10/1/29ž | 14,135,000 | 13,514,110 | |
Organon & Co / Organon Foreign Debt Co-Issuer BV, 7.8750%, 5/15/34ž | 2,324,000 | 2,387,918 | |
Organon Finance 1 LLC, 5.1250%, 4/30/31ž | 8,800,000 | 7,904,619 | |
Star Parent Inc, 9.0000%, 10/1/30ž | 3,712,000 | 3,897,216 | |
Thor Industries Inc, 4.0000%, 10/15/29ž | 4,688,000 | 4,115,051 | |
69,939,178 | |||
Electric – 2.2% | |||
NextEra Energy Operating Partners LP, 7.2500%, 1/15/29ž,# | 2,203,000 | 2,259,110 | |
TerraForm Power Operating LLC, 4.7500%, 1/15/30ž | 6,768,000 | 6,169,040 | |
Vistra Operations Co LLC, 7.7500%, 10/15/31ž | 2,346,000 | 2,443,103 | |
Vistra Operations Co LLC, 6.8750%, 4/15/32ž | 4,516,000 | 4,584,517 | |
15,455,770 | |||
Electrical Equipment – 0.2% | |||
Bloom Energy Corp, 3.0000%, 6/1/28 | 1,357,000 | 1,312,537 | |
Energy – 7.5% | |||
Civitas Resources Inc, 8.3750%, 7/1/28ž | 3,234,000 | 3,388,679 | |
FTAI Infra Escrow Holdings LLC, 10.5000%, 6/1/27ž | 13,543,000 | 14,338,881 | |
Howard Midstream Energy Partners LLC, 7.3750%, 7/15/32ž | 7,604,000 | 7,722,279 | |
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp, 6.0000%, 8/1/26ž | 5,132,000 | 5,082,171 | |
Sunoco LP / Sunoco Finance Corp, 4.5000%, 4/30/30 | 3,400,000 | 3,145,101 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 5.5000%, 1/15/28ž | 6,249,000 | 5,978,657 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 6.0000%, 9/1/31ž | 4,868,000 | 4,549,376 | |
Venture Global LNG Inc, 8.1250%, 6/1/28ž | 8,164,000 | 8,410,692 | |
52,615,836 | |||
Finance Companies – 3.7% | |||
goeasy Ltd, 7.6250%, 7/1/29ž | 3,286,000 | 3,351,786 | |
Nationstar Mortgage Holdings Inc, 7.1250%, 2/1/32ž | 3,558,000 | 3,578,789 | |
Navient Corp, 9.3750%, 7/25/30 | 3,856,000 | 4,054,484 | |
Navient Corp, 5.6250%, 8/1/33 | 3,248,000 | 2,592,899 | |
OneMain Finance Corp, 4.0000%, 9/15/30 | 3,998,000 | 3,431,251 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 3
Janus Henderson High-Yield Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Corporate Bonds – (continued) | |||
Finance Companies – (continued) | |||
PennyMac Financial Services Inc, 5.7500%, 9/15/31ž | $7,326,000 | $6,860,206 | |
Springleaf Finance Corp, 5.3750%, 11/15/29 | 2,749,000 | 2,578,164 | |
26,447,579 | |||
Financial Institutions – 2.6% | |||
Burford Capital Global Finance LLC, 6.2500%, 4/15/28ž | 1,955,000 | 1,889,778 | |
Burford Capital Global Finance LLC, 6.8750%, 4/15/30ž | 3,808,000 | 3,739,061 | |
GGAM Finance Ltd, 8.0000%, 6/15/28ž | 7,568,000 | 7,970,966 | |
Jefferson Capital Holdings LLC, 9.5000%, 2/15/29ž | 4,919,000 | 5,070,628 | |
18,670,433 | |||
Insurance – 2.4% | |||
Broadstreet Partners Inc, 5.8750%, 4/15/29ž | 9,202,000 | 8,586,234 | |
HUB International Ltd, 5.6250%, 12/1/29ž | 2,320,000 | 2,194,025 | |
Panther Escrow Issuer LLC, 7.1250%, 6/1/31ž | 1,639,000 | 1,657,740 | |
USI Inc/NY, 7.5000%, 1/15/32ž | 4,183,000 | 4,248,439 | |
16,686,438 | |||
Real Estate Investment Trusts (REITs) – 0.8% | |||
Rithm Capital Corp, 8.0000%, 4/1/29ž | 5,876,000 | 5,703,970 | |
Technology – 7.1% | |||
Cloud Software Group Inc, 6.5000%, 3/31/29ž | 8,900,000 | 8,546,801 | |
Cloud Software Group Inc, 9.0000%, 9/30/29ž | 3,677,000 | 3,567,500 | |
Cloud Software Group Inc, 8.2500%, 6/30/32ž | 3,390,000 | 3,455,244 | |
Fortress Intermediate 3 Inc, 7.5000%, 6/1/31ž | 1,747,000 | 1,789,889 | |
McAfee Corp, 7.3750%, 2/15/30ž | 3,009,000 | 2,779,873 | |
RingCentral Inc, 8.5000%, 8/15/30ž | 6,747,000 | 7,042,019 | |
Seagate HDD Cayman, 4.1250%, 1/15/31 | 4,637,000 | 4,141,085 | |
Seagate HDD Cayman, 9.6250%, 12/1/32 | 10,099,700 | 11,520,122 | |
UKG Inc, 6.8750%, 2/1/31ž | 4,405,000 | 4,460,195 | |
Western Digital Corp, 3.1000%, 2/1/32 | 3,721,000 | 3,025,303 | |
50,328,031 | |||
Transportation – 4.9% | |||
American Airlines Inc, 7.2500%, 2/15/28ž | 6,044,000 | 6,047,935 | |
American Airlines Inc, 8.5000%, 5/15/29ž | 2,351,000 | 2,442,612 | |
Cargo Aircraft Management Inc, 4.7500%, 2/1/28ž | 12,758,000 | 11,833,564 | |
Rand Parent LLC, 8.5000%, 2/15/30ž,# | 7,519,000 | 7,612,318 | |
Watco Cos LLC / Watco Finance Corp, 6.5000%, 6/15/27ž | 6,418,000 | 6,391,831 | |
34,328,260 | |||
Total Corporate Bonds (cost $594,892,558) | 604,984,765 | ||
Common Stocks – 1.9% | |||
Capital Markets – 0.4% | |||
Marex Group PLC* | 155,343 | 3,106,860 | |
Health Care Providers & Services – 0.5% | |||
Surgery Partners Inc* | 150,528 | 3,581,061 | |
Hotels, Restaurants & Leisure – 0.2% | |||
Carnival Corp* | 66,478 | 1,244,468 | |
Semiconductor & Semiconductor Equipment – 0.8% | |||
Advanced Micro Devices Inc* | 19,364 | 3,141,035 | |
Marvell Technology Inc | 34,028 | 2,378,557 | |
5,519,592 | |||
Total Common Stocks (cost $14,605,376) | 13,451,981 | ||
Preferred Stocks – 0.4% | |||
Consumer Cyclical – 0.4% | |||
Quiksilver Inc¢ (cost $2,633,063) | 3,097,721 | 2,633,063 | |
Convertible Preferred Stocks – 0.3% | |||
Chemicals – 0.3% | |||
Albemarle Corp, 7.2500%, 3/1/27 (cost $2,130,342) | 40,302 | 1,880,491 | |
Investment Companies – 3.4% | |||
Money Markets – 3.4% | |||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº,£ (cost $24,224,865) | 24,220,021 | 24,224,865 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
4 | June 30, 2024
Janus Henderson High-Yield Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Investments Purchased with Cash Collateral from Securities Lending – 1.7% | |||
Investment Companies – 1.4% | |||
Janus Henderson Cash Collateral Fund LLC, 5.2795%ºº,£ | 10,138,314 | $10,138,314 | |
Time Deposits – 0.3% | |||
Royal Bank of Canada, 5.3100%, 7/1/24 | $1,809,729 | 1,809,729 | |
Total Investments Purchased with Cash Collateral from Securities Lending (cost $11,948,043) | 11,948,043 | ||
Total Investments (total cost $703,784,085) – 101.2% | 712,933,128 | ||
Liabilities, net of Cash, Receivables and Other Assets – (1.2)% | (8,397,202) | ||
Net Assets – 100% | $704,535,926 | ||
Summary of Investments by Country - (Long Positions) (unaudited) | ||
Country | Value | % of Investment Securities |
United States | $615,972,265 | 86.4 % |
Canada | 30,550,857 | 4.3 |
Australia | 16,395,355 | 2.3 |
United Kingdom | 10,729,709 | 1.5 |
Macao | 10,327,430 | 1.5 |
Ireland | 7,970,966 | 1.1 |
Peru | 7,944,934 | 1.1 |
Jersey | 5,113,759 | 0.7 |
Finland | 4,354,379 | 0.6 |
Zambia | 3,573,474 | 0.5 |
Total | $712,933,128 | 100.0 % |
Schedule of Affiliated Investments - (% of Net Assets) | ||||||||
Affiliate | Affiliated Investments, at Value at 6/30/23 | Purchases | Sales Proceeds | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Affiliated Investments, at Value at 6/30/24 | Ending Shares | Dividend Income |
Investment Companies - 3.4% | ||||||||
Money Markets - 3.4% | ||||||||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº | ||||||||
$23,555,617 | $401,731,589 | $(401,062,203) | $875 | $(1,013) | $24,224,865 | 24,220,021 | $1,224,804 | |
Investments Purchased with Cash Collateral from Securities Lending - 1.4% | ||||||||
Investment Companies - 1.4% | ||||||||
Janus Henderson Cash Collateral Fund LLC, 5.2795%ºº | ||||||||
26,971,853 | 152,147,618 | (168,981,157) | - | - | 10,138,314 | 10,138,314 | 236,424 ∆ | |
Total Affiliated Investments - 4.8% | ||||||||
$50,527,470 | $553,879,207 | $(570,043,360) | $875 | $(1,013) | $34,363,179 | 34,358,335 | $1,461,228 | |
Schedule of Futures | ||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/(Depreciation) |
Futures Long: | ||||
2 Year US Treasury Note | 331 | 10/3/24 | $67,596,406 | $235,322 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 5
Janus Henderson High-Yield Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/(Depreciation) |
Ultra Long Term US Treasury Bond | 5 | 9/30/24 | $626,719 | $23,498 |
US Treasury Long Bond | 75 | 9/30/24 | 8,873,438 | 275,588 |
Total - Futures Long | 534,408 | |||
Futures Short: | ||||
5 Year US Treasury Note | 96 | 10/3/24 | (10,231,500) | (116,421) |
Ultra 10-Year Treasury Note | 74 | 9/30/24 | (8,401,313) | (177,705) |
Total - Futures Short | (294,126) | |||
Total | $240,282 | |||
Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2024 | |
Interest Rate Contracts | |
Asset Derivatives: | |
*Futures contracts | $534,408 |
Liability Derivatives: | |
*Futures contracts | $294,126 |
* | The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended June 30, 2024 | |
Amount of Realized Gain/(Loss) Recognized on Derivatives | |
Derivative | Interest Rate Contracts |
Futures contracts | $(577,131) |
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives | |
Derivative | Interest Rate Contracts |
Futures contracts | $240,282 |
Average Ending Monthly Value of Derivative Instruments During the Year Ended June 30, 2024 | |
Futures contracts: | |
Average notional amount of contracts - long | $33,660,859 |
Average notional amount of contracts - short | 14,743,085 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6 | June 30, 2024
Janus Henderson High-Yield Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Offsetting of Financial Assets and Derivative Assets | ||||
Counterparty | Gross Amounts of Recognized Assets | Offsetting Asset or Liability(a) | Collateral Pledged(b) | Net Amount |
JPMorgan Chase Bank, National Association | $11,468,696 | $— | $(11,468,696) | $— |
(a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
(b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 7
Janus Henderson High-Yield Fund
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
LLC | Limited Liability Company |
LP | Limited Partnership |
PIK | Pay-in-kind (PIK) bonds give the issuer an option to make the interest payment in cash or additional securities. |
PLC | Public Limited Company |
SOFR | Secured Overnight Financing Rate |
ž | Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the year ended June 30, 2024 is $572,222,911, which represents 81.2% of net assets. |
* | Non-income producing security. |
ƒ | All or a portion of this position is not funded, or has been purchased on a delayed delivery or when-issued basis. If applicable, interest rates will be determined and interest will begin to accrue at a future date. See Notes to Financial Statements. |
‡ | Variable or floating rate security. Rate shown is the current rate as of June 30, 2024. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description. |
ºº | Rate shown is the 7-day yield as of June 30, 2024. |
# | Loaned security; a portion of the security is on loan at June 30, 2024. |
Ç | Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate. |
Ø | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
¢ | Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the year ended June 30, 2024 is $2,633,063, which represents 0.4% of net assets. |
£ | The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. |
∆ | Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
8 | June 30, 2024
Janus Henderson High-Yield Fund
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2024. See Notes to Financial Statements for more information.
Valuation Inputs Summary | |||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | |
Assets | |||
Investments In Securities: | |||
Asset-Backed/Commercial Mortgage-Backed Securities | $- | $24,616,163 | $- |
Bank Loans and Mezzanine Loans | - | 29,193,757 | - |
Corporate Bonds | - | 604,984,765 | - |
Common Stocks | 13,451,981 | - | - |
Preferred Stocks | - | - | 2,633,063 |
Convertible Preferred Stocks | 1,880,491 | - | - |
Investment Companies | - | 24,224,865 | - |
Investments Purchased with Cash Collateral from Securities Lending | - | 11,948,043 | - |
Total Investments in Securities | $15,332,472 | $694,967,593 | $2,633,063 |
Other Financial Instruments(a): | |||
Futures Contracts | 534,408 | - | - |
Total Assets | $15,866,880 | $694,967,593 | $2,633,063 |
Liabilities | |||
Other Financial Instruments(a): | |||
Futures Contracts | $294,126 | $- | $- |
(a) | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |
Janus Investment Fund | 9
Janus Henderson High-Yield Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Assets: | |
Unaffiliated investments, at value (cost $669,420,906)(1) | $678,569,949 |
Affiliated investments, at value (cost $34,363,179) | 34,363,179 |
Cash | 148,817 |
Deposits with brokers for futures | 660,000 |
Variation margin receivable on futures contracts | 46,344 |
Trustees' deferred compensation | 19,464 |
Receivables: | |
Interest | 10,743,169 |
Investments sold | 7,127,720 |
Fund shares sold | 567,470 |
Dividends from affiliates | 94,965 |
Dividends | 16,121 |
Other assets | 104,044 |
Total Assets | 732,461,242 |
Liabilities: | |
Collateral for securities loaned (Note 3) | 11,948,043 |
Variation margin payable on futures contracts | 91,039 |
Payables: | |
Investments purchased | 8,314,353 |
Fund shares repurchased | 6,612,454 |
Dividends | 327,025 |
Advisory fees | 316,402 |
Transfer agent fees and expenses | 99,938 |
Professional fees | 70,618 |
Trustees' deferred compensation fees | 19,464 |
12b-1 Distribution and shareholder servicing fees | 9,300 |
Trustees' fees and expenses | 4,258 |
Affiliated fund administration fees payable | 1,479 |
Custodian fees | 801 |
Accrued expenses and other payables | 110,142 |
Total Liabilities | 27,925,316 |
Commitments and contingent liabilities (Note 4) | |
Net Assets | $704,535,926 |
See footnotes at the end of the Statement.
See Notes to Financial Statements.
10 | June 30, 2024
Janus Henderson High-Yield Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Net Assets Consist of: | |
Capital (par value and paid-in surplus) | $1,017,384,867 |
Total distributable earnings (loss) | (312,848,941) |
Total Net Assets | $704,535,926 |
Net Assets - Class A Shares | $29,106,235 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 4,026,293 |
Net Asset Value Per Share(2) | $7.23 |
Maximum Offering Price Per Share(3) | $7.59 |
Net Assets - Class C Shares | $2,785,991 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 385,233 |
Net Asset Value Per Share(2) | $7.23 |
Net Assets - Class D Shares | $291,392,252 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 40,294,330 |
Net Asset Value Per Share | $7.23 |
Net Assets - Class I Shares | $105,741,629 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 14,616,701 |
Net Asset Value Per Share | $7.23 |
Net Assets - Class N Shares | $70,553,955 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 9,756,483 |
Net Asset Value Per Share | $7.23 |
Net Assets - Class R Shares | $1,529,230 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 211,545 |
Net Asset Value Per Share | $7.23 |
Net Assets - Class S Shares | $845,404 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 116,776 |
Net Asset Value Per Share | $7.24 |
Net Assets - Class T Shares | $202,581,230 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 28,014,595 |
Net Asset Value Per Share | $7.23 |
(1) | Includes $11,468,696 of securities on loan. See Note 3 in Notes to Financial Statements. |
(2) | Redemption price per share may be reduced for any applicable contingent deferred sales charge. |
(3) | Maximum offering price is computed at 100/95.25 of net asset value. |
See Notes to Financial Statements.
Janus Investment Fund | 11
Janus Henderson High-Yield Fund
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Investment Income: | |
Interest | $55,516,408 |
Dividends from affiliates | 1,224,804 |
Affiliated securities lending income, net | 236,424 |
Dividends | 220,237 |
Unaffiliated securities lending income, net | 56,786 |
Other income | 84,161 |
Foreign tax withheld | (7,370) |
Total Investment Income | 57,331,450 |
Expenses: | |
Advisory fees | 4,551,719 |
12b-1 Distribution and shareholder servicing fees: | |
Class A Shares | 66,205 |
Class C Shares | 30,886 |
Class R Shares | 24,588 |
Class S Shares | 3,092 |
Transfer agent administrative fees and expenses: | |
Class D Shares | 323,800 |
Class R Shares | 12,294 |
Class S Shares | 3,091 |
Class T Shares | 579,051 |
Transfer agent networking and omnibus fees: | |
Class A Shares | 15,137 |
Class C Shares | 2,159 |
Class I Shares | 139,067 |
Other transfer agent fees and expenses: | |
Class A Shares | 1,431 |
Class C Shares | 168 |
Class D Shares | 43,324 |
Class I Shares | 6,356 |
Class N Shares | 3,817 |
Class R Shares | 132 |
Class S Shares | 57 |
Class T Shares | 3,305 |
Registration fees | 156,755 |
Shareholder reports expense | 93,763 |
Professional fees | 83,894 |
Affiliated fund administration fees | 19,333 |
Trustees' fees and expenses | 16,495 |
Custodian fees | 7,373 |
Other expenses | 161,904 |
Total Expenses | 6,349,196 |
Less: Excess Expense Reimbursement and Waivers | (234,507) |
Net Expenses | 6,114,689 |
Net Investment Income/(Loss) | 51,216,761 |
See Notes to Financial Statements.
12 | June 30, 2024
Janus Henderson High-Yield Fund
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Net Realized Gain/(Loss) on Investments: | |
Investments and foreign currency transactions | $(32,484,420) |
Investments in affiliates | 875 |
Futures contracts | (577,131) |
Total Net Realized Gain/(Loss) on Investments | (33,060,676) |
Change in Unrealized Net Appreciation/Depreciation: | |
Investments, foreign currency translations and Trustees' deferred compensation | 52,752,511 |
Investments in affiliates | (1,013) |
Futures contracts | 240,282 |
Total Change in Unrealized Net Appreciation/Depreciation | 52,991,780 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $71,147,865 |
See Notes to Financial Statements.
Janus Investment Fund | 13
Janus Henderson High-Yield Fund
Statements of Changes in Net Assets
Statements of Changes in Net Assets
Year ended June 30, 2024 | Year ended June 30, 2023 | |
Operations: | ||
Net investment income/(loss) | $51,216,761 | $54,756,517 |
Net realized gain/(loss) on investments | (33,060,676) | (111,397,713) |
Change in unrealized net appreciation/depreciation | 52,991,780 | 116,786,959 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 71,147,865 | 60,145,763 |
Dividends and Distributions to Shareholders: | ||
Class A Shares | (1,715,503) | (1,386,629) |
Class C Shares | (200,072) | (251,395) |
Class D Shares | (18,899,890) | (17,165,352) |
Class I Shares | (8,617,016) | (9,540,829) |
Class N Shares | (6,217,056) | (8,447,921) |
Class R Shares | (295,176) | (360,959) |
Class S Shares | (77,683) | (87,915) |
Class T Shares | (15,156,548) | (16,647,404) |
Net Decrease from Dividends and Distributions to Shareholders | (51,178,944) | (53,888,404) |
Capital Share Transactions: | ||
Class A Shares | 7,789,222 | (4,060,462) |
Class C Shares | (1,535,171) | (1,003,230) |
Class D Shares | 682,345 | 1,921,557 |
Class I Shares | (42,018,947) | (20,613,843) |
Class N Shares | (31,416,062) | (67,136,855) |
Class R Shares | (5,724,764) | 674,281 |
Class S Shares | (444,969) | (202,744) |
Class T Shares | (70,464,761) | (18,864,030) |
Net Increase/(Decrease) from Capital Share Transactions | (143,133,107) | (109,285,326) |
Net Increase/(Decrease) in Net Assets | (123,164,186) | (103,027,967) |
Net Assets: | ||
Beginning of period | 827,700,112 | 930,728,079 |
End of period | $704,535,926 | $827,700,112 |
See Notes to Financial Statements.
14 | June 30, 2024
Janus Henderson High-Yield Fund
Financial Highlights
Financial Highlights
Class A Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $7.05 | $6.99 | $8.64 | $7.77 | $8.34 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.46 | 0.42 | 0.36 | 0.39 | 0.41 |
Net realized and unrealized gain/(loss) | 0.18 | 0.06 | (1.64) | 0.88 | (0.57) |
Total from Investment Operations | 0.64 | 0.48 | (1.28) | 1.27 | (0.16) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.46) | (0.42) | (0.37) | (0.40) | (0.41) |
Total Dividends and Distributions | (0.46) | (0.42) | (0.37) | (0.40) | (0.41) |
Net Asset Value, End of Period | $7.23 | $7.05 | $6.99 | $8.64 | $7.77 |
Total Return* | 9.34% | 6.99% | (15.31)% | 16.69% | (1.95)% |
Net Assets, End of Period (in thousands) | $29,106 | $20,698 | $24,533 | $38,432 | $32,937 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.97% | 1.01% | 0.98% | 0.97% | 0.98% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.94% | 0.98% | 0.98% | 0.97% | 0.98% |
Ratio of Net Investment Income/(Loss) | 6.45% | 5.97% | 4.41% | 4.71% | 5.09% |
Portfolio Turnover Rate | 87% | 73% | 81% | 120% | 146% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 15
Janus Henderson High-Yield Fund
Financial Highlights
Financial Highlights
Class C Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $7.05 | $6.99 | $8.63 | $7.77 | $8.34 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.41 | 0.37 | 0.31 | 0.34 | 0.36 |
Net realized and unrealized gain/(loss) | 0.18 | 0.06 | (1.63) | 0.86 | (0.57) |
Total from Investment Operations | 0.59 | 0.43 | (1.32) | 1.20 | (0.21) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.41) | (0.37) | (0.32) | (0.34) | (0.36) |
Total Dividends and Distributions | (0.41) | (0.37) | (0.32) | (0.34) | (0.36) |
Net Asset Value, End of Period | $7.23 | $7.05 | $6.99 | $8.63 | $7.77 |
Total Return* | 8.64% | 6.24% | (15.81)% | 15.73% | (2.64)% |
Net Assets, End of Period (in thousands) | $2,786 | $4,249 | $5,200 | $7,519 | $12,402 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.69% | 1.77% | 1.71% | 1.70% | 1.69% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.58% | 1.70% | 1.68% | 1.69% | 1.69% |
Ratio of Net Investment Income/(Loss) | 5.76% | 5.28% | 3.71% | 4.03% | 4.37% |
Portfolio Turnover Rate | 87% | 73% | 81% | 120% | 146% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
16 | June 30, 2024
Janus Henderson High-Yield Fund
Financial Highlights
Financial Highlights
Class D Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $7.05 | $6.99 | $8.64 | $7.77 | $8.34 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.47 | 0.44 | 0.38 | 0.41 | 0.43 |
Net realized and unrealized gain/(loss) | 0.18 | 0.05 | (1.64) | 0.88 | (0.57) |
Total from Investment Operations | 0.65 | 0.49 | (1.26) | 1.29 | (0.14) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.47) | (0.43) | (0.39) | (0.42) | (0.43) |
Total Dividends and Distributions | (0.47) | (0.43) | (0.39) | (0.42) | (0.43) |
Net Asset Value, End of Period | $7.23 | $7.05 | $6.99 | $8.64 | $7.77 |
Total Return* | 9.54% | 7.23% | (15.13)% | 16.93% | (1.73)% |
Net Assets, End of Period (in thousands) | $291,392 | $283,345 | $279,111 | $347,855 | $309,023 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.79% | 0.80% | 0.76% | 0.76% | 0.77% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.76% | 0.77% | 0.76% | 0.76% | 0.77% |
Ratio of Net Investment Income/(Loss) | 6.62% | 6.21% | 4.64% | 4.92% | 5.31% |
Portfolio Turnover Rate | 87% | 73% | 81% | 120% | 146% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 17
Janus Henderson High-Yield Fund
Financial Highlights
Financial Highlights
Class I Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $7.05 | $7.00 | $8.64 | $7.77 | $8.34 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.47 | 0.44 | 0.39 | 0.42 | 0.44 |
Net realized and unrealized gain/(loss) | 0.18 | 0.04 | (1.64) | 0.88 | (0.57) |
Total from Investment Operations | 0.65 | 0.48 | (1.25) | 1.30 | (0.13) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.47) | (0.43) | (0.39) | (0.43) | (0.44) |
Total Dividends and Distributions | (0.47) | (0.43) | (0.39) | (0.43) | (0.44) |
Net Asset Value, End of Period | $7.23 | $7.05 | $7.00 | $8.64 | $7.77 |
Total Return* | 9.56% | 7.10% | (14.98)% | 16.99% | (1.69)% |
Net Assets, End of Period (in thousands) | $105,742 | $144,956 | $165,462 | $264,363 | $258,255 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.76% | 0.75% | 0.72% | 0.71% | 0.72% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.74% | 0.74% | 0.72% | 0.71% | 0.72% |
Ratio of Net Investment Income/(Loss) | 6.62% | 6.22% | 4.66% | 4.97% | 5.34% |
Portfolio Turnover Rate | 87% | 73% | 81% | 120% | 146% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
18 | June 30, 2024
Janus Henderson High-Yield Fund
Financial Highlights
Financial Highlights
Class N Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $7.05 | $6.99 | $8.64 | $7.77 | $8.34 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.48 | 0.45 | 0.39 | 0.42 | 0.44 |
Net realized and unrealized gain/(loss) | 0.18 | 0.05 | (1.64) | 0.88 | (0.57) |
Total from Investment Operations | 0.66 | 0.50 | (1.25) | 1.30 | (0.13) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.48) | (0.44) | (0.40) | (0.43) | (0.44) |
Total Dividends and Distributions | (0.48) | (0.44) | (0.40) | (0.43) | (0.44) |
Net Asset Value, End of Period | $7.23 | $7.05 | $6.99 | $8.64 | $7.77 |
Total Return* | 9.68% | 7.37% | (15.01)% | 17.09% | (1.59)% |
Net Assets, End of Period (in thousands) | $70,554 | $99,579 | $165,384 | $149,967 | $129,944 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.65% | 0.65% | 0.63% | 0.62% | 0.62% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.63% | 0.64% | 0.63% | 0.62% | 0.62% |
Ratio of Net Investment Income/(Loss) | 6.73% | 6.27% | 4.80% | 5.05% | 5.47% |
Portfolio Turnover Rate | 87% | 73% | 81% | 120% | 146% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 19
Janus Henderson High-Yield Fund
Financial Highlights
Financial Highlights
Class R Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $7.04 | $6.99 | $8.63 | $7.76 | $8.33 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.42 | 0.39 | 0.33 | 0.35 | 0.38 |
Net realized and unrealized gain/(loss) | 0.19 | 0.05 | (1.63) | 0.89 | (0.57) |
Total from Investment Operations | 0.61 | 0.44 | (1.30) | 1.24 | (0.19) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.42) | (0.39) | (0.34) | (0.37) | (0.38) |
Total Dividends and Distributions | (0.42) | (0.39) | (0.34) | (0.37) | (0.38) |
Net Asset Value, End of Period | $7.23 | $7.04 | $6.99 | $8.63 | $7.76 |
Total Return* | 9.03% | 6.41% | (15.56)% | 16.20% | (2.41)% |
Net Assets, End of Period (in thousands) | $1,529 | $7,071 | $6,351 | $7,788 | $1,551 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.44% | 1.45% | 1.41% | 1.45% | 1.57% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.37% | 1.39% | 1.38% | 1.39% | 1.45% |
Ratio of Net Investment Income/(Loss) | 5.94% | 5.60% | 4.02% | 4.20% | 4.64% |
Portfolio Turnover Rate | 87% | 73% | 81% | 120% | 146% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
20 | June 30, 2024
Janus Henderson High-Yield Fund
Financial Highlights
Financial Highlights
Class S Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $7.06 | $7.00 | $8.65 | $7.78 | $8.35 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.44 | 0.41 | 0.35 | 0.38 | 0.40 |
Net realized and unrealized gain/(loss) | 0.18 | 0.06 | (1.64) | 0.88 | (0.57) |
Total from Investment Operations | 0.62 | 0.47 | (1.29) | 1.26 | (0.17) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.44) | (0.41) | (0.36) | (0.39) | (0.40) |
Total Dividends and Distributions | (0.44) | (0.41) | (0.36) | (0.39) | (0.40) |
Net Asset Value, End of Period | $7.24 | $7.06 | $7.00 | $8.65 | $7.78 |
Total Return* | 9.14% | 6.83% | (15.42)% | 16.47% | (2.14)% |
Net Assets, End of Period (in thousands) | $845 | $1,260 | $1,449 | $2,237 | $1,859 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.39% | 1.35% | 1.28% | 1.27% | 1.30% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.13% | 1.13% | 1.13% | 1.15% | 1.19% |
Ratio of Net Investment Income/(Loss) | 6.25% | 5.83% | 4.25% | 4.53% | 4.90% |
Portfolio Turnover Rate | 87% | 73% | 81% | 120% | 146% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 21
Janus Henderson High-Yield Fund
Financial Highlights
Financial Highlights
Class T Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $7.05 | $6.99 | $8.64 | $7.77 | $8.34 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.46 | 0.43 | 0.37 | 0.40 | 0.42 |
Net realized and unrealized gain/(loss) | 0.18 | 0.05 | (1.64) | 0.88 | (0.57) |
Total from Investment Operations | 0.64 | 0.48 | (1.27) | 1.28 | (0.15) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.46) | (0.42) | (0.38) | (0.41) | (0.42) |
Total Dividends and Distributions | (0.46) | (0.42) | (0.38) | (0.41) | (0.42) |
Net Asset Value, End of Period | $7.23 | $7.05 | $6.99 | $8.64 | $7.77 |
Total Return* | 9.43% | 7.12% | (15.21)% | 16.82% | (1.83)% |
Net Assets, End of Period (in thousands) | $202,581 | $266,544 | $283,236 | $372,314 | $349,513 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.90% | 0.90% | 0.87% | 0.87% | 0.87% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.86% | 0.87% | 0.86% | 0.85% | 0.86% |
Ratio of Net Investment Income/(Loss) | 6.50% | 6.10% | 4.53% | 4.82% | 5.21% |
Portfolio Turnover Rate | 87% | 73% | 81% | 120% | 146% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
22 | June 30, 2024
Janus Henderson High-Yield Fund
Notes to Financial Statements
Notes to Financial Statements
1.
Organization and Significant Accounting Policies
Janus Henderson High-Yield Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 36 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to obtain high current income. Capital appreciation is a secondary investment objective when consistent with its primary investment objective. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
Janus Investment Fund | 23
Janus Henderson High-Yield Fund
Notes to Financial Statements
Notes to Financial Statements
Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
Investment Valuation
Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.
Valuation Inputs Summary
FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:
Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.
Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
24 | June 30, 2024
Janus Henderson High-Yield Fund
Notes to Financial Statements
Notes to Financial Statements
Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.
Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2024 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.
The Fund did not hold a significant amount of Level 3 securities as of June 30, 2024.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Janus Investment Fund | 25
Janus Henderson High-Yield Fund
Notes to Financial Statements
Notes to Financial Statements
Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.
Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.
Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
Dividends and Distributions
Dividends are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2.
Derivative Instruments
The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended June 30, 2024 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.
The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.
Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the
26 | June 30, 2024
Janus Henderson High-Yield Fund
Notes to Financial Statements
Notes to Financial Statements
securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.
In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:
• Commodity Risk – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.
• Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.
• Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.
• Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.
• Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.
• Index Risk – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.
• Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.
• Leverage Risk – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.
• Liquidity Risk – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.
Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser’s needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.
In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser’s ability to establish and maintain appropriate systems and trading.
Futures Contracts
A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject
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Notes to Financial Statements
Notes to Financial Statements
to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.
Futures contracts are valued at the settlement price on valuation date on the exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or “ASET” price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used.
Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract.
Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund’s futures commission merchant.
With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.
During the year, the Fund purchased interest rate futures to increase exposure to interest rate risk.
During the year, the Fund sold interest rate futures to decrease exposure to interest rate risk.
3.
Other Investments and Strategies
Market Risk
The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
28 | June 30, 2024
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Notes to Financial Statements
Notes to Financial Statements
Loans
The Fund may invest in various commercial loans, including bank loans, bridge loans, debtor-in-possession (“DIP”) loans, mezzanine loans, and other fixed and floating rate loans. These loans may be acquired through loan participations and assignments or on a when-issued basis. Commercial loans will comprise no more than 20% of the Fund’s total assets. Below are descriptions of the types of loans held by the Fund as of June 30, 2024.
• Bank Loans – Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund’s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities.
• Floating Rate Loans – Floating rate loans are debt securities that have floating interest rates, that adjust periodically, and are tied to a benchmark lending rate, such as Secured Overnight Financing Rate ("SOFR”). In other cases, the lending rate could be tied to the prime rate offered by one or more major U.S. banks or the rate paid on large certificates of deposit traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies (‘‘borrowers’’) in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are senior in the borrower’s capital structure. The senior position in the borrower’s capital structure generally gives holders of senior loans a claim on certain of the borrower’s assets that is senior to subordinated debt and preferred and common stock in the case of a borrower’s default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. While the Fund generally expects to invest in fully funded term loans, certain of the loans in which the Fund may invest include revolving loans, bridge loans, and delayed draw term loans.
Purchasers of floating rate loans may pay and/or receive certain fees. The Fund may receive fees such as covenant waiver fees or prepayment penalty fees. The Fund may pay fees such as facility fees. Such fees may affect the Fund’s return.
• Mezzanine Loans – Mezzanine loans are secured by the stock of the company that owns the assets. Mezzanine loans are a hybrid of debt and equity financing that is typically used to fund the expansion of existing companies. A mezzanine loan is composed of debt capital that gives the lender the right to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. Mezzanine loans typically are the most subordinated debt obligation in an issuer’s capital structure.
Mortgage- and Asset-Backed Securities
Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer and commercial loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or other governmental or government-related entities. Ginnie Mae’s guarantees are backed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency (“FHFA”), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities’ mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA’s appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.
The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities’ issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on
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Notes to Financial Statements
Notes to Financial Statements
these securities include both interest and a partial payment of principal. Mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund’s returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.
When-Issued, Delayed Delivery and Forward Commitment Transactions
The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis. When purchasing a security on a when-issued, delayed delivery, or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund’s other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases (including TBA commitments) are outstanding, the purchases may result in a form of leverage.
When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security’s price appreciates in value such that the security’s price is above the agreed upon price on the settlement date. The Fund may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward commitment securities before the settlement date, which may result in a gain or loss.
Counterparties
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.
The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is
30 | June 30, 2024
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Notes to Financial Statements
Notes to Financial Statements
the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.
Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.
The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).
Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of June 30, 2024, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $11,468,696. Gross amounts of recognized liabilities for securities lending (collateral received) as of June 30, 2024 is $11,948,043, resulting in the net amount due to the counterparty of $479,347.
Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.
The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.
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Notes to Financial Statements
Notes to Financial Statements
4.
Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund’s contractual investment advisory fee rate (expressed as an annual rate).
Average Daily Net Assets of the Fund | Contractual Investment Advisory Fee (%) |
First $300 Million | 0.65 |
Over $300 Million | 0.55 |
The Fund’s actual investment advisory fee rate for the reporting period was 0.59% of average annual net assets before any applicable waivers.
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to the management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.63% for at least a one-year period commencing on October 27, 2023. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $435,029 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion — $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may
32 | June 30, 2024
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Notes to Financial Statements
Notes to Financial Statements
keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 4.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended June 30, 2024, the Distributor retained upfront sales charges of $269.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended June 30, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended June 30, 2024, redeeming shareholders of Class C Shares paid CDSCs of $210.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of June 30, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total
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Notes to Financial Statements
Notes to Financial Statements
distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended June 30, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
5.
Federal Income Tax
The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.
Other book to tax differences primarily consist of deferred compensation and derivatives. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
Undistributed Ordinary Income | Undistributed Long-Term Gains | Accumulated Capital Losses | Loss Deferrals | Other Book to Tax Differences | Net Tax Appreciation/ (Depreciation) |
$74,973 | $- | $(322,098,430) | $- | $(8,880) | $9,183,396 |
Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2024, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.
Capital Loss Carryover Schedule | ||
For the year ended June 30, 2024 | ||
No Expiration | ||
Short-Term | Long-Term | Accumulated Capital Losses |
$(102,127,611) | $(219,970,819) | $(322,098,430) |
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Notes to Financial Statements
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$703,749,732 | $16,377,699 | $(7,194,303) | $9,183,396 |
Information on the tax components of derivatives as of June 30, 2024 is as follows:
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$240,282 | $- | $- | $- |
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.
For the year ended June 30, 2024 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$51,178,944 | $- | $- | $- |
For the year ended June 30, 2023 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$53,888,404 | $- | $- | $- |
Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets.
Janus Investment Fund | 35
Janus Henderson High-Yield Fund
Notes to Financial Statements
Notes to Financial Statements
6.
Capital Share Transactions
Year ended June 30, 2024 | Year ended June 30, 2023 | |||
Shares | Amount | Shares | Amount | |
Class A Shares: | ||||
Shares sold | 2,565,938 | $18,334,801 | 1,135,338 | $7,980,217 |
Reinvested dividends and distributions | 223,630 | 1,590,531 | 173,565 | 1,218,687 |
Shares repurchased | (1,700,235) | (12,136,110) | (1,881,514) | (13,259,366) |
Net Increase/(Decrease) | 1,089,333 | $7,789,222 | (572,611) | $(4,060,462) |
Class C Shares: | ||||
Shares sold | 93,842 | $673,116 | 81,372 | $574,356 |
Reinvested dividends and distributions | 26,972 | 191,127 | 33,592 | 236,205 |
Shares repurchased | (338,198) | (2,399,414) | (255,979) | (1,813,791) |
Net Increase/(Decrease) | (217,384) | $(1,535,171) | (141,015) | $(1,003,230) |
Class D Shares: | ||||
Shares sold | 3,201,465 | $22,710,801 | 2,871,686 | $20,254,591 |
Reinvested dividends and distributions | 2,303,340 | 16,351,561 | 2,114,246 | 14,863,752 |
Shares repurchased | (5,402,366) | (38,380,017) | (4,713,898) | (33,196,786) |
Net Increase/(Decrease) | 102,439 | $682,345 | 272,034 | $1,921,557 |
Class I Shares: | ||||
Shares sold | 7,001,819 | $49,731,992 | 12,148,011 | $87,074,770 |
Reinvested dividends and distributions | 1,018,199 | 7,225,593 | 1,161,912 | 8,174,225 |
Shares repurchased | (13,956,588) | (98,976,532) | (16,407,506) | (115,862,838) |
Net Increase/(Decrease) | (5,936,570) | $(42,018,947) | (3,097,583) | $(20,613,843) |
Class N Shares: | ||||
Shares sold | 1,611,391 | $11,391,968 | 4,511,701 | $31,774,790 |
Reinvested dividends and distributions | 868,968 | 6,162,130 | 1,196,622 | 8,415,423 |
Shares repurchased | (6,852,611) | (48,970,160) | (15,232,813) | (107,327,068) |
Net Increase/(Decrease) | (4,372,252) | $(31,416,062) | (9,524,490) | $(67,136,855) |
Class R Shares: | ||||
Shares sold | 252,571 | $1,780,058 | 229,273 | $1,612,535 |
Reinvested dividends and distributions | 41,879 | 295,064 | 51,315 | 360,367 |
Shares repurchased | (1,086,926) | (7,799,886) | (185,753) | (1,298,621) |
Net Increase/(Decrease) | (792,476) | $(5,724,764) | 94,835 | $674,281 |
Class S Shares: | ||||
Shares sold | 16,733 | $118,381 | 47,388 | $333,679 |
Reinvested dividends and distributions | 10,663 | 75,756 | 12,473 | 87,801 |
Shares repurchased | (89,097) | (639,106) | (88,313) | (624,224) |
Net Increase/(Decrease) | (61,701) | $(444,969) | (28,452) | $(202,744) |
Class T Shares: | ||||
Shares sold | 6,012,483 | $42,707,967 | 5,921,426 | $42,279,328 |
Reinvested dividends and distributions | 2,105,969 | 14,921,411 | 2,331,829 | 16,393,060 |
Shares repurchased | (17,914,287) | (128,094,139) | (10,944,960) | (77,536,418) |
Net Increase/(Decrease) | (9,795,835) | $(70,464,761) | (2,691,705) | $(18,864,030) |
7.
Purchases and Sales of Investment Securities
For the year ended June 30, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
Purchases of Securities | Proceeds from Sales of Securities | Purchases of Long- Term U.S. Government Obligations | Proceeds from Sales of Long-Term U.S. Government Obligations |
$652,525,721 | $795,472,281 | $- | $- |
36 | June 30, 2024
Janus Henderson High-Yield Fund
Notes to Financial Statements
Notes to Financial Statements
8.
Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to June 30, 2024 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
Janus Investment Fund | 37
Janus Henderson High-Yield Fund
Report of Independent Registered Public Accounting Firm
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson High-Yield Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson High-Yield Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of June 30, 2024, the related statement of operations for the year ended June 30, 2024, the statement of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2024 and the financial highlights for each of the five years in the period ended June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Denver, Colorado
August 22, 2024
August 22, 2024
We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.
38 | June 30, 2024
Janus Henderson High-Yield Fund
Designation Requirements (unaudited)
Designation Requirements (unaudited)
For federal income tax purposes, the Fund designated the following for the year ended June 30, 2024:
Section 163(j) Interest Dividend | 99% |
Janus Investment Fund | 39
Janus Henderson High-Yield Fund
Additional Information (unaudited)
Additional Information (unaudited)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees’ fees and expenses.
Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus
40 | June 30, 2024
Janus Henderson High-Yield Fund
Additional Information (unaudited)
Additional Information (unaudited)
Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 41
Janus Henderson High-Yield Fund
Additional Information (unaudited)
Additional Information (unaudited)
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
42 | June 30, 2024
Janus Henderson High-Yield Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
Janus Investment Fund | 43
Janus Henderson High-Yield Fund
Additional Information (unaudited)
Additional Information (unaudited)
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
44 | June 30, 2024
Janus Henderson High-Yield Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees
Janus Investment Fund | 45
Janus Henderson High-Yield Fund
Additional Information (unaudited)
Additional Information (unaudited)
noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
46 | June 30, 2024
Janus Henderson High-Yield Fund
Additional Information (unaudited)
Additional Information (unaudited)
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Janus Investment Fund | 47
Janus Henderson High-Yield Fund
Additional Information (unaudited)
Additional Information (unaudited)
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
48 | June 30, 2024
Janus Henderson High-Yield Fund
Additional Information (unaudited)
Additional Information (unaudited)
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
Janus Investment Fund | 49
Janus Henderson High-Yield Fund
Additional Information (unaudited)
Additional Information (unaudited)
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
50 | June 30, 2024
This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
Mutual funds distributed by Janus Henderson Distributors US LLC
125-02-93026 08-24
Janus Henderson Mid Cap Value Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Common Stocks – 98.3% | |||
Aerospace & Defense – 2.9% | |||
BWX Technologies Inc | 269,662 | $25,617,890 | |
L3Harris Technologies Inc | 141,512 | 31,780,765 | |
57,398,655 | |||
Auto Components – 0.6% | |||
Aptiv PLC* | 168,124 | 11,839,292 | |
Banks – 5.3% | |||
Columbia Banking System Inc | 656,289 | 13,053,588 | |
PNC Financial Services Group Inc/The | 234,401 | 36,444,668 | |
Popular Inc | 300,253 | 26,551,373 | |
Wintrust Financial Corp | 314,886 | 31,035,164 | |
107,084,793 | |||
Building Products – 3.3% | |||
Carlisle Cos Inc | 89,062 | 36,088,813 | |
Fortune Brands Home & Security Inc | 465,855 | 30,252,624 | |
66,341,437 | |||
Capital Markets – 2.8% | |||
Jefferies Financial Group Inc | 470,398 | 23,407,005 | |
Lazard Inc | 844,440 | 32,240,719 | |
55,647,724 | |||
Chemicals – 3.1% | |||
Ashland Global Holdings Inc | 203,706 | 19,248,180 | |
Corteva Inc | 531,178 | 28,651,741 | |
Westlake Chemical Corp | 99,375 | 14,391,488 | |
62,291,409 | |||
Commercial Services & Supplies – 1.7% | |||
Waste Connections Inc | 199,124 | 34,918,385 | |
Construction Materials – 1.4% | |||
Martin Marietta Materials Inc | 52,563 | 28,478,633 | |
Containers & Packaging – 2.6% | |||
Ball Corp | 445,606 | 26,745,272 | |
Graphic Packaging Holding Co | 1,008,025 | 26,420,335 | |
53,165,607 | |||
Distributors – 1.4% | |||
LKQ Corp | 674,727 | 28,061,896 | |
Diversified Financial Services – 2.3% | |||
Fidelity National Information Services Inc | 616,605 | 46,467,353 | |
Electric Utilities – 4.9% | |||
Alliant Energy Corp | 966,397 | 49,189,607 | |
Entergy Corp | 467,897 | 50,064,979 | |
99,254,586 | |||
Electrical Equipment – 1.6% | |||
AMETEK Inc | 187,447 | 31,249,289 | |
Electronic Equipment, Instruments & Components – 5.1% | |||
Arrow Electronics Inc* | 142,744 | 17,237,766 | |
Fabrinet* | 50,523 | 12,367,525 | |
Insight Enterprises Inc* | 83,145 | 16,492,642 | |
Keysight Technologies Inc* | 181,975 | 24,885,081 | |
Vontier Corp | 807,124 | 30,832,137 | |
101,815,151 | |||
Energy Equipment & Services – 1.3% | |||
Baker Hughes Co | 740,353 | 26,038,215 | |
Food & Staples Retailing – 4.1% | |||
Casey's General Stores Inc | 158,523 | 60,486,036 | |
Target Corp | 150,776 | 22,320,879 | |
82,806,915 | |||
Food Products – 2.4% | |||
Hershey Co | 144,812 | 26,620,790 | |
Lamb Weston Holdings Inc | 251,435 | 21,140,655 | |
47,761,445 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
| 1
Janus Henderson Mid Cap Value Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Common Stocks – (continued) | |||
Health Care Equipment & Supplies – 3.4% | |||
Globus Medical Inc* | 659,301 | $45,155,526 | |
Teleflex Inc | 110,682 | 23,279,745 | |
68,435,271 | |||
Health Care Providers & Services – 3.5% | |||
Cardinal Health Inc | 281,152 | 27,642,865 | |
Humana Inc | 31,189 | 11,653,770 | |
Labcorp Holdings Inc | 150,122 | 30,551,328 | |
69,847,963 | |||
Household Durables – 1.8% | |||
SharkNinja Inc | 173,150 | 13,012,222 | |
Toll Brothers Inc | 205,288 | 23,645,072 | |
36,657,294 | |||
Industrial Conglomerates – 1.4% | |||
3M Co | 274,489 | 28,050,031 | |
Industrial Real Estate Investment Trusts (REITs) – 1.2% | |||
STAG Industrial Inc | 655,110 | 23,623,267 | |
Insurance – 4.4% | |||
Axis Capital Holdings Ltd | 390,757 | 27,606,982 | |
Hartford Financial Services Group Inc | 396,444 | 39,858,480 | |
RenaissanceRe Holdings Ltd | 91,140 | 20,370,701 | |
87,836,163 | |||
Life Sciences Tools & Services – 1.0% | |||
Avantor Inc* | 994,047 | 21,073,796 | |
Machinery – 2.4% | |||
Hillenbrand Inc | 617,897 | 24,728,238 | |
Lincoln Electric Holdings Inc | 124,197 | 23,428,522 | |
48,156,760 | |||
Marine – 1.3% | |||
Kirby Corp* | 213,121 | 25,516,977 | |
Media – 1.7% | |||
Fox Corp - Class B | 1,057,738 | 33,868,771 | |
Metals & Mining – 2.4% | |||
Freeport-McMoRan Inc | 1,006,084 | 48,895,682 | |
Oil, Gas & Consumable Fuels – 5.9% | |||
Chesapeake Energy Corp | 550,012 | 45,205,486 | |
HF Sinclair Corp | 516,763 | 27,564,138 | |
Marathon Oil Corp | 1,627,559 | 46,662,117 | |
119,431,741 | |||
Professional Services – 1.2% | |||
TransUnion | 334,247 | 24,787,758 | |
Real Estate Management & Development – 1.4% | |||
CBRE Group Inc* | 325,451 | 29,000,939 | |
Residential Real Estate Investment Trusts (REITs) – 1.3% | |||
Equity LifeStyle Properties Inc | 388,774 | 25,320,851 | |
Retail Real Estate Investment Trusts (REITs) – 1.8% | |||
Agree Realty Corp | 590,229 | 36,558,784 | |
Road & Rail – 2.5% | |||
Canadian Pacific Kansas City Ltd | 262,334 | 20,653,556 | |
Landstar System Inc | 155,118 | 28,616,168 | |
49,269,724 | |||
Semiconductor & Semiconductor Equipment – 3.3% | |||
Microchip Technology Inc | 326,995 | 29,920,042 | |
Teradyne Inc | 241,251 | 35,775,111 | |
65,695,153 | |||
Specialized Real Estate Investment Trusts (REITs) – 2.7% | |||
Lamar Advertising Co | 374,146 | 44,721,671 | |
PotlatchDeltic Corp | 267,730 | 10,545,885 | |
55,267,556 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
2 |
Janus Henderson Mid Cap Value Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Common Stocks – (continued) | |||
Specialty Retail – 4.4% | |||
AutoZone Inc* | 8,559 | $25,369,732 | |
Bath & Body Works Inc | 419,570 | 16,384,208 | |
Burlington Stores Inc* | 109,868 | 26,368,320 | |
O'Reilly Automotive Inc* | 19,233 | 20,311,202 | |
88,433,462 | |||
Trading Companies & Distributors – 2.5% | |||
GATX Corp | 203,235 | 26,900,184 | |
MSC Industrial Direct Co Inc | 289,893 | 22,991,414 | |
49,891,598 | |||
Total Common Stocks (cost $1,411,238,229) | 1,976,240,326 | ||
Repurchase Agreements – 1.6% | |||
ING Financial Markets LLC, Joint repurchase agreement, 5.3000%, dated 6/28/24, maturing 7/1/24 to be repurchased at $16,407,243 collateralized by $18,059,924 in U.S. Treasuries 0.5000% - 4.1250%, 2/15/25 - 11/15/50 with a value of $16,735,401 | $16,400,000 | 16,400,000 | |
Royal Bank of Canada, NY Branch, Joint repurchase agreement, 5.2800%, dated 6/28/24, maturing 7/1/24 to be repurchased at $15,006,600 collateralized by $15,237,465 in U.S. Treasuries 4.2500%, 3/15/27 with a value of $15,306,740 | 15,000,000 | 15,000,000 | |
Total Repurchase Agreements (cost $31,400,000) | 31,400,000 | ||
Total Investments (total cost $1,442,638,229) – 99.9% | 2,007,640,326 | ||
Cash, Receivables and Other Assets, net of Liabilities – 0.1% | 2,260,920 | ||
Net Assets – 100% | $2,009,901,246 |
Summary of Investments by Country - (Long Positions) (unaudited) | ||
Country | Value | % of Investment Securities |
United States | $1,986,986,770 | 99.0 % |
Canada | 20,653,556 | 1.0 |
Total | $2,007,640,326 | 100.0 % |
Offsetting of Financial Assets and Derivative Assets | ||||
Counterparty | Gross Amounts of Recognized Assets | Offsetting Asset or Liability(a) | Collateral Pledged(b) | Net Amount |
ING Financial Markets LLC | $16,400,000 | $— | $(16,400,000) | $— |
Royal Bank of Canada, NY Branch | 15,000,000 | — | (15,000,000) | — |
Total | $31,400,000 | $— | $(31,400,000) | $— |
(a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
(b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
| 3
Janus Henderson Mid Cap Value Fund
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
LLC | Limited Liability Company |
PLC | Public Limited Company |
* | Non-income producing security. |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2024. See Notes to Financial Statements for more information.
Valuation Inputs Summary | |||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | |
Assets | |||
Investments In Securities: | |||
Common Stocks | $1,976,240,326 | $- | $- |
Repurchase Agreements | - | 31,400,000 | - |
Total Assets | $1,976,240,326 | $31,400,000 | $- |
4 |
Janus Henderson Mid Cap Value Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Assets: | |
Investments, at value (cost $1,411,238,229) | $1,976,240,326 |
Repurchase agreements, at value (cost $31,400,000) | 31,400,000 |
Cash | 95,304 |
Trustees' deferred compensation | 55,340 |
Receivables: | |
Investments sold | 2,650,856 |
Dividends | 1,313,372 |
Fund shares sold | 1,211,932 |
Interest | 13,843 |
Other assets | 9,527 |
Total Assets | 2,012,990,500 |
Liabilities: | |
Payables: | |
Advisory fees | 1,343,717 |
Fund shares repurchased | 1,145,563 |
Transfer agent fees and expenses | 303,429 |
Professional fees | 59,086 |
Trustees' deferred compensation fees | 55,340 |
12b-1 Distribution and shareholder servicing fees | 43,536 |
Trustees' fees and expenses | 11,345 |
Affiliated fund administration fees payable | 4,139 |
Custodian fees | 1,237 |
Accrued expenses and other payables | 121,862 |
Total Liabilities | 3,089,254 |
Commitments and contingent liabilities (Note 3) | |
Net Assets | $2,009,901,246 |
See footnotes at the end of the Statement.
See Notes to Financial Statements.
Janus Investment Fund | 5
Janus Henderson Mid Cap Value Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Net Assets Consist of: | |
Capital (par value and paid-in surplus) | $1,306,057,180 |
Total distributable earnings (loss) | 703,844,066 |
Total Net Assets | $2,009,901,246 |
Net Assets - Class A Shares | $56,074,709 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3,436,778 |
Net Asset Value Per Share(1) | $16.32 |
Maximum Offering Price Per Share(2) | $17.32 |
Net Assets - Class C Shares | $7,039,227 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 448,808 |
Net Asset Value Per Share(1) | $15.68 |
Net Assets - Class D Shares | $705,902,436 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 44,479,892 |
Net Asset Value Per Share | $15.87 |
Net Assets - Class I Shares | $193,981,141 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 12,186,856 |
Net Asset Value Per Share | $15.92 |
Net Assets - Class N Shares | $188,332,629 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 11,911,418 |
Net Asset Value Per Share | $15.81 |
Net Assets - Class R Shares | $34,222,153 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2,150,070 |
Net Asset Value Per Share | $15.92 |
Net Assets - Class S Shares | $58,300,741 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3,571,037 |
Net Asset Value Per Share | $16.33 |
Net Assets - Class T Shares | $766,048,210 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 47,812,795 |
Net Asset Value Per Share | $16.02 |
(1) | Redemption price per share may be reduced for any applicable contingent deferred sales charge. |
(2) | Maximum offering price is computed at 100/94.25 of net asset value. |
See Notes to Financial Statements.
6 | June 30, 2024
Janus Henderson Mid Cap Value Fund
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Investment Income: | |
Dividends | $35,514,071 |
Interest | 1,521,138 |
Other income | 6,492 |
Foreign tax withheld | (133,947) |
Total Investment Income | 36,907,754 |
Expenses: | |
Advisory fees | 12,215,849 |
12b-1 Distribution and shareholder servicing fees: | |
Class A Shares | 138,690 |
Class C Shares | 69,119 |
Class R Shares | 170,480 |
Class S Shares | 155,534 |
Transfer agent administrative fees and expenses: | |
Class D Shares | 775,899 |
Class L Shares(1) | 8,359 |
Class R Shares | 85,540 |
Class S Shares | 155,513 |
Class T Shares | 1,905,222 |
Transfer agent networking and omnibus fees: | |
Class A Shares | 79,044 |
Class C Shares | 6,125 |
Class I Shares | 197,506 |
Other transfer agent fees and expenses: | |
Class A Shares | 3,117 |
Class C Shares | 426 |
Class D Shares | 97,944 |
Class I Shares | 10,006 |
Class L Shares(1) | 88 |
Class N Shares | 7,685 |
Class R Shares | 935 |
Class S Shares | 2,125 |
Class T Shares | 9,976 |
Shareholder reports expense | 198,800 |
Registration fees | 137,624 |
Professional fees | 76,296 |
Affiliated fund administration fees | 49,712 |
Trustees' fees and expenses | 43,043 |
Custodian fees | 15,994 |
Other expenses | 159,387 |
Total Expenses | 16,776,038 |
Less: Excess Expense Reimbursement and Waivers | (86,591) |
Net Expenses | 16,689,447 |
Net Investment Income/(Loss) | 20,218,307 |
Net Realized Gain/(Loss) on Investments: | |
Investments | 202,767,914 |
Total Net Realized Gain/(Loss) on Investments | 202,767,914 |
Change in Unrealized Net Appreciation/Depreciation: | |
Investments, foreign currency translations and Trustees' deferred compensation | 36,498,344 |
Total Change in Unrealized Net Appreciation/Depreciation | 36,498,344 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $259,484,565 |
(1) | Effective May 29, 2024, Class L Shares liquidated. |
See Notes to Financial Statements.
Janus Investment Fund | 7
Janus Henderson Mid Cap Value Fund
Statements of Changes in Net Assets
Statements of Changes in Net Assets
Year ended June 30, 2024 | Year ended June 30, 2023 | |
Operations: | ||
Net investment income/(loss) | $20,218,307 | $25,076,728 |
Net realized gain/(loss) on investments | 202,767,914 | 120,849,434 |
Change in unrealized net appreciation/depreciation | 36,498,344 | 80,841,432 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 259,484,565 | 226,767,594 |
Dividends and Distributions to Shareholders: | ||
Class A Shares | (4,753,717) | (3,376,569) |
Class C Shares | (615,241) | (449,643) |
Class D Shares | (61,083,222) | (42,385,456) |
Class I Shares | (17,906,508) | (13,114,124) |
Class L Shares(1) | (323,764) | (255,037) |
Class N Shares | (16,971,420) | (11,696,613) |
Class R Shares | (2,891,861) | (2,021,571) |
Class S Shares | (5,284,966) | (3,877,081) |
Class T Shares | (67,684,534) | (48,220,026) |
Net Decrease from Dividends and Distributions to Shareholders | (177,515,233) | (125,396,120) |
Capital Share Transactions: | ||
Class A Shares | (3,093,717) | (5,420,912) |
Class C Shares | (1,244,980) | (368,440) |
Class D Shares | (7,507,733) | (11,086,647) |
Class I Shares | (22,391,809) | (9,281,807) |
Class L Shares(1) | (4,168,510) | (565,821) |
Class N Shares | (6,429,153) | (15,139,006) |
Class R Shares | (2,325,657) | (2,967,403) |
Class S Shares | (12,848,296) | (4,943,133) |
Class T Shares | (47,283,578) | (72,795,412) |
Net Increase/(Decrease) from Capital Share Transactions | (107,293,433) | (122,568,581) |
Net Increase/(Decrease) in Net Assets | (25,324,101) | (21,197,107) |
Net Assets: | ||
Beginning of period | 2,035,225,347 | 2,056,422,454 |
End of period | $2,009,901,246 | $2,035,225,347 |
(1) | Effective May 29, 2024, Class L Shares liquidated. |
See Notes to Financial Statements.
8 | June 30, 2024
Janus Henderson Mid Cap Value Fund
Financial Highlights
Financial Highlights
Class A Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $15.71 | $14.97 | $18.02 | $13.29 | $15.33 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.13 | 0.15 | 0.13 | 0.12 | 0.13 |
Net realized and unrealized gain/(loss) | 1.87 | 1.50 | (1.17) | 4.73 | (1.82) |
Total from Investment Operations | 2.00 | 1.65 | (1.04) | 4.85 | (1.69) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.14) | (0.14) | (0.04) | (0.12) | (0.12) |
Distributions (from capital gains) | (1.25) | (0.77) | (1.97) | — | (0.23) |
Total Dividends and Distributions | (1.39) | (0.91) | (2.01) | (0.12) | (0.35) |
Net Asset Value, End of Period | $16.32 | $15.71 | $14.97 | $18.02 | $13.29 |
Total Return* | 13.65% | 11.30% | (6.84)% | 36.65% | (11.47)% |
Net Assets, End of Period (in thousands) | $56,075 | $56,731 | $59,218 | $73,118 | $59,211 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.04% | 0.91% | 0.93% | 0.97% | 1.19% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.04% | 0.91% | 0.93% | 0.97% | 1.19% |
Ratio of Net Investment Income/(Loss) | 0.81% | 0.98% | 0.78% | 0.76% | 0.90% |
Portfolio Turnover Rate | 37% | 54% | 52% | 46% | 37% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 9
Janus Henderson Mid Cap Value Fund
Financial Highlights
Financial Highlights
Class C Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $15.15 | $14.46 | $17.55 | $12.93 | $14.91 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.02 | 0.05 | 0.01 | 0.04 | 0.05 |
Net realized and unrealized gain/(loss) | 1.79 | 1.45 | (1.13) | 4.58 | (1.80) |
Total from Investment Operations | 1.81 | 1.50 | (1.12) | 4.62 | (1.75) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.03) | (0.04) | — | — (2) | — |
Distributions (from capital gains) | (1.25) | (0.77) | (1.97) | — | (0.23) |
Total Dividends and Distributions | (1.28) | (0.81) | (1.97) | — | (0.23) |
Net Asset Value, End of Period | $15.68 | $15.15 | $14.46 | $17.55 | $12.93 |
Total Return* | 12.81% | 10.65% | (7.50)% | 35.76% | (12.02)% |
Net Assets, End of Period (in thousands) | $7,039 | $7,998 | $7,974 | $10,436 | $15,768 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.69% | 1.54% | 1.62% | 1.64% | 1.78% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.69% | 1.54% | 1.62% | 1.64% | 1.78% |
Ratio of Net Investment Income/(Loss) | 0.16% | 0.35% | 0.09% | 0.24% | 0.32% |
Portfolio Turnover Rate | 37% | 54% | 52% | 46% | 37% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
See Notes to Financial Statements.
10 | June 30, 2024
Janus Henderson Mid Cap Value Fund
Financial Highlights
Financial Highlights
Class D Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $15.33 | $14.63 | $17.67 | $13.03 | $15.04 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.16 | 0.19 | 0.18 | 0.17 | 0.17 |
Net realized and unrealized gain/(loss) | 1.82 | 1.47 | (1.15) | 4.64 | (1.79) |
Total from Investment Operations | 1.98 | 1.66 | (0.97) | 4.81 | (1.62) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.19) | (0.19) | (0.10) | (0.17) | (0.16) |
Distributions (from capital gains) | (1.25) | (0.77) | (1.97) | — | (0.23) |
Total Dividends and Distributions | (1.44) | (0.96) | (2.07) | (0.17) | (0.39) |
Net Asset Value, End of Period | $15.87 | $15.33 | $14.63 | $17.67 | $13.03 |
Total Return* | 13.87% | 11.65% | (6.58)% | 37.11% | (11.24)% |
Net Assets, End of Period (in thousands) | $705,902 | $685,186 | $663,819 | $752,405 | $615,270 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.78% | 0.63% | 0.64% | 0.66% | 0.89% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.78% | 0.63% | 0.64% | 0.66% | 0.89% |
Ratio of Net Investment Income/(Loss) | 1.06% | 1.26% | 1.07% | 1.07% | 1.18% |
Portfolio Turnover Rate | 37% | 54% | 52% | 46% | 37% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 11
Janus Henderson Mid Cap Value Fund
Financial Highlights
Financial Highlights
Class I Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $15.37 | $14.66 | $17.71 | $13.06 | $15.07 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.17 | 0.20 | 0.19 | 0.18 | 0.18 |
Net realized and unrealized gain/(loss) | 1.82 | 1.47 | (1.16) | 4.65 | (1.79) |
Total from Investment Operations | 1.99 | 1.67 | (0.97) | 4.83 | (1.61) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.19) | (0.19) | (0.11) | (0.18) | (0.17) |
Distributions (from capital gains) | (1.25) | (0.77) | (1.97) | — | (0.23) |
Total Dividends and Distributions | (1.44) | (0.96) | (2.08) | (0.18) | (0.40) |
Net Asset Value, End of Period | $15.92 | $15.37 | $14.66 | $17.71 | $13.06 |
Total Return* | 13.94% | 11.75% | (6.60)% | 37.15% | (11.16)% |
Net Assets, End of Period (in thousands) | $193,981 | $208,187 | $207,292 | $359,761 | $310,803 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.74% | 0.59% | 0.60% | 0.62% | 0.85% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.74% | 0.59% | 0.60% | 0.62% | 0.85% |
Ratio of Net Investment Income/(Loss) | 1.11% | 1.30% | 1.11% | 1.13% | 1.20% |
Portfolio Turnover Rate | 37% | 54% | 52% | 46% | 37% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
12 | June 30, 2024
Janus Henderson Mid Cap Value Fund
Financial Highlights
Financial Highlights
Class N Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $15.27 | $14.58 | $17.62 | $12.99 | $15.00 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.18 | 0.21 | 0.20 | 0.19 | 0.20 |
Net realized and unrealized gain/(loss) | 1.82 | 1.46 | (1.14) | 4.63 | (1.80) |
Total from Investment Operations | 2.00 | 1.67 | (0.94) | 4.82 | (1.60) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.21) | (0.21) | (0.13) | (0.19) | (0.18) |
Distributions (from capital gains) | (1.25) | (0.77) | (1.97) | — | (0.23) |
Total Dividends and Distributions | (1.46) | (0.98) | (2.10) | (0.19) | (0.41) |
Net Asset Value, End of Period | $15.81 | $15.27 | $14.58 | $17.62 | $12.99 |
Total Return* | 14.09% | 11.78% | (6.47)% | 37.34% | (11.14)% |
Net Assets, End of Period (in thousands) | $188,333 | $187,335 | $193,017 | $506,429 | $422,894 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.65% | 0.49% | 0.50% | 0.52% | 0.75% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.65% | 0.49% | 0.50% | 0.52% | 0.75% |
Ratio of Net Investment Income/(Loss) | 1.20% | 1.40% | 1.20% | 1.24% | 1.36% |
Portfolio Turnover Rate | 37% | 54% | 52% | 46% | 37% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 13
Janus Henderson Mid Cap Value Fund
Financial Highlights
Financial Highlights
Class R Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $15.36 | $14.65 | $17.70 | $13.04 | $15.06 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.07 | 0.10 | 0.08 | 0.08 | 0.09 |
Net realized and unrealized gain/(loss) | 1.83 | 1.46 | (1.16) | 4.65 | (1.82) |
Total from Investment Operations | 1.90 | 1.56 | (1.08) | 4.73 | (1.73) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.09) | (0.08) | — | (0.07) | (0.06) |
Distributions (from capital gains) | (1.25) | (0.77) | (1.97) | — | (0.23) |
Total Dividends and Distributions | (1.34) | (0.85) | (1.97) | (0.07) | (0.29) |
Net Asset Value, End of Period | $15.92 | $15.36 | $14.65 | $17.70 | $13.04 |
Total Return* | 13.23% | 10.94% | (7.20)% | 36.38% | (11.83)% |
Net Assets, End of Period (in thousands) | $34,222 | $35,107 | $36,305 | $43,893 | $38,246 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.39% | 1.25% | 1.26% | 1.26% | 1.50% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.39% | 1.25% | 1.26% | 1.26% | 1.50% |
Ratio of Net Investment Income/(Loss) | 0.45% | 0.65% | 0.45% | 0.49% | 0.59% |
Portfolio Turnover Rate | 37% | 54% | 52% | 46% | 37% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
14 | June 30, 2024
Janus Henderson Mid Cap Value Fund
Financial Highlights
Financial Highlights
Class S Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $15.72 | $14.97 | $18.03 | $13.28 | $15.33 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.11 | 0.14 | 0.12 | 0.11 | 0.12 |
Net realized and unrealized gain/(loss) | 1.87 | 1.50 | (1.18) | 4.74 | (1.83) |
Total from Investment Operations | 1.98 | 1.64 | (1.06) | 4.85 | (1.71) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.12) | (0.12) | (0.03) | (0.10) | (0.11) |
Distributions (from capital gains) | (1.25) | (0.77) | (1.97) | — | (0.23) |
Total Dividends and Distributions | (1.37) | (0.89) | (2.00) | (0.10) | (0.34) |
Net Asset Value, End of Period | $16.33 | $15.72 | $14.97 | $18.03 | $13.28 |
Total Return* | 13.50% | 11.26% | (6.97)% | 36.67% | (11.58)% |
Net Assets, End of Period (in thousands) | $58,301 | $68,572 | $70,035 | $97,606 | $99,159 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.14% | 0.99% | 1.01% | 1.02% | 1.25% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.14% | 0.99% | 1.01% | 1.02% | 1.25% |
Ratio of Net Investment Income/(Loss) | 0.71% | 0.90% | 0.70% | 0.72% | 0.79% |
Portfolio Turnover Rate | 37% | 54% | 52% | 46% | 37% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 15
Janus Henderson Mid Cap Value Fund
Financial Highlights
Financial Highlights
Class T Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $15.46 | $14.74 | $17.79 | $13.12 | $15.14 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.15 | 0.18 | 0.16 | 0.16 | 0.16 |
Net realized and unrealized gain/(loss) | 1.83 | 1.48 | (1.16) | 4.66 | (1.80) |
Total from Investment Operations | 1.98 | 1.66 | (1.00) | 4.82 | (1.64) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.17) | (0.17) | (0.08) | (0.15) | (0.15) |
Distributions (from capital gains) | (1.25) | (0.77) | (1.97) | — | (0.23) |
Total Dividends and Distributions | (1.42) | (0.94) | (2.05) | (0.15) | (0.38) |
Net Asset Value, End of Period | $16.02 | $15.46 | $14.74 | $17.79 | $13.12 |
Total Return* | 13.76% | 11.57% | (6.72)% | 36.95% | (11.31)% |
Net Assets, End of Period (in thousands) | $766,048 | $782,095 | $814,391 | $1,010,187 | $896,622 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.89% | 0.74% | 0.75% | 0.77% | 0.99% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.88% | 0.73% | 0.74% | 0.76% | 0.99% |
Ratio of Net Investment Income/(Loss) | 0.97% | 1.17% | 0.96% | 1.00% | 1.09% |
Portfolio Turnover Rate | 37% | 54% | 52% | 46% | 37% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
16 | June 30, 2024
Janus Henderson Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
1.
Organization and Significant Accounting Policies
Janus Henderson Mid Cap Value Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 36 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms.
Class L Shares were designed for pension and profit-sharing plans, employee benefit trusts, endowments, foundations and corporations, as well as high net worth individuals and financial intermediaries who are willing to maintain a minimum account balance of $250,000. Class L shares were terminated on May 29, 2024.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct
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Janus Henderson Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
Investment Valuation
Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.
Valuation Inputs Summary
FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:
Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.
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Janus Henderson Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.
Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2024 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
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Janus Henderson Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.
Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.
Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2.
Other Investments and Strategies
Market Risk
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more
20 | June 30, 2024
Janus Henderson Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
Real Estate Investing
The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.
Repurchase Agreements
The Fund and other funds advised by the Adviser or its affiliates may transfer daily uninvested cash balances into one or more joint trading accounts. Assets in the joint trading accounts are invested in money market instruments and the proceeds are allocated to the participating funds on a pro rata basis.
Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.
Counterparties
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.
The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.
The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.
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Janus Henderson Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
All repurchase agreements are transacted under legally enforceable master repurchase agreements that give the Fund, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the counterparty. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest.
3.
Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee rate that may adjust up or down based on the Fund’s performance relative to its benchmark index.
The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (the “Base Fee Rate”), plus or minus (2) a performance-fee adjustment (the “Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets based on the Fund’s relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.
The investment performance of the Fund’s Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund’s Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.64%, and the Fund’s benchmark index used in the calculation is the Russell Midcap® Value Index.
No Performance Adjustment is applied unless the difference between the Fund’s investment performance and the cumulative investment record of the Fund’s benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund’s full performance rate of ±4.00%. Because the Performance Adjustment is tied to a Fund’s relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser’s fee even if the Fund’s Shares lose value during the performance measurement period and could decrease the Adviser’s fee even if the Fund’s Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated net of expenses whereas the Fund’s benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund’s benchmark index.
The Fund’s prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the year ended June 30, 2024, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.61%.
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to the management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.83% for at least a one-year period commencing on October 27, 2023. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks
22 | June 30, 2024
Janus Henderson Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $435,029 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion — $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.
The Transfer Agent receives an administrative fee based on the average daily net assets Class L Shares of the Fund based on the average proportion of the Fund’s total net assets sold directly and the average proportion of the Fund’s net assets sold through financial intermediaries on a monthly basis. The asset-weighted fee is calculated by applying a blended annual fee rate of 0.12% on average net assets for the proportion of assets sold directly and 0.25% on average net assets for the proportion of assets sold through financial intermediaries. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations. The Transfer Agent has agreed to waive all or a portion of this fee. Such waiver is voluntary and could change or be terminated at any time at the discretion of the Transfer Agent or the Adviser without prior notification to shareholders. Removal of this fee waiver may have a significant impact on Class L Shares’ total expense ratio. If applicable, amounts waived to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to
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Janus Henderson Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class L Shares and Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended June 30, 2024, the Distributor retained upfront sales charges of $2,118.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the year ended June 30, 2024, redeeming shareholders of Class A Shares paid CDSCs of $704 to Janus Henderson Distributors.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the year ended June 30, 2024.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of June 30, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2024.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended June 30, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
24 | June 30, 2024
Janus Henderson Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
4.
Federal Income Tax
The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.
Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
Undistributed Ordinary Income | Undistributed Long-Term Gains | Accumulated Capital Losses | Loss Deferrals | Other Book to Tax Differences | Net Tax Appreciation/ (Depreciation) |
$7,719,240 | $134,506,847 | $- | $- | $(21,941) | $561,639,920 |
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2024 are noted below. The primary difference between book and tax appreciation or depreciation of investments is wash sale loss deferrals.
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$1,446,000,406 | $576,618,141 | $(14,978,221) | $561,639,920 |
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.
For the year ended June 30, 2024 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$22,033,603 | $155,481,630 | $- | $- |
For the year ended June 30, 2023 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$23,550,606 | $101,845,514 | $- | $- |
Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $10,066,952, including $9,145,775 of long-term capital gain, for distributions in connection with Fund shares redemption (tax equalization).
Janus Investment Fund | 25
Janus Henderson Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
5.
Capital Share Transactions
Year ended June 30, 2024 | Year ended June 30, 2023 | |||
Shares | Amount | Shares | Amount | |
Class A Shares: | ||||
Shares sold | 296,145 | $4,621,369 | 316,306 | $4,884,230 |
Reinvested dividends and distributions | 280,508 | 4,140,304 | 196,023 | 2,942,303 |
Shares repurchased | (750,697) | (11,855,390) | (858,181) | (13,247,445) |
Net Increase/(Decrease) | (174,044) | $(3,093,717) | (345,852) | $(5,420,912) |
Class C Shares: | ||||
Shares sold | 38,076 | $574,249 | 97,675 | $1,456,626 |
Reinvested dividends and distributions | 40,115 | 571,240 | 29,072 | 421,842 |
Shares repurchased | (157,416) | (2,390,469) | (150,288) | (2,246,908) |
Net Increase/(Decrease) | (79,225) | $(1,244,980) | (23,541) | $(368,440) |
Class D Shares: | ||||
Shares sold | 880,970 | $13,570,940 | 1,432,517 | $21,898,738 |
Reinvested dividends and distributions | 4,142,428 | 59,360,998 | 2,815,147 | 41,157,447 |
Shares repurchased | (5,252,101) | (80,439,671) | (4,922,699) | (74,142,832) |
Net Increase/(Decrease) | (228,703) | $(7,507,733) | (675,035) | $(11,086,647) |
Class I Shares: | ||||
Shares sold | 1,946,985 | $30,172,978 | 2,080,493 | $31,615,667 |
Reinvested dividends and distributions | 1,173,097 | 16,857,405 | 846,464 | 12,400,700 |
Shares repurchased | (4,481,485) | (69,422,192) | (3,514,919) | (53,298,174) |
Net Increase/(Decrease) | (1,361,403) | $(22,391,809) | (587,962) | $(9,281,807) |
Class L Shares:(1) | ||||
Shares sold | 178 | $2,723 | 129 | $1,986 |
Reinvested dividends and distributions | 21,410 | 320,935 | 16,638 | 253,234 |
Shares repurchased | (273,105) | (4,492,168) | (52,974) | (821,041) |
Net Increase/(Decrease) | (251,517) | $(4,168,510) | (36,207) | $(565,821) |
Class N Shares: | ||||
Shares sold | 2,105,749 | $32,042,146 | 2,552,662 | $38,423,059 |
Reinvested dividends and distributions | 1,027,729 | 14,665,689 | 716,344 | 10,429,961 |
Shares repurchased | (3,486,452) | (53,136,988) | (4,241,789) | (63,992,026) |
Net Increase/(Decrease) | (352,974) | $(6,429,153) | (972,783) | $(15,139,006) |
Class R Shares: | ||||
Shares sold | 234,349 | $3,598,068 | 316,092 | $4,805,866 |
Reinvested dividends and distributions | 200,390 | 2,889,630 | 137,432 | 2,020,246 |
Shares repurchased | (570,298) | (8,813,355) | (646,438) | (9,793,515) |
Net Increase/(Decrease) | (135,559) | $(2,325,657) | (192,914) | $(2,967,403) |
Class S Shares: | ||||
Shares sold | 413,266 | $6,516,802 | 832,331 | $12,926,292 |
Reinvested dividends and distributions | 357,805 | 5,284,782 | 258,120 | 3,876,964 |
Shares repurchased | (1,562,846) | (24,649,880) | (1,405,850) | (21,746,389) |
Net Increase/(Decrease) | (791,775) | $(12,848,296) | (315,399) | $(4,943,133) |
Class T Shares: | ||||
Shares sold | 1,881,885 | $29,125,632 | 2,212,621 | $33,902,575 |
Reinvested dividends and distributions | 4,635,599 | 67,123,473 | 3,240,578 | 47,798,527 |
Shares repurchased | (9,303,622) | (143,532,683) | (10,100,502) | (154,496,514) |
Net Increase/(Decrease) | (2,786,138) | $(47,283,578) | (4,647,303) | $(72,795,412) |
(1) | Effective May 29, 2024, Class L Shares liquidated. |
26 | June 30, 2024
Janus Henderson Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
6.
Purchases and Sales of Investment Securities
For the year ended June 30, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
Purchases of Securities | Proceeds from Sales of Securities | Purchases of Long- Term U.S. Government Obligations | Proceeds from Sales of Long-Term U.S. Government Obligations |
$736,599,137 | $1,009,243,549 | $- | $- |
7.
Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to June 30, 2024 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
Janus Investment Fund | 27
Janus Henderson Mid Cap Value Fund
Report of Independent Registered Public Accounting Firm
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Mid Cap Value Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Mid Cap Value Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of June 30, 2024, the related statement of operations for the year ended June 30, 2024, the statement of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2024 and the financial highlights for each of the five years in the period ended June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Denver, Colorado
August 22, 2024
August 22, 2024
We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.
28 | June 30, 2024
Janus Henderson Mid Cap Value Fund
Designation Requirements (unaudited)
Designation Requirements (unaudited)
For federal income tax purposes, the Fund designated the following for the year ended June 30, 2024:
Section 163(j) Interest Dividend | 4% |
Capital Gain Distributions | $164,627,405 |
Dividends Received Deduction Percentage | 100% |
Qualified Dividend Income Percentage | 100% |
Janus Investment Fund | 29
Janus Henderson Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees’ fees and expenses.
Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus
30 | June 30, 2024
Janus Henderson Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 31
Janus Henderson Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
32 | June 30, 2024
Janus Henderson Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
Janus Investment Fund | 33
Janus Henderson Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
34 | June 30, 2024
Janus Henderson Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees
Janus Investment Fund | 35
Janus Henderson Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
36 | June 30, 2024
Janus Henderson Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Janus Investment Fund | 37
Janus Henderson Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
38 | June 30, 2024
Janus Henderson Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
Janus Investment Fund | 39
Janus Henderson Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
40 | June 30, 2024
This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
Mutual funds distributed by Janus Henderson Distributors US LLC
125-02-93032 08-24
Janus Henderson Money Market Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Principal Amounts | Value | ||
Certificates of Deposit – 5.1% | |||
Commonwealth Bank of Australia, 5.7000%, 11/27/24 | $15,000,000 | $15,008,388 | |
Mizuho Bank Ltd/New York NY, 5.3500%, 7/12/24 | 15,000,000 | 14,999,701 | |
Royal Bank of Canada, 5.9100%, 8/19/24 | 15,000,000 | 15,005,165 | |
Swedbank AB, 6.0100%, 8/9/24 | 11,500,000 | 11,504,223 | |
Total Certificates of Deposit (cost $56,517,477) | 56,517,477 | ||
Commercial Paper – 32.2% | |||
ANZ New Zealand Int'l Ltd/London, 5.2000%, 7/18/24 | 12,150,000 | 12,119,848 | |
Atlantic Asset Securitization LLC, 5.3700%, 8/1/24± | 20,000,000 | 19,907,152 | |
Atlantic Asset Securitization LLC, 5.3600%, 8/7/24± | 15,000,000 | 14,917,931 | |
Australia & New Zealand Banking Group Ltd, 5.3500%, 8/29/24 | 10,000,000 | 9,912,103 | |
Australia & New Zealand Banking Group Ltd, 5.3400%, 9/6/24 | 15,000,000 | 14,850,547 | |
Australia & New Zealand Banking Group Ltd, 5.3500%, 9/18/24 | 10,000,000 | 9,882,510 | |
Bank of Montreal, 5.3700%, 7/30/24 | 15,000,000 | 14,935,079 | |
Commonwealth Bank of Australia, 5.3400%, 7/29/24 | 7,000,000 | 6,970,853 | |
Gotham Funding Corp, 5.3400%, 7/25/24± | 8,000,000 | 7,971,469 | |
Gotham Funding Corp, 5.3600%, 9/4/24± | 10,000,000 | 9,903,048 | |
Manhattan Asset Funding Co LLC, 5.3700%, 7/2/24± | 15,000,000 | 14,997,749 | |
Manhattan Asset Funding Co LLC, 5.3500%, 7/3/24± | 10,000,000 | 9,997,009 | |
Manhattan Asset Funding Co LLC, 5.3700%, 8/6/24± | 15,000,000 | 14,919,129 | |
Manhattan Asset Funding Co LLC, 5.3600%, 9/10/24± | 10,000,000 | 9,894,123 | |
Mizuho Bank Ltd/New York NY, 5.3700%, 9/3/24 | 15,000,000 | 14,856,521 | |
National Bank of Canada, 5.3000%, 7/10/24 | 15,000,000 | 14,979,961 | |
National Bank of Canada, 5.3500%, 7/22/24 | 5,000,000 | 4,984,342 | |
National Bank of Canada, 5.3800%, 7/31/24 | 15,000,000 | 14,932,446 | |
Nieuw Amsterdam Receivables Corp BV, 5.3400%, 7/12/24± | 15,000,000 | 14,975,512 | |
Skandinaviska Enskilda Banken AB, 5.3100%, 11/5/24 | 15,000,000 | 14,717,606 | |
Societe Generale SA, 5.3800%, 8/1/24 | 20,000,000 | 19,907,108 | |
Svenska Handelsbanken AB, 5.3000%, 10/8/24 | 10,000,000 | 9,853,413 | |
Swedbank AB, 5.2200%, 7/1/24 | 10,000,000 | 10,000,000 | |
Toronto-Dominion Bank/The, 5.3500%, 8/15/24 | 9,000,000 | 8,939,673 | |
Toronto-Dominion Bank/The, 5.3700%, 9/9/24 | 20,000,000 | 19,790,853 | |
Toronto-Dominion Bank/The, 5.3700%, 9/24/24 | 15,000,000 | 14,809,741 | |
Victory Receivables Corp, 5.3900%, 7/12/24 | 10,000,000 | 9,983,445 | |
Victory Receivables Corp, 5.3600%, 9/16/24 | 15,000,000 | 14,827,892 | |
Total Commercial Paper (cost $358,737,063) | 358,737,063 | ||
U.S. Government Agency Notes – 5.4% | |||
Federal Home Loan Bank Discount Notes: | |||
5.2480%, 7/17/24 | 10,000,000 | 9,976,802 | |
5.2000%, 7/19/24 | 10,000,000 | 9,973,816 | |
5.2150%, 7/26/24 | 10,000,000 | 9,963,227 | |
5.2500%, 8/2/24 | 10,000,000 | 9,953,639 | |
5.2360%, 8/21/24 | 10,000,000 | 9,926,072 | |
5.2380%, 9/20/24 | 10,000,000 | 9,882,059 | |
Total U.S. Government Agency Notes (cost $59,675,615) | 59,675,615 | ||
U.S. Treasury Debt – 4.4% | |||
United States Treasury Bill, 5.2310%, 7/25/24 | 10,000,000 | 9,965,584 | |
United States Treasury Bill, 5.2460%, 8/27/24 | 10,000,000 | 9,917,276 | |
United States Treasury Bill, 5.2315%, 9/3/24 | 10,000,000 | 9,907,395 | |
United States Treasury Bill, 5.2375%, 9/17/24 | 10,000,000 | 9,887,363 | |
United States Treasury Bill, 5.2055%, 10/1/24 | 10,000,000 | 9,867,989 | |
Total U.S. Treasury Debt (cost $49,545,607) | 49,545,607 | ||
Variable Rate Demand Notes¶ – 16.1% | |||
Alper Drive Apts LLC (LOC: The Northern Trust Co), 5.4900%, 8/1/61 | 12,600,000 | 12,600,000 | |
Bellevue 10 Apartments LLC (LOC: The Northern Trust Co), 5.4900%, 4/1/60 | 3,450,000 | 3,450,000 | |
Breckenridge Terrace LLC (LOC: Bank of America NA), 5.5400%, 5/2/39 | 14,980,000 | 14,980,000 | |
Breckenridge Terrace LLC (LOC: Bank of America NA), 5.5400%, 5/2/39 | 4,000,000 | 4,000,000 | |
Cellmark Inc (LOC: Swedbank AB, NY), 5.4500%, 6/1/38 | 10,000,000 | 10,000,000 | |
CG-USA Simi Valley LP (LOC: FHLB of San Francisco), 5.4500%, 10/1/60 | 6,900,000 | 6,900,000 | |
CLC Irrevocable Life Insurance Trust/The (LOC: FHLB of Des Moines), 5.4500%, 1/4/49 | 11,110,000 | 11,110,000 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
| 1
Janus Henderson Money Market Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Principal Amounts | Value | ||
Variable Rate Demand Notes¶ – (continued) | |||
County of Eagle CO (LOC: Bank of America NA), 5.5400%, 6/1/27 | $9,100,000 | $9,100,000 | |
County of Eagle CO (LOC: Bank of America NA), 5.5400%, 5/2/39 | 8,000,000 | 8,000,000 | |
Dorfman 2020 Family Trust (LOC: FHLB of Dallas), 5.4500%, 8/1/40 | 5,285,000 | 5,285,000 | |
Drummond Family Life Insurance LLC (LOC: FHLB of Dallas), 5.4500%, 6/1/72 | 14,575,000 | 14,575,000 | |
Encinitas Senior Living LP (LOC: FHLB of San Francisco), 5.4500%, 8/1/59 | 3,370,000 | 3,370,000 | |
Griffin-Spalding County Development Authority (LOC: Bank of America NA), 5.4500%, 8/1/28 | 3,750,000 | 3,750,000 | |
Jefferson Centerpointe LLC (LOC: FHLB of San Francisco), 5.4500%, 12/1/60 | 22,285,000 | 22,285,000 | |
Lodi LV Loca LP (LOC: FHLB of San Francisco), 5.4500%, 8/1/59 | 13,500,000 | 13,500,000 | |
Mississippi Business Finance Corp (LOC: FHLB of Dallas), 5.5100%, 12/1/42 | 8,905,000 | 8,905,000 | |
Phoenix Realty Special Account-U LP (LOC: The Northern Trust Co), 5.6400%, 4/1/25 | 1,675,000 | 1,675,000 | |
Rieber Life Insurance Trust/The (LOC: FHLB of Dallas), 5.4500%, 5/1/42 | 11,645,000 | 11,645,000 | |
Susan D Travers Heritage Trust (LOC: FHLB of Topeka), 5.4500%, 7/1/43 | 8,825,000 | 8,825,000 | |
Tenderfoot Seasonal Housing LLC (LOC: Bank of America NA), 5.5400%, 7/2/35 | 5,700,000 | 5,700,000 | |
Total Variable Rate Demand Notes (cost $179,655,000) | 179,655,000 | ||
Repurchase Agreementsë – 35.3% | |||
Goldman Sachs & Co, Joint repurchase agreement, 5.2200%, dated 6/28/24, maturing 7/1/24 to be repurchased at $95,041,325 collateralized by $96,731,445 in U.S. Government Agencies 2.9957% - 7.8051%, 4/20/46 - 7/16/54 with a value of $96,900,000 | 95,000,000 | 95,000,000 | |
HSBC Securities (USA), Inc, Joint repurchase agreement, 5.2600%, dated 6/28/24, maturing 7/1/24 to be repurchased at $35,015,342 collateralized by $68,334,975 in U.S. Treasuries 0% - 1.6250%, 7/15/25 - 11/15/50 with a value of $35,700,000 | 35,000,000 | 35,000,000 | |
ING Financial Markets LLC, Joint repurchase agreement, 5.3000%, dated 6/28/24, maturing 7/1/24 to be repurchased at $60,026,500 collateralized by $68,332,000 in U.S. Treasuries 0% - 5.3750%, 9/5/24 - 11/15/50 with a value of $61,227,038 | 60,000,000 | 60,000,000 | |
ING Financial Markets LLC, Joint repurchase agreement, 5.3100%, dated 6/28/24, maturing 7/1/24 to be repurchased at $80,035,400 collateralized by $86,568,012 in U.S. Government Agencies 1.5000% - 7.0000%, 1/1/26 - 1/1/57 with a value of $81,636,108 | 80,000,000 | 80,000,000 | |
Royal Bank of Canada, NY Branch, Joint repurchase agreement, 5.2800%, dated 6/28/24, maturing 7/1/24 to be repurchased at $10,004,400 collateralized by $10,158,310 in U.S. Treasuries 4.2500%, 3/15/27 with a value of $10,204,493 | 10,000,000 | 10,000,000 | |
Royal Bank of Canada, NY Branch, Joint repurchase agreement, 5.3000%, dated 6/28/24, maturing 7/1/24 to be repurchased at $112,949,864 collateralized by $42,838,499 in U.S. Government Agencies 4.5000% - 7.5000%, 8/1/37 - 7/20/63 and $72,443,430 in U.S. Treasuries 0.7500% - 4.6250%, 8/31/26 - 3/31/31 with a value of $115,208,877 | 112,900,000 | 112,900,000 | |
Total Repurchase Agreements (cost $392,900,000) | 392,900,000 | ||
Time Deposits – 1.3% | |||
Credit Agricole, 5.3000%, 7/1/24 (cost $15,000,000) | 15,000,000 | 15,000,000 | |
Total Investments (total cost $1,112,030,762) – 99.8% | 1,112,030,762 | ||
Cash, Receivables and Other Assets, net of Liabilities – 0.2% | 1,699,791 | ||
Net Assets – 100% | $1,113,730,553 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
2 |
Janus Henderson Money Market Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Offsetting of Financial Assets and Derivative Assets | ||||
Counterparty | Gross Amounts of Recognized Assets | Offsetting Asset or Liability(a) | Collateral Pledged(b) | Net Amount |
Goldman Sachs & Co | $95,000,000 | $— | $(95,000,000) | $— |
HSBC Securities (USA), Inc | 35,000,000 | — | (35,000,000) | — |
ING Financial Markets LLC | 140,000,000 | — | (140,000,000) | — |
Royal Bank of Canada, NY Branch | 122,900,000 | — | (122,900,000) | — |
Total | $392,900,000 | $— | $(392,900,000) | $— |
(a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
(b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
| 3
Janus Henderson Money Market Fund
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
LLC | Limited Liability Company |
LOC | Letter of Credit |
LP | Limited Partnership |
Money market funds may hold securities with stated maturities of greater than 397 days when those securities have features that allow a fund to "put" back the security to the issuer or to a third party within 397 days of acquisition. The maturity dates shown in the security descriptions are the stated maturity dates.
± | Securities sold under Section 4(2) of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 4(2) securities as of the year ended June 30, 2024 is $117,483,122, which represents 10.5% of net assets. |
¶ | Variable rate demand notes are not based on a published reference rate and spread; they are determined by the issuer or remarketing agent and current market conditions. The reference rate in the security description is as of June 30, 2024. |
ë | The Fund may have elements of risk due to concentration of investments. Such concentrations may subject the Fund to additional risks. |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2024. See Notes to Financial Statements for more information.
Valuation Inputs Summary | |||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | |
Assets | |||
Investments In Securities: | |||
Certificates of Deposit | $- | $56,517,477 | $- |
Commercial Paper | - | 358,737,063 | - |
U.S. Government Agency Notes | - | 59,675,615 | - |
U.S. Treasury Debt | - | 49,545,607 | - |
Variable Rate Demand Notes | - | 179,655,000 | - |
Repurchase Agreements | - | 392,900,000 | - |
Time Deposits | - | 15,000,000 | - |
Total Assets | $- | $1,112,030,762 | $- |
4 |
Janus Henderson Money Market Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Assets: | |
Investments, at value (cost $719,130,762) | $719,130,762 |
Repurchase agreements, at value (cost $392,900,000) | 392,900,000 |
Cash | 203,426 |
Trustees' deferred compensation | 30,583 |
Receivables: | |
Interest | 3,198,766 |
Fund shares sold | 722,765 |
Total Assets | 1,116,186,302 |
Liabilities: | |
Payables: | |
Fund shares repurchased | 1,821,319 |
Administration services fees | 329,923 |
Advisory fees | 183,171 |
Professional fees | 47,396 |
Dividends | 36,824 |
Trustees' deferred compensation fees | 30,583 |
Trustees' fees and expenses | 6,149 |
Accrued expenses and other payables | 384 |
Total Liabilities | 2,455,749 |
Net Assets | $1,113,730,553 |
Net Assets Consist of: | |
Capital (par value and paid-in surplus) | $1,113,745,400 |
Total distributable earnings (loss) | (14,847) |
Total Net Assets | $1,113,730,553 |
Net Assets - Class D Shares | $1,100,809,073 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1,100,810,054 |
Net Asset Value Per Share | $1.00 |
Net Assets - Class T Shares | $12,921,480 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 12,929,547 |
Net Asset Value Per Share | $1.00 |
See Notes to Financial Statements.
Janus Investment Fund | 5
Janus Henderson Money Market Fund
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Investment Income: | |
Interest | $60,703,917 |
Other income | 3,650 |
Total Investment Income | 60,707,567 |
Expenses: | |
Advisory fees | 2,235,932 |
Administration services fees: | |
Class D Shares | 3,977,830 |
Class T Shares | 49,450 |
Professional fees | 60,128 |
Trustees' fees and expenses | 23,786 |
Other expenses | 385 |
Total Expenses | 6,347,511 |
Net Investment Income/(Loss) | 54,360,056 |
Net Realized Gain/(Loss) on Investments: | |
Investments | 3,419 |
Total Net Realized Gain/(Loss) on Investments | 3,419 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $54,363,475 |
See Notes to Financial Statements.
6 | June 30, 2024
Janus Henderson Money Market Fund
Statements of Changes in Net Assets
Statements of Changes in Net Assets
Year ended June 30, 2024 | Year ended June 30, 2023 | |
Operations: | ||
Net investment income/(loss) | $54,360,056 | $38,752,612 |
Net realized gain/(loss) on investments | 3,419 | (110) |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 54,363,475 | 38,752,502 |
Dividends and Distributions to Shareholders: | ||
Class D Shares | (53,729,906) | (38,304,476) |
Class T Shares | (630,150) | (471,872) |
Net Decrease from Dividends and Distributions to Shareholders | (54,360,056) | (38,776,348) |
Capital Share Transactions: | ||
Class D Shares | (31,402,525) | (61,835,136) |
Class T Shares | 10,841 | (3,027,737) |
Net Increase/(Decrease) from Capital Share Transactions | (31,391,684) | (64,862,873) |
Net Increase/(Decrease) in Net Assets | (31,388,265) | (64,886,719) |
Net Assets: | ||
Beginning of period | 1,145,118,818 | 1,210,005,537 |
End of period | $1,113,730,553 | $1,145,118,818 |
See Notes to Financial Statements.
Janus Investment Fund | 7
Janus Henderson Money Market Fund
Financial Highlights
Financial Highlights
Class D Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.05 | 0.03 | — (2) | — (2) | 0.01 |
Net realized and unrealized gain/(loss)(2) | — | — | — | — | — |
Total from Investment Operations | 0.05 | 0.03 | — | — | 0.01 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.05) | (0.03) | — (2) | — (2) | (0.01) |
Distributions (from capital gains) | — | — (2) | — | — | — |
Total Dividends and Distributions | (0.05) | (0.03) | — | — | (0.01) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return* | 4.94% | 3.36% | 0.00% | 0.00% | 1.05% |
Net Assets, End of Period (in thousands) | $1,100,809 | $1,132,208 | $1,194,067 | $1,149,942 | $1,155,176 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.56% | 0.57% | 0.57% | 0.57% | 0.62% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.56% | 0.57% | 0.28% | 0.13% | 0.53% |
Ratio of Net Investment Income/(Loss) | 4.84% | 3.30% | 0.00% (3) | 0.00% (3) | 0.98% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
(3) | Less than 0.005%. |
See Notes to Financial Statements.
8 | June 30, 2024
Janus Henderson Money Market Fund
Financial Highlights
Financial Highlights
Class T Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.05 | 0.03 | — (2) | — (2) | 0.01 |
Net realized and unrealized gain/(loss)(2) | — | — | — | — | — |
Total from Investment Operations | 0.05 | 0.03 | — | — | 0.01 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.05) | (0.03) | — (2) | — (2) | (0.01) |
Distributions (from capital gains) | — | — (2) | — | — | — |
Total Dividends and Distributions | (0.05) | (0.03) | — | — | (0.01) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return* | 4.92% | 3.34% | 0.00% | 0.00% | 1.03% |
Net Assets, End of Period (in thousands) | $12,921 | $12,911 | $15,939 | $15,795 | $13,158 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.58% | 0.59% | 0.58% | 0.59% | 0.65% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.58% | 0.59% | 0.28% | 0.13% | 0.55% |
Ratio of Net Investment Income/(Loss) | 4.82% | 3.25% | 0.00% (3) | 0.00% (3) | 1.02% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
(3) | Less than 0.005%. |
See Notes to Financial Statements.
Janus Investment Fund | 9
Janus Henderson Money Market Fund
Notes to Financial Statements
Notes to Financial Statements
1.
Organization and Significant Accounting Policies
Janus Henderson Money Market Fund (the “Fund”) is a series fund. The Fund is part of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 36 Funds which include multiple series of shares, with differing investment objectives and policies. The Fund seeks capital preservation and liquidity with current income as a secondary objective. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers two classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer both classes of shares.
The Fund is classified as a “retail money market fund,” as such term is defined in or interpreted under the rules governing money market funds. A retail money market fund is a money market fund that has policies and procedures reasonably designed to limit all beneficial owners of the Fund to natural persons, which means that the Fund’s shares can only be held through individual investors. In order to make an initial investment in the Fund, the Fund requires that a shareholder provide certain information (e.g., Social Security number or government-issued identification) that confirms your eligibility to invest in the Fund. Accounts that are not beneficially owned by natural persons, such as business and limited liability company accounts, charitable or financial organizations, and corporate and S-Corp accounts, are not eligible to invest in the Fund, and will be involuntarily redeemed from the Fund after having been provided sufficient notice.
As a retail money market fund, the Fund may be subject to liquidity fees on fund redemptions because of market conditions or other factors. Liquidity fees are most likely to be imposed during times of extraordinary market stress. Pursuant to Rule 2a-7 under the 1940 Act, the Fund may impose a discretionary liquidity fee (not to exceed 2% of value of the shares redeemed) on redemptions from the Fund. The Trustees have determined to delegate responsibility for administering any discretionary liquidity fee to the Adviser, subject to Board guidelines and oversight.
Shareholders, including individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
Liquidity
The Fund has adopted liquidity requirements (measured at the time of purchase) as noted:
The Fund will limit its investments in illiquid securities to 5% or less of its total assets.
Daily liquidity. The Fund will invest at least 25% of its total assets in “daily liquid assets,” which generally include cash (including demand deposits), direct obligations of the U.S. Government, securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within one business day, and/or amounts receivable and due unconditionally within one business day on pending sales of portfolio securities.
Weekly liquidity. The Fund will invest at least 50% of its assets in “weekly liquid assets,” which generally include cash (including demand deposits), direct obligations of the U.S. Government, agency discount notes with remaining maturities
10 | June 30, 2024
Janus Henderson Money Market Fund
Notes to Financial Statements
Notes to Financial Statements
of 60 days or less, and securities (including repurchase agreements) that will mature or are subject to a demand feature that is exercisable and payable within five business days.
Investment Valuation
Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Investments held by the Fund are valued utilizing the amortized cost method of valuation permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under the amortized cost method, which does not take into account unrealized capital gains or losses, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization to maturity of any discount or premium.
Valuation Inputs Summary
FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:
Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.
Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE.
Periodic review and monitoring of the valuation of short-term securities is performed in an effort to ensure that amortized cost approximates market value. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.
Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2024 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt
Janus Investment Fund | 11
Janus Henderson Money Market Fund
Notes to Financial Statements
Notes to Financial Statements
securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Dividends and Distributions
Dividends, if any, are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2.
Other Investments and Strategies
Market Risk
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
12 | June 30, 2024
Janus Henderson Money Market Fund
Notes to Financial Statements
Notes to Financial Statements
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
Repurchase Agreements
The Fund and other funds advised by the Adviser or its affiliates may transfer daily uninvested cash balances into one or more joint trading accounts. Assets in the joint trading accounts are invested in money market instruments and the proceeds are allocated to the participating funds on a pro rata basis.
Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.
Sovereign Debt
The Fund may invest in U.S. and non-U.S. government debt securities (“sovereign debt”). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund’s holdings. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.
Variable and Floating Rate Notes
The Fund also may purchase variable and floating rate demand notes of corporations and other entities, which are unsecured obligations redeemable upon not more than 30 days’ notice. The Fund may purchase variable and floating rate demand notes of U.S. Government issuers or commercial banks. These obligations include master demand notes that permit investment of fluctuating amounts at varying rates of interest pursuant to direct arrangements with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days’ notice. These obligations generally are not traded, nor generally is there an established secondary market for these obligations. To the extent a demand note does not have a seven day or shorter demand feature and there is no readily available market for the obligation, it is treated as an illiquid investment. The rate of interest on securities purchased by the Fund may be tied to short-term Treasury or other government securities or indices on securities that are permissible investments of the Fund, as well as other money market rates of interest. The Fund will not purchase securities whose values are tied to interest rates or indices that are not appropriate for the duration and volatility standards of a money market fund.
Janus Investment Fund | 13
Janus Henderson Money Market Fund
Notes to Financial Statements
Notes to Financial Statements
Counterparties
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.
The Fund may be exposed to counterparty risk through its investments in certain securities, including, but not limited to, repurchase agreements and debt securities. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.
The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.
All repurchase agreements are transacted under legally enforceable master repurchase agreements that give the Fund, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the counterparty. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest.
3.
Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.20% of its average daily net assets.
The Adviser may voluntarily waive and/or reimburse additional fees to the extent necessary to assist the Fund in attempting to maintain a yield of at least 0.00%. These waivers and reimbursements are voluntary and could change or be terminated at any time at the discretion of the Adviser. There is no guarantee that the Fund will maintain a positive yield. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement” on the Statement of Operations.
Class D Shares and Class T Shares of the Fund compensate the Adviser at an annual rate of 0.36% and 0.38%, respectively, of average daily net assets for providing certain administration services including, but not limited to, oversight and coordination of the Fund’s service providers, recordkeeping and registration functions and also to pay for costs such as shareholder servicing and custody. These amounts are disclosed as “Administration services fees” on the Statement of Operations. A portion of the Fund’s administration fee is paid to BNP Paribas Financial Services ("BPFS"). BPFS provides certain administrative services to the Fund, including services related to Fund accounting, calculation of the Fund’s daily NAV, and Fund audit, tax, and reporting obligations, pursuant to a sub-administration agreement with the Adviser on behalf of the Fund. The Adviser does not receive any additional compensation, beyond the administration services fee for serving as administrator.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account
14 | June 30, 2024
Janus Henderson Money Market Fund
Notes to Financial Statements
Notes to Financial Statements
then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of June 30, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2024.
4.
Federal Income Tax
The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.
Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
Undistributed Ordinary Income | Undistributed Long-Term Gains | Accumulated Capital Losses | Loss Deferrals | Other Book to Tax Differences | Net Tax Appreciation/ (Depreciation) |
$11,114 | $- | $- | $- | $(25,961) | $- |
During the year ended June 30, 2024, capital loss carryovers of $110 were utilized by the Fund .
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.
For the year ended June 30, 2024 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$54,360,056 | $- | $- | $- |
For the year ended June 30, 2023 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$38,758,420 | $17,928 | $- | $- |
Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets.
Janus Investment Fund | 15
Janus Henderson Money Market Fund
Notes to Financial Statements
Notes to Financial Statements
5.
Capital Share Transactions
Year ended June 30, 2024 | Year ended June 30, 2023 | |||
Shares | Amount | Shares | Amount | |
Class D Shares: | ||||
Shares sold | 379,867,437 | $379,877,673 | 390,659,510 | $390,661,189 |
Reinvested dividends and distributions | 52,735,583 | 52,735,583 | 37,664,610 | 37,664,610 |
Shares repurchased | (464,015,780) | (464,015,781) | (490,160,934) | (490,160,935) |
Net Increase/(Decrease) | (31,412,760) | $(31,402,525) | (61,836,814) | $(61,835,136) |
Class T Shares: | ||||
Shares sold | 19,873,819 | $19,873,818 | 23,339,683 | $23,339,704 |
Reinvested dividends and distributions | 621,721 | 621,721 | 471,765 | 471,765 |
Shares repurchased | (20,484,698) | (20,484,698) | (26,839,205) | (26,839,206) |
Net Increase/(Decrease) | 10,842 | $10,841 | (3,027,757) | $(3,027,737) |
6.
Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to June 30, 2024 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
16 | June 30, 2024
Janus Henderson Money Market Fund
Report of Independent Registered Public Accounting Firm
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Money Market Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Money Market Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of June 30, 2024, the related statement of operations for the year ended June 30, 2024, the statement of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2024 and the financial highlights for each of the five years in the period ended June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
Denver, Colorado
August 22, 2024
August 22, 2024
We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.
Janus Investment Fund | 17
Janus Henderson Money Market Fund
Designation Requirements (unaudited)
Designation Requirements (unaudited)
For federal income tax purposes, the Fund designated the following for the year ended June 30, 2024:
Section 163(j) Interest Dividend | 100% |
18 | June 30, 2024
Janus Henderson Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees’ fees and expenses.
Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus
Janus Investment Fund | 19
Janus Henderson Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
20 | June 30, 2024
Janus Henderson Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 21
Janus Henderson Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
22 | June 30, 2024
Janus Henderson Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 23
Janus Henderson Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees
24 | June 30, 2024
Janus Henderson Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
Janus Investment Fund | 25
Janus Henderson Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
26 | June 30, 2024
Janus Henderson Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Janus Investment Fund | 27
Janus Henderson Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
28 | June 30, 2024
Janus Henderson Money Market Fund
Additional Information (unaudited)
Additional Information (unaudited)
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
Janus Investment Fund | 29
This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
Mutual funds distributed by Janus Henderson Distributors US LLC
125-02-93027 08-24
ANNUAL FINANCIAL STATEMENTS
June 30, 2024
June 30, 2024
Janus Henderson Multi-Sector Income Fund
Janus Investment Fund
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – 55.7% | |||
Aaset 2019-2 Trust, 6.4130%, 10/16/39ž | $4,723,808 | $1,346,267 | |
ACC Auto Trust 2021-A C, 3.7900%, 4/15/27ž | 1,633,511 | 1,631,570 | |
ACC Auto Trust 2021-A D, 6.1000%, 6/15/29ž | 3,700,000 | 3,662,048 | |
ACHV Trust 2023-1PL D, 8.4700%, 3/18/30ž | 2,750,000 | 2,803,288 | |
Affirm Asset Securitization Trust 2024-A 1E, 9.1700%, 2/15/29ž | 4,000,000 | 4,014,105 | |
AGL CLO 1 Ltd 2021-10A D, CME Term SOFR 3 Month + 3.1616%, 8.4902%, 4/17/34ž,‡ | 8,000,000 | 8,020,672 | |
Alaska Airlines 2020-1 Class A Pass Through Trust, 4.8000%, 8/15/27ž | 5,960,415 | 5,844,699 | |
Ally Bank Auto Credit-Linked Notes 2024-A E, 7.9170%, 5/17/32ž | 2,750,000 | 2,749,023 | |
Ally Bank Auto Credit-Linked Notes 2024-A G, 12.7480%, 5/17/32ž | 4,900,000 | 4,898,677 | |
Angel Oak Mortgage Trust I LLC 2024-3 A3, 4.8000%, 11/26/68ž,Ç | 4,991,949 | 4,772,464 | |
Auxilior Term Funding LLC 2023-1A E, 10.9700%, 12/15/32ž | 2,550,000 | 2,557,326 | |
Avis Budget Rental Car Funding AESOP LLC 2019-2A D, 3.0400%, 9/22/25ž | 2,500,000 | 2,479,593 | |
Avis Budget Rental Car Funding AESOP LLC 2021-1A D, 3.7100%, 8/20/27ž | 6,000,000 | 5,399,620 | |
AXIS Equipment Finance Receivables 2024-1A E, 9.6600%, 4/20/32ž | 2,875,000 | 2,879,512 | |
AXIS Equipment Finance Receivables LLC 2024-1A D, 6.5700%, 4/21/31ž | 2,875,000 | 2,832,856 | |
Bain Capital Credit CLO Ltd 2021-4A D, CME Term SOFR 3 Month + 3.3616%, 8.6862%, 10/20/34ž,‡ | 5,000,000 | 4,945,495 | |
BAMLL Commercial Mortgage Securities Trust 2024-FRR2 D, 1.2571%, 7/27/50ž,‡ | 6,330,000 | 4,706,421 | |
BAMLL Commercial Mortgage Securities Trust 2024-FRR2 E, 1.2731%, 7/27/50ž,‡ | 10,755,758 | 7,505,299 | |
BAMLL Commercial Mortgage Securities Trust 2024-FRR3 D, 0.5906%, 1/27/50ž,‡ | 2,505,000 | 2,041,898 | |
BAMLL Commercial Mortgage Securities Trust 2024-FRR3 E, 0.5069%, 1/27/50ž,‡ | 3,776,872 | 2,995,194 | |
Bayview Opportunity Master Fund VII 2024-CAR1 E, US 30 Day Average SOFR + 3.6000%, 8.9354%, 12/26/31ž,‡ | 1,570,011 | 1,569,997 | |
Bayview Opportunity Master Fund VII 2024-EDU1 C, US 30 Day Average SOFR + 1.8000%, 7.1354%, 6/25/47ž,‡ | 3,086,073 | 3,097,402 | |
Bayview Opportunity Master Fund VII 2024-EDU1 D, US 30 Day Average SOFR + 2.7500%, 8.0854%, 6/25/47ž,‡ | 1,234,429 | 1,247,839 | |
BB-UBS Trust 2012-SHOW A, 3.4302%, 11/5/36ž | 4,563,000 | 4,464,759 | |
Benefit Street Partners CLO Ltd 2016-10A CRR, CME Term SOFR 3 Month + 3.7616%, 9.0862%, 4/20/34ž,‡ | 6,750,000 | 6,768,387 | |
Blue Bridge Funding LLC 2023-1A B, 9.4800%, 11/15/30ž | 2,800,000 | 2,801,416 | |
Blue Bridge Funding LLC 2023-1A C, 9.5000%, 11/15/30ž | 2,800,000 | 2,569,577 | |
Blue Bridge Funding LLC 2023-1A D, 15.0000%, 11/15/30ž | 1,743,000 | 1,692,067 | |
BlueMountain CLO XXVI Ltd 2019-25A D2R, CME Term SOFR 3 Month + 4.4116%, 9.7402%, 7/15/36ž,‡ | 6,250,000 | 6,220,162 | |
BlueMountain CLO XXVI Ltd 2021-28A A, CME Term SOFR 3 Month + 1.5216%, 6.8502%, 4/17/34ž,‡ | 5,000,000 | 5,008,905 | |
BPR Trust 2023-BRK2 A, 7.1465%, 10/5/38ž,‡ | 13,809,000 | 14,317,908 | |
Brean Asset Backed Securities Trust 2024-RM8 A2, 4.5000%, 5/25/64ž | 12,014,881 | 10,448,946 | |
Business Jet Securities LLC 2021-1A B, 2.9180%, 4/15/36ž | 1,291,922 | 1,222,148 | |
Business Jet Securities LLC 2021-1A C, 5.0670%, 4/15/36ž | 892,875 | 869,509 | |
Business Jet Securities LLC 2022-1A C, 6.4130%, 6/15/37ž | 2,696,976 | 2,617,766 | |
Business Jet Securities LLC 2024-1A B, 6.9240%, 5/15/39ž | 1,361,247 | 1,382,072 | |
Business Jet Securities LLC 2024-1A C, 9.1320%, 5/15/39ž | 5,376,646 | 5,448,817 | |
BX Commercial Mortgage Trust 2019-MMP D, CME Term SOFR 1 Month + 1.6440%, 6.9730%, 8/15/36ž,‡ | 3,482,573 | 3,376,702 | |
BX Commercial Mortgage Trust 2019-MMP F, CME Term SOFR 1 Month + 2.8361%, 8.1531%, 8/15/36ž,‡ | 13,930,290 | 13,243,732 | |
BX Commercial Mortgage Trust 2021-ARIA E, CME Term SOFR 1 Month + 2.3590%, 7.6880%, 10/15/36ž,‡ | 10,000,000 | 9,816,287 | |
BX Commercial Mortgage Trust 2021-ARIA F, CME Term SOFR 1 Month + 2.7080%, 8.0370%, 10/15/36ž,‡ | 10,000,000 | 9,799,947 | |
BX Commercial Mortgage Trust 2021-BXMF G, CME Term SOFR 1 Month + 3.4640%, 8.7930%, 10/15/26ž,‡ | 13,859,896 | 13,137,505 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 1
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – (continued) | |||
BX Commercial Mortgage Trust 2021-SOAR G, CME Term SOFR 1 Month + 2.9145%, 8.2435%, 6/15/38ž,‡ | $6,224,838 | $6,108,663 | |
BX Commercial Mortgage Trust 2021-SOAR J, CME Term SOFR 1 Month + 3.8645%, 9.1935%, 6/15/38ž,‡ | 8,152,785 | 7,805,779 | |
BX Commercial Mortgage Trust 2021-VINO E, CME Term SOFR 1 Month + 2.0668%, 7.3958%, 5/15/38ž,‡ | 2,009,290 | 1,979,268 | |
BX Commercial Mortgage Trust 2021-VINO G, CME Term SOFR 1 Month + 4.0668%, 9.3958%, 5/15/38ž,‡ | 8,651,409 | 8,479,672 | |
BX Commercial Mortgage Trust 2021-VOLT F, CME Term SOFR 1 Month + 2.5145%, 7.8433%, 9/15/36ž,‡ | 8,440,000 | 8,325,581 | |
BX Commercial Mortgage Trust 2021-VOLT G, CME Term SOFR 1 Month + 2.9645%, 8.2933%, 9/15/36ž,‡ | 6,000,000 | 5,941,165 | |
BX Commercial Mortgage Trust 2022-FOX2 A2, CME Term SOFR 1 Month + 0.7492%, 6.0780%, 4/15/39ž,‡ | 8,007,575 | 7,879,990 | |
BX Commercial Mortgage Trust 2024-VLT4 E, CME Term SOFR 1 Month + 2.8894%, 8.2094%, 7/16/29ž,‡ | 4,000,000 | 3,982,015 | |
BX Commercial Mortgage Trust 2024-VLT4 F, CME Term SOFR 1 Month + 3.9379%, 9.2579%, 7/16/29ž,‡ | 8,250,000 | 8,177,134 | |
BX Commercial Mortgage Trust 2024-WPT B, CME Term SOFR 1 Month + 1.8908%, 7.2196%, 3/15/34ž,‡ | 9,700,000 | 9,653,875 | |
BXHPP Trust 2021-FILM B, CME Term SOFR 1 Month + 1.0145%, 6.3435%, 8/15/36ž,‡ | 12,698,000 | 12,091,543 | |
BXHPP Trust 2021-FILM E, CME Term SOFR 1 Month + 2.1145%, 7.4435%, 8/15/36ž,‡ | 2,053,000 | 1,855,581 | |
CALI Mortgage Trust 2019-101C B, 4.1580%, 3/10/39ž | 8,311,000 | 6,835,033 | |
Carlyle Global Markets Strategies 2021-11A A2R, CME Term SOFR 3 Month + 1.6100%, 0%, 7/27/37ž,‡ | 13,500,000 | 13,383,900 | |
Carlyle Global Markets Strategies 2022-2A C, CME Term SOFR 3 Month + 3.5500%, 8.8746%, 4/20/35ž,‡ | 5,000,000 | 5,013,955 | |
Carlyle Global Markets Strategies 2023-4A D, CME Term SOFR 3 Month + 4.1000%, 9.4236%, 10/27/36ž,‡ | 5,250,000 | 5,324,723 | |
CarMax Auto Owner Trust 2022-3 D, 6.2000%, 1/16/29 | 6,250,000 | 6,267,189 | |
Carvana Auto Receivables Trust 2021-N3 E, 3.1600%, 6/12/28ž | 12,890,000 | 12,175,423 | |
Carvana Auto Receivables Trust 2023-P5 N, 8.0200%, 12/10/30ž | 80,106 | 80,111 | |
Castlelake Aircraft Securitization Trust 2018-1, 6.6250%, 6/15/43ž | 3,830,196 | 1,110,765 | |
CBAM CLO Management 2021-14A A, CME Term SOFR 3 Month + 1.3616%, 6.6862%, 4/20/34ž,‡ | 60,000,000 | 60,053,700 | |
CENT Trust 2023-CITY A, CME Term SOFR 1 Month + 2.6200%, 7.9488%, 9/15/38ž,‡ | 6,529,000 | 6,557,612 | |
CF Hippolyta Issuer LLC 2020-1 B1, 2.2800%, 7/15/60ž | 918,341 | 857,468 | |
CF Hippolyta Issuer LLC 2022-1A A1, 5.9700%, 8/15/62ž | 23,189,260 | 22,867,356 | |
CF Hippolyta Issuer LLC 2022-1A A2, 6.1100%, 8/15/62ž | 21,702,067 | 21,209,177 | |
Chase Auto Credit Linked Note 2021-3 E, 2.1020%, 2/26/29ž | 327,280 | 320,063 | |
Chase Auto Credit Linked Notes 2021-1 E, 2.3650%, 9/25/28ž | 60,752 | 60,506 | |
Chase Auto Credit Linked Notes 2021-1 F, 4.2800%, 9/25/28ž | 3,337,000 | 3,320,507 | |
Chase Auto Credit Linked Notes 2021-2 G, 8.4820%, 12/26/28ž | 1,950,000 | 1,975,839 | |
Chase Mortgage Finance Corp 2021-CL1 M1, US 30 Day Average SOFR + 1.2000%, 6.5354%, 2/25/50ž,‡ | 1,383,256 | 1,334,680 | |
Chase Mortgage Finance Corp 2021-CL1 M4, US 30 Day Average SOFR + 2.6500%, 7.9854%, 2/25/50ž,‡ | 2,239,215 | 2,081,538 | |
Chase Mortgage Finance Corp 2021-CL1 M5, US 30 Day Average SOFR + 3.2500%, 8.5854%, 2/25/50ž,‡ | 895,797 | 814,942 | |
CIM Trust 2021-NR1 A1, 5.5690%, 7/25/55ž,Ç | 2,536,884 | 2,501,932 | |
Citigroup Commercial Mortgage Trust 2018-C5, 0.8260%, 6/10/51‡,¤ | 32,266,958 | 737,503 | |
Citigroup Commercial Mortgage Trust 2021-PRM2 E, CME Term SOFR 1 Month + 2.5145%, 7.8435%, 10/15/38ž,‡ | 2,000,000 | 1,956,492 | |
Citigroup Commercial Mortgage Trust 2021-PRM2 F, CME Term SOFR 1 Month + 3.8645%, 9.1935%, 10/15/38ž,‡ | 6,000,000 | 5,925,589 | |
Citigroup Commercial Mortgage Trust 2021-PRM2 G, CME Term SOFR 1 Month + 4.6145%, 9.9435%, 10/15/38ž,‡ | 6,000,000 | 5,952,441 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
2 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – (continued) | |||
Citigroup Commercial Mortgage Trust 2021-PRM2 J, CME Term SOFR 1 Month + 5.5145%, 10.8435%, 10/15/36ž,‡ | $6,000,000 | $5,864,795 | |
Coinstar Funding LLC 2017-1A A2, 5.2160%, 4/25/47ž | 12,541,050 | 11,090,264 | |
Cold Storage Trust 2020-ICE5 F, CME Term SOFR 1 Month + 3.6070%, 8.9270%, 11/16/37ž,‡ | 12,828,026 | 12,791,822 | |
Cologix Data Centers Issuer LLC 2022-1CAN A2, 4.9400%, 1/25/52ž | 5,000,000 | CAD | 3,413,078 |
COLT Funding LLC 2021-3R B1, 3.5630%, 12/25/64ž,‡ | 2,547,000 | 1,827,419 | |
COMM Mortgage Trust 2024-WCL1 A, CME Term SOFR 1 Month + 1.8410%, 7.1410%, 6/17/41ž,‡ | 15,000,000 | 14,928,063 | |
COMM Mortgage Trust 2024-WCL1 C, CME Term SOFR 1 Month + 2.8890%, 8.1890%, 6/17/41ž,‡ | 3,750,000 | 3,753,581 | |
COMM Mortgage Trust 2024-WCL1 D, CME Term SOFR 1 Month + 3.2890%, 8.5890%, 6/17/41ž,‡ | 11,250,000 | 11,100,742 | |
Commercial Mortgage Pass-through Certificate 2022-LPF2 E, CME Term SOFR 1 Month + 5.9400%, 11.2688%, 10/15/39ž,‡ | 3,827,000 | 3,807,214 | |
Commercial Mortgage Pass-through Certificates 2022-LPF2 D, CME Term SOFR 1 Month + 4.1920%, 9.5088%, 10/15/39ž,‡ | 5,000,000 | 4,815,559 | |
Connecticut Avenue Securities Trust 2019-R03 1B1, US 30 Day Average SOFR + 4.2145%, 9.5498%, 9/25/31ž,‡ | 14,024,902 | 14,846,585 | |
Connecticut Avenue Securities Trust 2019-R04 2B1, US 30 Day Average SOFR + 5.3645%, 10.6998%, 6/27/39ž,‡ | 4,358,404 | 4,629,448 | |
Connecticut Avenue Securities Trust 2019-R05, US 30 Day Average SOFR + 4.2145%, 9.5498%, 7/25/39ž,‡ | 6,907,891 | 7,201,357 | |
Connecticut Avenue Securities Trust 2021-R01 1B1, US 30 Day Average SOFR + 3.1000%, 8.4354%, 10/25/41ž,‡ | 23,737,621 | 24,430,739 | |
Connecticut Avenue Securities Trust 2021-R02 2B1, US 30 Day Average SOFR + 3.3000%, 8.6354%, 11/25/41ž,‡ | 8,750,000 | 9,051,533 | |
Connecticut Avenue Securities Trust 2021-R02 2M2, US 30 Day Average SOFR + 2.0000%, 7.3354%, 11/25/41ž,‡ | 16,305,770 | 16,405,375 | |
Connecticut Avenue Securities Trust 2021-R03 1B1, US 30 Day Average SOFR + 2.7500%, 8.0854%, 12/25/41ž,‡ | 3,442,000 | 3,500,400 | |
Connecticut Avenue Securities Trust 2022-R01 1B1, US 30 Day Average SOFR + 3.1500%, 8.4854%, 12/25/41ž,‡ | 13,477,000 | 13,847,289 | |
Connecticut Avenue Securities Trust 2022-R02 2B1, US 30 Day Average SOFR + 4.5000%, 9.8354%, 1/27/42ž,‡ | 17,053,000 | 17,902,806 | |
Connecticut Avenue Securities Trust 2023-R06 1M2, US 30 Day Average SOFR + 2.7000%, 8.0354%, 7/27/43ž,‡ | 4,061,000 | 4,218,210 | |
Connecticut Avenue Securities Trust 2024-R01 1B1, US 30 Day Average SOFR + 2.7000%, 8.0354%, 1/25/44ž,‡ | 14,329,655 | 14,519,358 | |
Connecticut Avenue Securities Trust 2024-R02 1B1, US 30 Day Average SOFR + 2.5000%, 7.8354%, 2/25/44ž,‡ | 1,939,358 | 1,974,194 | |
Connecticut Avenue Securities Trust 2024-R03 2B1, US 30 Day Average SOFR + 2.8000%, 8.1350%, 3/25/44ž,‡ | 8,290,000 | 8,337,606 | |
Connecticut Avenue Securities Trust 2024-R04 1B1, US 30 Day Average SOFR + 2.2000%, 7.5237%, 5/25/44ž,‡ | 4,590,000 | 4,596,266 | |
CPF IV LLC / CP EF Asset Securitization LLC 2023-1A B, 7.7700%, 3/15/32ž | 6,524,000 | 6,657,193 | |
CPF IV LLC / CP EF Asset Securitization LLC 2023-1A C, 7.5600%, 3/15/32ž | 5,750,000 | 5,406,145 | |
CSAIL Commercial Mortgage Trust 2021-C20 XA, 1.1162%, 3/15/54‡,¤ | 58,380,577 | 2,713,188 | |
DBGS Mortgage Trust 2018-BIOD F, CME Term SOFR 1 Month + 2.2960%, 7.6130%, 5/15/35ž,‡ | 1,917,074 | 1,890,105 | |
DC Commercial Mortgage Trust 2023-DC D, 7.3785%, 9/12/40ž,‡ | 10,000,000 | 9,928,205 | |
Diamond Infrastructure Funding LLC 2021-1A B, 2.3550%, 4/15/49ž | 4,000,000 | 3,612,281 | |
Diamond Infrastructure Funding LLC 2021-1A C, 3.4750%, 4/15/49ž | 3,420,000 | 3,080,196 | |
Diamond Issuer LLC 2021-1A C, 3.7870%, 11/20/51ž | 5,000,000 | 4,239,413 | |
Diamond Resorts Owner Trust 2021-1A D, 3.8300%, 11/21/33ž | 346,470 | 329,542 | |
DROP Mortgage Trust 2021-FILE A, CME Term SOFR 1 Month + 1.2645%, 6.5935%, 10/15/43ž,‡ | 2,650,000 | 2,530,606 | |
DROP Mortgage Trust 2021-FILE D, CME Term SOFR 1 Month + 2.8645%, 8.1935%, 10/15/43ž,‡ | 15,000,000 | 11,873,402 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 3
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – (continued) | |||
Dryden Senior Loan Fund 2016-42A A2RR, CME Term SOFR 3 Month + 1.6500%, 6.9790%, 7/15/37ž,‡ | $12,250,000 | $12,256,468 | |
Dryden Senior Loan Fund 2023-105A D, CME Term SOFR 3 Month + 5.2000%, 10.5269%, 4/18/36ž,‡ | 6,000,000 | 6,078,702 | |
ECAF I Ltd, 5.8020%, 6/15/40ž | 3,163,638 | 964,948 | |
Enva LLC 2024-A A, 7.4300%, 10/21/30ž | 5,677,000 | 5,676,872 | |
Exeter Automobile Receivables Trust 2020-2A E, 7.1900%, 9/15/27ž | 6,794,000 | 6,812,966 | |
Exeter Automobile Receivables Trust 2023-1A E, 12.0700%, 9/16/30ž | 3,000,000 | 3,297,796 | |
Exeter Automobile Receivables Trust 2024-1A E, 7.8900%, 8/15/31ž | 10,250,000 | 10,308,987 | |
Extended Stay America Trust 2021-ESH E, CME Term SOFR 1 Month + 2.9645%, 8.2935%, 7/15/38ž,‡ | 4,802,233 | 4,796,098 | |
Extended Stay America Trust 2021-ESH F, CME Term SOFR 1 Month + 3.8145%, 9.1435%, 7/15/38ž,‡ | 9,972,122 | 9,940,184 | |
ExteNet Issuer LLC, 5.2190%, 7/25/49ž | 9,090,000 | 9,058,268 | |
Fannie Mae 2020-100 BI, 2.0000%, 1/25/51¤ | 13,170,528 | 1,741,013 | |
Fannie Mae 2023-2 DI, 2.0000%, 5/25/51¤ | 71,461,590 | 9,570,465 | |
Fannie Mae REMICS, US 30 Day Average SOFR + 53.7407%, 0%, 10/25/40‡ | 588,203 | 737,124 | |
Fannie Mae REMICS, 3.0000%, 5/25/48 | 12,754 | 11,348 | |
Fannie Mae REMICS, US 30 Day Average SOFR + 5.9355%, 0.6002%, 8/25/48‡,¤ | 6,122,321 | 607,206 | |
Flagship Credit Auto Trust 2022-4 E, 12.6600%, 1/15/30ž | 5,000,000 | 5,297,082 | |
Flagship Credit Auto Trust 2023-1 E, 11.4400%, 4/15/30ž | 8,000,000 | 8,753,982 | |
Flagship Credit Auto Trust 2023-3 E, 9.7400%, 6/17/30ž | 3,250,000 | 3,436,923 | |
Flagstar Mortgage Trust 2021-13IN A17, 3.0000%, 12/30/51ž,‡ | 14,559,769 | 11,918,866 | |
Foundation Finance Trust 2023-2A D, 9.1000%, 6/15/49ž | 3,000,000 | 3,120,958 | |
Freddie Mac Multifamily Structured Credit Risk 2021-MN3 M2, US 30 Day Average SOFR + 4.0000%, 9.3354%, 11/27/51ž,‡ | 10,000,000 | 10,136,971 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA4 B1, US 30 Day Average SOFR + 5.3645%, 10.6998%, 9/26/50ž,‡ | 7,301,902 | 8,112,329 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA5 B1, US 30 Day Average SOFR + 4.0000%, 9.3354%, 11/25/50ž,‡ | 5,551,430 | 6,241,884 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA1 B1, US 30 Day Average SOFR + 2.6500%, 7.9854%, 1/25/51ž,‡ | 7,550,000 | 8,001,619 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 B2, US 30 Day Average SOFR + 6.0000%, 11.3354%, 8/25/33ž,‡ | 12,308,000 | 14,415,120 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA3 B2, US 30 Day Average SOFR + 6.2500%, 11.5854%, 10/25/33ž,‡ | 20,836,000 | 24,630,363 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA5 B1, US 30 Day Average SOFR + 3.0500%, 8.3854%, 1/25/34ž,‡ | 6,624,000 | 7,004,865 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA6 B1, US 30 Day Average SOFR + 3.4000%, 8.7354%, 10/25/41ž,‡ | 14,440,000 | 14,958,102 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA6 M2, US 30 Day Average SOFR + 1.5000%, 6.8354%, 10/25/41ž,‡ | 11,136,879 | 11,175,282 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 B1, US 30 Day Average SOFR + 3.6500%, 8.9854%, 11/25/41ž,‡ | 29,197,208 | 30,410,130 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA3 B1, US 30 Day Average SOFR + 3.3500%, 8.6854%, 9/25/41ž,‡ | 4,734,000 | 4,853,770 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA3 M2, US 30 Day Average SOFR + 2.1000%, 7.4354%, 9/25/41ž,‡ | 29,152,135 | 29,316,845 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA4 B1, US 30 Day Average SOFR + 3.7500%, 9.0854%, 12/25/41ž,‡ | 27,058,500 | 27,875,177 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 M2, US 30 Day Average SOFR + 3.3500%, 8.6854%, 11/25/43ž,‡ | 7,490,866 | 7,916,323 | |
Freddiemac Strip 375 C1, 2.5000%, 1/25/51¤ | 123,786,715 | 19,027,305 | |
Freddiemac Strip 377 C1, 2.0000%, 1/25/51¤ | 30,563,238 | 3,869,639 | |
Freddiemac Strip 377 C4, 2.0000%, 1/25/51¤ | 28,431,688 | 3,762,095 | |
FREMF Mortgage Trust 2017-K729 D, 0%, 11/25/49ž,◊ | 29,422,405 | 28,135,257 | |
FREMF Mortgage Trust 2017-K729 X2A, 0.1000%, 11/25/49ž,¤ | 220,372,404 | 37,415 | |
FREMF Mortgage Trust 2017-K729 X2B, 0.1000%, 11/25/49ž,¤ | 74,013,744 | 20,815 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
4 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – (continued) | |||
FREMF Mortgage Trust 2018-KF45, US 30 Day Average SOFR + 2.0645%, 7.3888%, 3/25/25ž,‡ | $297,760 | $291,520 | |
FREMF Mortgage Trust 2018-KSW4 C, US 30 Day Average SOFR + 5.1145%, 10.4388%, 10/25/28‡ | 18,042,207 | 15,923,796 | |
FREMF Mortgage Trust 2019-KF70 C, US 30 Day Average SOFR + 6.1145%, 11.4388%, 9/25/29ž,‡ | 13,927,767 | 13,550,521 | |
FREMF Mortgage Trust 2019-KF72, US 30 Day Average SOFR + 2.2145%, 7.5388%, 11/25/26ž,‡ | 2,679,587 | 2,610,320 | |
FREMF Mortgage Trust 2021-KF98 CS, US 30 Day Average SOFR + 8.5000%, 13.8243%, 12/25/30ž,‡ | 3,698,111 | 3,661,106 | |
FS Commercial Mortgage Trust 2023-4SZN D, 9.3828%, 11/10/39ž,‡ | 4,250,000 | 4,404,692 | |
Gam Resecuritization Trust 2021-FRR2 BK74, 0%, 9/27/51ž,◊ | 11,000,000 | 7,771,280 | |
Gam Resecuritization Trust 2021-FRR2 CK74, 0%, 9/27/51ž,◊ | 18,068,494 | 12,566,872 | |
GCAT 2022-INV1 A26, 3.0000%, 12/25/51ž,‡ | 15,822,086 | 12,986,238 | |
GLS Auto Select Receivables Trust 2024-1A D, 6.4300%, 1/15/31ž | 2,000,000 | 2,009,714 | |
Government National Mortgage Association, CME Term SOFR 1 Month + 5.4355%, 0.0969%, 1/20/44‡,¤ | 311,449 | 22,082 | |
Government National Mortgage Association, CME Term SOFR 1 Month + 6.0355%, 0.7067%, 10/16/55‡,¤ | 469,097 | 31,518 | |
Government National Mortgage Association, 0.2528%, 1/16/60‡,¤ | 10,166,734 | 236,934 | |
Gracie Point International Funding 2023-1A B, US 90 Day Average SOFR + 2.6000%, 7.9493%, 9/1/26ž,‡ | 3,000,000 | 3,042,472 | |
Gracie Point International Funding 2023-1A C, US 90 Day Average SOFR + 3.1000%, 8.4493%, 9/1/26ž,‡ | 3,000,000 | 3,037,394 | |
Gracie Point International Funding 2023-2A B, US 90 Day Average SOFR + 4.0000%, 9.3493%, 3/1/27ž,‡ | 7,438,000 | 7,549,855 | |
Gracie Point International Funding 2023-2A C, US 90 Day Average SOFR + 5.4000%, 10.7493%, 3/1/27ž,‡ | 5,000,000 | 5,034,532 | |
Gracie Point International Funding 2024-1A C, US 90 Day Average SOFR + 3.5000%, 8.8496%, 3/1/28ž,‡ | 4,400,000 | 4,425,882 | |
Gracie Point International Funding 2024-1A D, US 90 Day Average SOFR + 7.1500%, 12.4996%, 3/1/28ž,‡ | 2,700,000 | 2,703,554 | |
GS Mortgage Securities Trust 2017-SLP G, 4.7443%, 10/10/32ž,‡ | 8,331,000 | 7,583,627 | |
Hertz Vehicle Financing LLC 2021-1A D, 3.9800%, 12/26/25ž | 18,100,000 | 17,850,922 | |
Hertz Vehicle Financing LLC 2021-2A D, 4.3400%, 12/27/27ž | 9,500,000 | 8,520,372 | |
Hilton Grand Vacations Trust 2022-1D D, 6.7900%, 6/20/34ž | 1,381,290 | 1,376,426 | |
Home Partners of America Trust 2021-3 F, 4.2420%, 1/17/41ž | 4,562,314 | 3,893,523 | |
Homeward Opportunities Fund I Trust 2024-RTL1 A2, 8.5700%, 7/25/29ž | 4,359,000 | 4,358,821 | |
Hotwire Funding LLC 2021-1 C, 4.4590%, 11/20/51ž | 3,000,000 | 2,642,545 | |
Hudson's Bay Simon JV Trust 2015-HB10 A10, 4.1545%, 8/5/34ž | 3,500,000 | 3,305,124 | |
Hudson's Bay Simon JV Trust 2015-HB10 B10, 4.9056%, 8/5/34ž | 2,610,923 | 2,417,671 | |
Hudson's Bay Simon JV Trust 2015-HB10 C10, 5.6286%, 8/5/34ž,‡ | 3,864,419 | 3,214,080 | |
Hudson's Bay Simon JV Trust 2015-HB7 A7, 3.9141%, 8/5/34ž | 4,713,210 | 4,621,152 | |
Hudson's Bay Simon JV Trust 2015-HB7 B7, 4.6662%, 8/5/34ž | 3,000,000 | 2,798,190 | |
Invesco CLO Ltd 2021-2A D, CME Term SOFR 3 Month + 3.1616%, 8.4902%, 7/17/34ž,‡ | 5,000,000 | 5,006,960 | |
JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE A, 3.2865%, 1/10/37ž | 13,800,000 | 13,559,006 | |
JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE C, 3.8173%, 1/10/37ž,‡ | 1,000,000 | 969,483 | |
JP Morgan Chase Commercial Mortgage Sec Trust 2022-NLP D, CME Term SOFR 1 Month + 2.1664%, 7.4952%, 4/15/37ž,‡ | 11,031,959 | 9,720,430 | |
JW Commercial Mortgage Trust 2024-MRCO C, CME Term SOFR 1 Month + 2.3901%, 7.7101%, 6/15/39ž,‡ | 5,100,000 | 5,074,539 | |
Kayne CLO 10 Ltd 2021-10A A, CME Term SOFR 3 Month + 1.4316%, 6.7580%, 4/24/34ž,‡ | 22,500,000 | 22,535,572 | |
Lendbuzz Securitization Trust 2021-1A A, 4.2200%, 5/17/27ž | 1,538,283 | 1,512,742 | |
Lendbuzz Securitization Trust 2021-1A A, 5.9900%, 12/15/28ž | 5,594,000 | 5,550,652 | |
Lendbuzz Securitization Trust 2023-2A B, 8.6900%, 6/15/29ž | 9,826,000 | 10,263,834 | |
Lendbuzz Securitization Trust 2024-1A B, 6.5800%, 9/15/29ž | 2,500,000 | 2,508,324 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 5
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – (continued) | |||
Lendbuzz Securitization Trust 2024-1A C, 7.5800%, 9/15/30ž | $4,981,000 | $5,059,836 | |
Lendbuzz Securitization Trust 2024-2A C, 7.4500%, 5/15/31ž | 2,000,000 | 2,025,937 | |
LFS LLC 2022-A B, 8.0000%, 5/15/34ž | 4,000,000 | 3,840,912 | |
LHOME Mortgage Trust 2024-RTL1 A1, 7.0170%, 1/25/29ž,Ç | 6,076,000 | 6,100,333 | |
LHOME Mortgage Trust 2024-RTL2 A1, 7.1280%, 3/25/29ž,Ç | 5,303,729 | 5,342,016 | |
LHOME Mortgage Trust 2024-RTL2 A2, 8.8970%, 3/25/29ž,Ç | 2,075,000 | 2,100,397 | |
LHOME Mortgage Trust 2024-RTL3 A2, 8.3730%, 5/25/29ž | 3,600,000 | 3,602,183 | |
Life Financial Services Trust 2021-BMR E, CME Term SOFR 1 Month + 1.8645%, 7.1815%, 3/15/38ž,‡ | 17,693,463 | 16,998,885 | |
Life Financial Services Trust 2022-BMR2 D, CME Term SOFR 1 Month + 2.5419%, 7.8708%, 5/15/39ž,‡ | 10,000,000 | 9,487,419 | |
LoanMe Trust SBL 2019-1, 13.0000%, 8/15/30ž,Ç | 4,342,153 | 1,845,415 | |
Luxury Lease Partners Auto Lease Trust 2024-4 A, 7.2920%, 7/15/30ž | 5,541,316 | 5,527,819 | |
Luxury Lease Partners Auto Lease Trust 2024-4 B, 10.4910%, 7/15/30ž | 5,100,000 | 5,071,492 | |
Madison Park Funding Ltd 2016-22A DR, CME Term SOFR 3 Month + 3.7616%, 9.0902%, 1/17/33ž,‡ | 8,500,000 | 8,515,019 | |
Madison Park Funding Ltd 2018-32A A1R, CME Term SOFR 3 Month + 1.2616%, 6.5862%, 1/22/31ž,‡ | 9,797,267 | 9,804,184 | |
Madison Park Funding Ltd 2018-32A DR, CME Term SOFR 3 Month + 3.4616%, 8.7862%, 1/22/31ž,‡ | 7,000,000 | 7,012,880 | |
Marlette Funding Trust 2023-1A D, 8.1500%, 4/15/33ž | 14,300,000 | 14,297,761 | |
Marlette Funding Trust 2023-2A D, 7.9200%, 6/15/33ž | 9,300,000 | 9,241,504 | |
Marlette Funding Trust 2023-3A D, 8.0400%, 9/15/33ž | 9,571,000 | 9,870,924 | |
Marlette Funding Trust 2023-4A B, 8.1500%, 12/15/33ž | 2,500,000 | 2,580,969 | |
MED Trust 2021-MDLN E, CME Term SOFR 1 Month + 3.2645%, 8.5935%, 11/15/38ž,‡ | 3,483,283 | 3,480,964 | |
MED Trust 2021-MDLN F, CME Term SOFR 1 Month + 4.1145%, 9.4435%, 11/15/38ž,‡ | 7,696,065 | 7,640,548 | |
MED Trust 2021-MDLN G, CME Term SOFR 1 Month + 5.3645%, 10.6935%, 11/15/38ž,‡ | 14,928,355 | 14,927,438 | |
Mercury Financial Credit Card Master Trust 2023-1A A, 8.0400%, 9/20/27ž | 8,000,000 | 8,055,249 | |
Mercury Financial Credit Card Master Trust 2024-1A C, 11.4900%, 2/20/29ž | 12,000,000 | 12,082,823 | |
MHC Commercial Mortgage Trust 2021-MHC F, CME Term SOFR 1 Month + 2.7154%, 8.0444%, 4/15/38ž,‡ | 5,117,148 | 5,062,891 | |
MHC Commercial Mortgage Trust 2021-MHC G, CME Term SOFR 1 Month + 3.3154%, 8.6444%, 4/15/38ž,‡ | 8,908,870 | 8,814,401 | |
Mission Lane Credit Card Master Trust 2023-A B, 8.1500%, 7/17/28ž | 3,000,000 | 3,029,562 | |
Mission Lane Credit Card Master Trust 2023-A C, 10.0300%, 7/17/28ž | 3,250,000 | 3,306,462 | |
Mission Lane Credit Card Master Trust 2023-B C, 9.6700%, 11/15/28ž | 4,750,000 | 4,833,422 | |
Mission Lane Credit Card Master Trust 2023-B D, 11.9700%, 11/15/28ž | 6,976,000 | 7,081,381 | |
MKT Mortgage Trust 2020-525M F, 3.0386%, 2/12/40ž,‡ | 11,900,000 | 6,117,249 | |
Morgan Stanley Capital I Trust 2019-MEAD D, 3.2830%, 11/10/36ž,‡ | 2,825,000 | 2,614,049 | |
MTN Commercial Mortgage Trust 2022-LPFL F, CME Term SOFR 1 Month + 5.2852%, 10.6052%, 3/15/39ž,‡ | 6,000,000 | 5,717,204 | |
Multifamily Connecticut Avenue Securities Trust 2019-01, US 30 Day Average SOFR + 3.3645%, 8.6998%, 10/25/49ž,‡ | 26,673,467 | 26,606,802 | |
Multifamily Connecticut Avenue Securities Trust 2020-01, US 30 Day Average SOFR + 3.8645%, 9.1998%, 3/25/50ž,‡ | 10,258,477 | 10,263,802 | |
MVW Owner Trust 2021-1WA D, 3.1700%, 1/22/41ž | 1,205,449 | 1,137,268 | |
NBC Funding LLC 2021-1 B, 4.9700%, 7/30/51ž | 3,000,000 | 2,620,174 | |
NCMF Trust 2022-MFP F, CME Term SOFR 1 Month + 4.4310%, 9.7478%, 3/15/39ž,‡ | 5,000,000 | 4,837,103 | |
NCMF Trust 2022-MFP G, CME Term SOFR 1 Month + 5.1280%, 10.4568%, 3/15/39ž,‡ | 1,220,000 | 1,182,909 | |
Neuberger Berman CLO Ltd 2023-53A D, CME Term SOFR 3 Month + 4.5000%, 9.8229%, 10/25/32ž,‡ | 5,500,000 | 5,531,916 | |
New Residential Mortgage Loan Trust 2022-SFR1 F, 4.4430%, 2/17/39ž | 10,500,000 | 9,302,357 | |
NRTH PARK Mortgage Trust 2024-PARK A, CME Term SOFR 1 Month + 1.6413%, 6.9701%, 3/15/41ž,‡ | 10,000,000 | 9,966,952 | |
NW Re-Remic Trust 2021-FRR1 BK88, 2.6549%, 12/18/51ž,‡ | 20,000,000 | 15,775,982 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – (continued) | |||
Oak Hill Credit Partners 2012-7A AR3, CME Term SOFR 3 Month + 1.3316%, 6.6574%, 2/20/34ž,‡ | $5,000,000 | $5,003,640 | |
Oak Street Investment Grade Net Lease Fund 2020-1A B1, 5.1100%, 11/20/50ž | 4,499,000 | 4,139,479 | |
Oak Street Investment Grade Net Lease Fund 2021-1A B1, 4.2300%, 1/20/51ž | 6,250,000 | 5,581,932 | |
Oasis Securitization 2022-2A B, 8.8500%, 10/15/34ž | 2,743,926 | 2,743,926 | |
Oasis Securitization 2023-1A B, 10.2500%, 2/15/35ž | 2,849,457 | 2,863,704 | |
Octagon 61 Ltd 2023-2A D, CME Term SOFR 3 Month + 5.5000%, 10.8246%, 4/21/36ž,‡ | 7,100,000 | 7,228,538 | |
Octagon Investment Partners 42 Ltd 2019-3A AR, CME Term SOFR 3 Month + 1.4016%, 6.7302%, 7/17/34ž,‡ | 10,000,000 | 10,006,470 | |
Octagon Investment Partners 58 Ltd 2022-1A D, CME Term SOFR 3 Month + 3.5500%, 8.8786%, 7/15/37ž,‡ | 7,750,000 | 7,760,230 | |
Ondeck Asset Securitization Trust LLC 2023-1A B, 8.2500%, 8/19/30ž | 6,250,000 | 6,253,124 | |
Ondeck Asset Securitization Trust LLC 2024-1A B, 7.1500%, 6/17/31ž | 6,000,000 | 6,043,968 | |
Onslow Bay Financial LLC 2024-NQM4 M1, US 30 Day Average SOFR + 2.3500%, 6.6220%, 1/25/64ž,‡ | 2,280,000 | 2,264,205 | |
OPEN Trust 2023-AIR D, CME Term SOFR 1 Month + 6.6838%, 12.0126%, 10/15/28ž,‡ | 13,542,929 | 13,566,366 | |
Pagaya AI Debt Selection Trust 2021-1 CERT, 0%, 11/15/27ž,‡,¤ | 1,846,154 | 3,692 | |
Pagaya AI Debt Selection Trust 2022-1 C, 4.8880%, 10/15/29ž | 3,679,513 | 3,440,100 | |
Pawnee Equipment Receivables 2022-1 D, 7.2300%, 7/17/28ž | 5,000,000 | 4,619,364 | |
Pawnee Equipment Receivables 2022-1 E, 9.5000%, 9/17/29ž | 5,379,000 | 3,739,303 | |
Pawnee Equipment Receivables Series 2020-1 LLC, 5.4300%, 7/15/27ž | 6,165,000 | 6,153,996 | |
Post Road Equipment Finance 2024-1A D, 6.7700%, 10/15/30ž | 1,100,000 | 1,101,708 | |
Post Road Equipment Finance 2024-1A E, 8.5000%, 12/15/31ž | 3,200,000 | 3,057,844 | |
Prestige Auto Receivables Trust 2023-1A E, 9.8800%, 5/15/30ž | 6,000,000 | 6,292,815 | |
Pretium Mortgage Credit Partners LLC 2021-RN4 A1, 2.4871%, 10/25/51ž,‡ | 14,030,923 | 13,630,614 | |
Pretium Mortgage Credit Partners LLC 2023-RN1 A1, 8.2321%, 9/25/53ž,Ç | 6,321,616 | 6,418,056 | |
Pretium Mortgage Credit Partners LLC 2023-RN2 A1, 8.1115%, 11/25/53ž,Ç | 4,181,410 | 4,240,347 | |
PRIMA Capital Ltd, 4.2500%, 12/25/50ž | 10,500,000 | 8,701,905 | |
PRIMA Capital Ltd 2021-9A C, CME Term SOFR 1 Month + 2.4645%, 7.8032%, 12/15/37ž,‡ | 8,585,545 | 8,619,938 | |
Project Silver, 6.9000%, 7/15/44ž,‡ | 898,315 | 238,098 | |
PRP Advisors LLC 2021-10 A1, 2.4870%, 10/25/26ž,Ç | 7,206,993 | 7,005,901 | |
PRP Advisors LLC 2021-9 A1, 2.3630%, 10/25/26ž,Ç | 8,657,458 | 8,406,078 | |
PRP Advisors LLC 2022-2 A1, 5.0000%, 3/25/27ž,Ç | 6,545,644 | 6,442,361 | |
Rad CLO Ltd 2023-18A D, CME Term SOFR 3 Month + 5.2500%, 10.5786%, 4/15/36ž,‡ | 6,588,000 | 6,721,967 | |
Rad CLO Ltd 2023-19A D, CME Term SOFR 3 Month + 5.7500%, 11.0746%, 4/20/35ž,‡ | 7,000,000 | 7,008,771 | |
Rad CLO Ltd 2023-21A D, CME Term SOFR 3 Month + 4.4000%, 9.7236%, 1/25/33ž,‡ | 8,000,000 | 8,023,248 | |
Raptor Aircraft Finance I LLC, 4.2130%, 8/23/44ž | 9,540,930 | 8,043,862 | |
Reach Financial LLC 2022-2A D, 9.0000%, 5/15/30ž | 8,000,000 | 8,049,057 | |
Reach Financial LLC 2024-1A C, 6.9000%, 2/18/31ž | 1,875,000 | 1,866,260 | |
ReadyCap Lending 2023-3 A, Prime Rate by Country United States + 0.0700%, 8.5700%, 4/27/48ž,‡ | 9,368,552 | 9,376,357 | |
RRX Ltd 2021-4A C, CME Term SOFR 3 Month + 3.4116%, 8.7402%, 7/17/34ž,‡ | 4,000,000 | 4,001,504 | |
Saluda Grade Alternative Mortgage Trust 2023-FIG3 C, 8.9480%, 8/25/53ž | 7,092,928 | 7,437,455 | |
Saluda Grade Alternative Mortgage Trust 2023-FIG4 C, 8.0070%, 11/25/53ž,‡ | 7,012,829 | 7,246,128 | |
Saluda Grade Alternative Mortgage Trust 2024-FIG5 C, 6.8510%, 4/25/54ž,Ç | 4,238,844 | 4,305,942 | |
Saluda Grade Alternative Mortgage Trust 2024-RTL4 A1, 7.5000%, 2/25/30ž,Ç | 10,360,000 | 10,387,196 | |
Saluda Grade Alternative Mortgage Trust 2024-RTL5 A1, 7.7620%, 4/25/30ž,Ç | 9,420,000 | 9,496,770 | |
Saluda Grade Alternative Mortgage Trust 2024-RTL6 A2, 8.6830%, 7/25/30ž,‡ | 11,300,000 | 11,299,774 | |
Sand Trust 2021-1A D, CME Term SOFR 3 Month + 3.8116%, 9.1402%, 10/16/34ž,‡ | 8,000,000 | 8,006,040 | |
Santander Bank Auto Credit-Linked Notes 2022-B E, 8.6810%, 8/16/32ž | 949,189 | 952,283 | |
Santander Bank Auto Credit-Linked Notes 2022-C E, 11.3660%, 12/15/32ž | 1,572,311 | 1,607,571 | |
Santander Bank Auto Credit-Linked Notes 2023-A E, 10.0680%, 6/15/33ž | 503,843 | 511,269 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 7
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – (continued) | |||
Santander Bank Auto Credit-Linked Notes 2023-B E, 8.4080%, 12/15/33ž | $2,500,000 | $2,501,901 | |
Santander Bank Auto Credit-Linked Notes 2023-B F, 12.2400%, 12/15/33ž | 7,000,000 | 7,136,744 | |
Santander Bank Auto Credit-Linked Notes 2023-B G, 17.1280%, 12/15/33ž | 4,500,000 | 4,820,923 | |
Santander Bank Auto Credit-Linked Notes 2024-A E, 7.7620%, 6/15/32ž | 2,500,000 | 2,494,735 | |
Santander Bank Auto Credit-Linked Notes 2024-A F, 10.1710%, 6/15/32ž | 9,027,000 | 9,024,563 | |
Santander Bank Auto Credit-Linked Notes 2024-A G, 13.0300%, 6/15/32ž | 8,750,000 | 8,747,749 | |
Santander Consumer Auto Receivables Trust 2020-BA, 4.1300%, 1/15/27ž | 1,500,000 | 1,477,830 | |
Santander Consumer Auto Receivables Trust 2021-AA E, 3.2800%, 3/15/27ž | 1,750,000 | 1,666,375 | |
SB Multifamily Repack Trust 2020-FRR2 A2, 6.7428%, 12/27/39ž,‡ | 16,966,491 | 16,215,973 | |
SBNA Auto Receivables Trust 2024-A E, 8.0000%, 4/15/32ž | 6,000,000 | 5,946,507 | |
SEB Funding LLC 2021-1A A2, 4.9690%, 1/30/52ž | 13,712,633 | 13,038,827 | |
Sierra Receivables Funding Co LLC 2020-2A D, 6.5900%, 7/20/37ž | 1,146,925 | 1,135,496 | |
Sierra Receivables Funding Co LLC 2021-1A D, 3.1700%, 11/20/37ž | 2,395,750 | 2,294,288 | |
Sierra Receivables Funding Co LLC 2022-3A C, 7.6300%, 7/20/39ž | 987,921 | 1,006,251 | |
Sierra Receivables Funding Co LLC 2023-1A C, 7.0000%, 1/20/40ž | 1,292,205 | 1,306,347 | |
Sierra Receivables Funding Co LLC 2023-3A D, 9.4400%, 9/20/40ž | 2,059,927 | 2,176,046 | |
Sierra Receivables Funding Co LLC 2024-1A D, 8.0200%, 1/20/43ž | 1,978,814 | 2,018,029 | |
Sierra Timeshare 2019-2 Receivables Funding LLC, 4.5400%, 5/20/36ž | 1,388,080 | 1,385,470 | |
Signal Peak CLO LLC 2022-12A A1, 7.1207%, 7/10/28ž,‡ | 6,723,000 | 6,975,670 | |
SMRT 2022-MINI E, CME Term SOFR 1 Month + 2.7000%, 8.0290%, 1/15/39ž,‡ | 7,000,000 | 6,662,599 | |
SMRT 2022-MINI F, CME Term SOFR 1 Month + 3.3500%, 8.6790%, 1/17/39ž,‡ | 20,073,000 | 18,990,968 | |
Sotheby's Artfi Master Trust 2024-1A D, 7.9100%, 12/22/31ž | 4,000,000 | 4,012,141 | |
Sprite Limited 2021-1 B, 5.1000%, 11/15/46ž | 3,779,303 | 3,314,668 | |
Sprite Limited 2021-1 C, 8.8350%, 11/15/46ž | 5,614,759 | 4,152,440 | |
Summit Issuer LLC 2020-1A B, 3.1790%, 12/20/50ž | 2,500,000 | 2,344,617 | |
Switch ABS Issuer LLC 2024-2A C, 10.0330%, 6/25/54ž | 15,000,000 | 14,978,860 | |
Tallman Park CLO Ltd 2021-1A D, CME Term SOFR 3 Month + 3.3616%, 8.6862%, 4/20/34ž,‡ | 4,390,000 | 4,402,573 | |
THE 2023-MIC Trust 2023-MIC A, 8.7315%, 12/5/38ž,‡ | 20,000,000 | 21,511,496 | |
The Huntington National Bank 2024-1 D, US 30 Day Average SOFR + 5.2500%, 10.5830%, 5/20/32ž,‡ | 1,000,000 | 999,976 | |
The Huntington National Bank 2024-1 E, US 30 Day Average SOFR + 8.2500%, 13.5830%, 5/20/32ž,‡ | 3,000,000 | 2,999,894 | |
Theorem Funding Trust 2022-3A A, 7.6000%, 4/15/29ž | 2,906,809 | 2,927,691 | |
Theorem Funding Trust 2022-3A B, 8.9500%, 4/15/29ž | 4,500,000 | 4,641,896 | |
Thrust Engine Leasing 2021-1A A, 4.1630%, 7/15/40ž | 8,765,343 | 8,097,512 | |
Tricolor Auto Securitization Trust 2022-1A E, 7.7900%, 8/16/27ž | 10,870,000 | 10,915,565 | |
Tricolor Auto Securitization Trust 2023-1A D, 8.5600%, 7/15/27ž | 5,750,000 | 5,856,836 | |
Tricolor Auto Securitization Trust 2024-1A C, 6.9900%, 1/18/28ž | 1,850,000 | 1,858,177 | |
Tricolor Auto Securitization Trust 2024-1A D, 8.6100%, 4/17/28ž | 3,145,000 | 3,196,241 | |
TVEST LLC 2021-A B, 0%, 9/15/33ž | 6,550,000 | 5,855,241 | |
United Auto Credit Securitization Trust 2024-1 D, 8.3000%, 11/12/29ž | 4,500,000 | 4,550,791 | |
Upland CLO Ltd 2016-1A CR, CME Term SOFR 3 Month + 3.1616%, 8.4862%, 4/21/31ž,‡ | 8,000,000 | 8,006,608 | |
Upstart Securitization Trust 2020-3 C, 6.2500%, 11/20/30ž | 4,620,398 | 4,603,131 | |
Upstart Securitization Trust 2021-1 C, 4.0600%, 3/20/31ž | 4,791,975 | 4,721,680 | |
Upstart Securitization Trust 2023-1 B, 8.3500%, 2/20/33ž | 6,235,000 | 6,296,783 | |
Upstart Securitization Trust 2023-3 B, 8.2500%, 10/20/33ž | 14,500,000 | 14,881,958 | |
US Bank National Association 2023-1 C, 9.7850%, 8/25/32ž | 2,770,488 | 2,795,065 | |
USASF Receivables LLC 2022-1A A, 3.9800%, 4/15/25ž | 861,528 | 847,172 | |
VASA Trust 2021-VASA D, CME Term SOFR 1 Month + 2.2145%, 7.5435%, 7/15/39ž,‡ | 7,000,000 | 4,770,066 | |
VASA Trust 2021-VASA F, CME Term SOFR 1 Month + 4.0145%, 9.3435%, 7/15/39ž,‡ | 5,500,000 | 3,010,719 | |
VB-S1 Issuer LLC 2020-2A B, 3.2290%, 9/15/50ž | 5,750,000 | 5,505,259 | |
VB-S1 Issuer LLC 2020-2A C, 4.4590%, 9/15/50ž | 12,000,000 | 11,465,608 | |
VB-S1 Issuer LLC 2024-1A F, 8.8710%, 5/15/54ž | 11,000,000 | 11,113,287 | |
WB Commercial Mortgage Trust 2024-HQ A, 6.1344%, 3/15/40ž,‡ | 6,194,000 | 6,177,769 | |
Wells Fargo Commercial Mortgage Trust 2021-C61 XA, 1.4841%, 11/15/54‡,¤ | 76,710,399 | 4,765,004 | |
Westgate Resorts 2022-1A D, 3.8380%, 8/20/36ž | 4,419,497 | 4,215,222 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – (continued) | |||
Westgate Resorts 2024-1A C, 7.0600%, 1/20/38ž | $4,000,000 | $3,994,849 | |
Westgate Resorts 2024-1A D, 9.2600%, 1/20/38ž | 2,000,000 | 1,997,597 | |
Westlake Automobile Receivable Trust 2021-3A E, 3.4200%, 4/15/27ž | 5,000,000 | 4,834,606 | |
Willis Engine Securitization Trust 2020-A B, 4.2120%, 3/15/45ž | 5,224,306 | 4,597,442 | |
Willis Engine Securitization Trust 2020-A C, 6.6570%, 3/15/45ž | 1,113,630 | 1,027,557 | |
Woodward Capital Management 2017-280P B, CME Term SOFR 1 Month + 1.3800%, 6.7000%, 9/15/34ž,‡ | 5,400,000 | 5,162,894 | |
Woodward Capital Management 2024-CES1 A1B, 6.3250%, 2/25/44ž,‡ | 12,038,104 | 12,007,713 | |
Worldwide Plaza Trust 2017-WWP F, 3.7154%, 11/10/36ž,‡ | 4,305,008 | 303,843 | |
Z Capital Credit Partners CLO 2018-1 Ltd, ICE LIBOR USD 3 Month + 2.4500%, 8.0393%, 1/16/31ž,‡ | 1,250,000 | 1,250,788 | |
Z Capital Credit Partners CLO 2018-1A A2 Ltd, ICE LIBOR USD 3 Month + 1.5600%, 7.1493%, 1/16/31ž,‡ | 1,541,744 | 1,542,833 | |
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $2,328,693,206) | 2,298,511,713 | ||
Bank Loans and Mezzanine Loans – 10.7% | |||
Basic Industry – 1.0% | |||
Aruba Investments Holdings LLC, CME Term SOFR 1 Month + 7.7500%, 13.1939%, 11/24/28‡ | 5,786,000 | 5,493,807 | |
CI (Maroon) Holdings LLC, CME Term SOFR 1 Month + 4.00000%, 9.3203%, 3/1/31ƒ,‡ | 5,982,000 | 6,004,432 | |
Herens US Holdco Corp, CME Term SOFR 3 Month + 3.9250%, 9.3596%, 7/3/28‡ | 14,062,531 | 13,645,942 | |
Olympus Water US Holding Corp, EURIBOR 3 Month + 3.7500%, 7.5350%, 6/20/31ƒ,‡ | 6,500,000 | EUR | 6,928,679 |
SK Neptune Husky Group Sarl, CME Term SOFR 3 Month + 10.00000%, 13.5868%, 4/30/24‡,€ | 845,584 | 507,351 | |
Spa US HoldCo Inc, CME Term SOFR 3 Month + 4.00000%, 9.5710%, 2/4/28ƒ,‡ | 3,603,899 | 3,602,097 | |
Verde Purchaser LLC, CME Term SOFR 1 Month + 4.50000%, 9.8291%, 11/30/30ƒ,‡ | 6,523,404 | 6,511,988 | |
42,694,296 | |||
Brokerage – 0.1% | |||
Aretec Group Inc, CME Term SOFR 1 Month + 4.00000%, 9.3278%, 8/9/30‡ | 3,887,804 | 3,909,747 | |
Capital Goods – 0.5% | |||
Covanta Holding Corp, CME Term SOFR 1 Month + 2.7500%, 8.0808%, 11/30/28‡ | 1,696,830 | 1,696,118 | |
Covanta Holding Corp, CME Term SOFR 1 Month + 2.7500%, 8.0808%, 11/30/28‡ | 92,723 | 92,684 | |
Standard Industries Inc, CME Term SOFR 1 Month + 2.0000%, 7.3436%, 9/22/28ƒ,‡ | 7,725,515 | 7,770,093 | |
White Cap Buyer LLC, CME Term SOFR 1 Month + 3.25000%, 8.5779%, 10/19/29ƒ,‡ | 10,152,000 | 10,165,299 | |
19,724,194 | |||
Chemicals – 0.2% | |||
SCIH Salt Holdings Inc, CME Term SOFR 3 Month + 3.5000%, 8.8295%, 3/16/27‡ | 7,974,903 | 8,000,000 | |
Commercial Services – 0.5% | |||
Driven Holdings LLC, CME Term SOFR 1 Month + 3.0000%, 8.4584%, 12/17/28‡ | 13,018,996 | 12,993,927 | |
Lernen Bidco Ltd, EURIBOR 3 Month + 4.25000%, 8.6330%, 4/25/29‡ | 5,760,000 | EUR | 6,162,450 |
19,156,377 | |||
Communications – 0.9% | |||
Banijay Group US Holding Inc, CME Term SOFR 1 Month + 3.25000%, 8.5791%, 3/1/28ƒ,‡ | 10,026,576 | 10,029,083 | |
CCI Buyer Inc, CME Term SOFR 3 Month + 4.0000%, 9.3346%, 12/17/27‡ | 9,167,291 | 9,193,828 | |
Century DE Buyer LLC, CME Term SOFR 3 Month + 4.0000%, 9.3295%, 10/30/30‡ | 5,825,400 | 5,840,000 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 9
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Bank Loans and Mezzanine Loans – (continued) | |||
Communications – (continued) | |||
Directv Financing LLC, CME Term SOFR 1 Month + 5.2500%, 10.7084%, 8/2/29ƒ,‡ | $11,298,733 | $11,428,965 | |
Lorca Co-Borrower LLC, CME Term SOFR 1 Month + 3.50000%, 8.8174%, 3/25/31ƒ,‡ | 1,891,000 | 1,893,364 | |
38,385,240 | |||
Consumer Cyclical – 1.9% | |||
1011778 BC ULC, CME Term SOFR 1 Month + 2.25000%, 7.5715%, 9/20/23‡ | 2,000,000 | 1,992,820 | |
1011778 BC ULC, CME Term SOFR 1 Month + 2.25000%, 7.5784%, 9/20/30‡ | 11,368,508 | 11,327,695 | |
Caesars Entertainment Inc, CME Term SOFR 3 Month + 2.7500%, 8.0973%, 2/6/31‡ | 18,369,960 | 18,398,689 | |
Dealer Tire Financial LLC, CME Term SOFR 1 Month + 3.7500%, 9.0939%, 12/14/27‡ | 2,876,917 | 2,875,723 | |
Entain PLC, EURIBOR 6 Month + 3.2500%, 7.0490%, 6/30/28‡ | 6,620,000 | EUR | 7,089,840 |
Entain PLC, CME Term SOFR 1 Month + 2.75000%, 8.9094%, 10/31/29‡ | 1,786,447 | 1,788,037 | |
House of HR Group BV, EURIBOR 3 Month + 5.0000%, 8.8270%, 11/3/29‡ | 8,340,000 | EUR | 8,918,070 |
Hoya Midco LLC, CME Term SOFR 1 Month + 3.25000%, 8.5779%, 2/3/29ƒ,‡ | 5,100,000 | 5,112,750 | |
Loire Finco Luxembourg, EURIBOR 1 Month + 3.2500%, 6.8960%, 4/21/27‡ | 2,660,000 | EUR | 2,826,969 |
Ovg Business Services LLC, CME Term SOFR 1 Month + 3.0000%, 8.3452%, 6/14/31ƒ,‡ | 10,281,621 | 10,249,543 | |
Piolin BidCo SA, EURIBOR 3 Month + 4.5000%, 8.2170%, 9/16/29‡ | 6,300,000 | EUR | 6,731,477 |
77,311,613 | |||
Consumer Non-Cyclical – 2.1% | |||
Financiere Mendel SASU, EURIBOR 3 Month + 3.5000%, 7.3010%, 11/8/30ƒ,‡ | 1,330,000 | EUR | 1,417,942 |
Financiere Mendel SASU, CME Term SOFR 3 Month + 4.2500%, 9.5732%, 11/12/30‡ | 2,775,000 | 2,782,631 | |
Heartland Dental LLC, CME Term SOFR 1 Month + 4.5000%, 9.8439%, 4/28/28‡ | 17,812,500 | 17,879,464 | |
LifePoint Health Inc, CME Term SOFR 3 Month + 4.7500%, 10.0559%, 11/16/28‡ | 2,554,702 | 2,566,837 | |
LifePoint Health Inc, CME Term SOFR 3 Month + 4.0000%, 9.3293%, 5/17/31‡ | 3,501,000 | 3,504,291 | |
Medline Borrower LP, EURIBOR 1 Month + 2.7500%, 7.1880%, 10/13/28ƒ,‡ | 13,000,000 | EUR | 13,909,699 |
Medline Borrower LP, CME Term SOFR 1 Month + 2.25000%, 7.5779%, 10/23/28ƒ,‡ | 7,431,000 | 7,431,000 | |
Mehilainen Yhtiot Oy, EURIBOR 3 Month + 4.00000%, 0.0765%, 8/9/28‡ | 1,280,000 | EUR | 1,370,119 |
Saratoga Food Specialties, CME Term SOFR 3 Month + 3.7500%, 9.0932%, 3/7/29‡ | 5,970,297 | 5,992,686 | |
Star Parent Inc, CME Term SOFR 3 Month + 3.75000%, 9.3094%, 9/27/30ƒ,‡ | 13,469,709 | 13,475,975 | |
Summit Behavioral Healthcare LLC, CME Term SOFR 3 Month + 4.2500%, 9.5973%, 11/24/28‡ | 7,371,810 | 7,396,358 | |
Topgolf Callaway Brands Corp, CME Term SOFR 1 Month + 3.0000%, 8.3439%, 3/15/30‡ | 8,373,697 | 8,410,820 | |
86,137,822 | |||
Diversified Financial – 0% | |||
Osaic Holdings Inc, CME Term SOFR 1 Month + 4.0000%, 9.3439%, 8/17/28‡ | 14,232 | 14,270 | |
Diversified Financial Services – 0.2% | |||
Delta 2 Lux Sarl, CME Term SOFR 3 Month + 2.2500%, 7.5846%, 1/15/30‡ | 9,100,000 | 9,113,286 | |
Luxembourg Investment Co 428 Sarl, CME Term SOFR 3 Month + 7.00000%, 10.4338%, 1/3/29‡ | 7,944,280 | 127,426 | |
9,240,712 | |||
Finance Companies – 0.2% | |||
Athena Bidco SASU, EURIBOR 3 Month + 4.0000%, 7.7220%, 4/14/31‡ | 8,390,000 | EUR | 9,010,257 |
Financial Institutions – 0.1% | |||
Chrysaor Bidco Sarl, CME Term SOFR 1 Month + 3.50000%, 8.8224%, 5/14/31ƒ,‡ | 1,608,877 | 1,613,913 | |
Chrysaor Bidco Sarl, CME Term SOFR 1 Month + 3.50000%, 8.8224%, 5/14/31ƒ,‡ | 118,985 | 119,357 | |
Mermaid Bidco Inc, CME Term SOFR 1 Month + 3.50000%, 8.5936%, 6/27/31ƒ,‡ | 3,662,000 | 3,662,000 | |
5,395,270 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Bank Loans and Mezzanine Loans – (continued) | |||
Health Care Providers & Services – 0.2% | |||
VetStrategy Canada Holdings Inc, CME Term SOFR 1 Month + 5.50000%, 10.8094%, 12/12/28‡ | $9,243,500 | $9,251,172 | |
Industrial – 0.6% | |||
Chromalloy Corp, CME Term SOFR 3 Month + 3.7500%, 9.0816%, 3/27/31‡ | 5,903,205 | 5,925,397 | |
Inspired Finco Holdings Ltd, EURIBOR 1 Month + 4.0000%, 7.6460%, 2/28/31‡ | 2,659,806 | EUR | 2,845,276 |
Inspired Finco Holdings Ltd, EURIBOR 3 Month + 4.00000%, 7.9430%, 2/28/31‡ | 4,725,113 | EUR | 5,054,598 |
Inspired Finco Holdings Ltd, EURIBOR 3 Month + 4.0000%, 7.9430%, 2/28/31ƒ,‡ | 3,375,081 | EUR | 3,610,427 |
Proampac PG Borrower LLC, CME Term SOFR 3 Month + 4.0000%, 9.5902%, 9/15/28‡ | 7,494,381 | 7,505,623 | |
24,941,321 | |||
Insurance – 0.3% | |||
Truist Insurance Holdings LLC, CME Term SOFR 3 Month + 3.2500%, 8.5846%, 5/6/31‡ | 5,000,000 | 5,004,450 | |
USI Inc/NY, CME Term SOFR 1 Month + 2.75000%, 8.0784%, 9/27/30‡ | 8,720,849 | 8,739,034 | |
13,743,484 | |||
Technology – 1.4% | |||
Ahead DB Holdings LLC, CME Term SOFR 3 Month + 4.2500%, 9.5846%, 2/1/31‡ | 6,128,000 | 6,139,521 | |
Claudius Finance Sarl, EURIBOR 3 Month + 3.5000%, 7.3910%, 7/10/28‡ | 3,250,000 | EUR | 3,476,207 |
Cloud Software Group Inc, CME Term SOFR 3 Month + 4.5000%, 9.8346%, 3/21/31‡ | 3,457,000 | 3,464,018 | |
Coherent Corp, CME Term SOFR 1 Month + 2.5000%, 7.8439%, 7/2/29‡ | 2,937,073 | 2,942,364 | |
Fortress Intermediate 3 Inc, CME Term SOFR 3 Month + 3.75000%, 9.0632%, 6/9/31ƒ,‡ | 5,807,000 | 5,807,000 | |
Gold Rush Bidco Ltd, EURIBOR 3 Month + 4.0000%, 7.8240%, 4/11/31‡ | 6,040,000 | EUR | 6,474,367 |
Modena Buyer LLC, CME Term SOFR 1 Month + 4.50000%, 9.8240%, 4/18/31ƒ,‡ | 16,047,000 | 15,640,850 | |
Rocket Software Inc, CME Term SOFR 1 Month + 4.7500%, 10.0939%, 11/28/28‡ | 13,649,564 | 13,721,850 | |
57,666,177 | |||
Transportation – 0.5% | |||
AAdvantage Loyalty IP Ltd, CME Term SOFR 3 Month + 4.7500%, 10.3362%, 4/20/28‡ | 8,376,471 | 8,642,591 | |
First Student Bidco Inc, CME Term SOFR 3 Month + 3.0000%, 8.4346%, 7/21/28‡ | 4,476,796 | 4,477,244 | |
Genesee & Wyoming Inc, CME Term SOFR 3 Month + 2.0000%, 7.3346%, 4/10/31‡ | 5,261,941 | 5,254,679 | |
18,374,514 | |||
Total Bank Loans and Mezzanine Loans (cost $449,773,251) | 442,956,466 | ||
Corporate Bonds – 23.3% | |||
Banking – 1.7% | |||
American Express Co, US Treasury Yield Curve Rate 5 Year + 2.8540%, 3.5500%‡,μ | 1,850,000 | 1,724,570 | |
Bank of America Corp, SOFR + 1.6500%, 5.4680%, 1/23/35‡ | 2,893,000 | 2,890,074 | |
Bank of New York Mellon Corp/The, SOFR + 1.6060%, 4.9670%, 4/26/34‡ | 5,144,000 | 5,018,287 | |
Bank of Montreal, US Treasury Yield Curve Rate 5 Year + 1.4000%, 3.0880%, 1/10/37‡ | 3,797,000 | 3,107,155 | |
BNP Paribas SA, US Treasury Yield Curve Rate 1 Year + 1.4500%, 5.1250%, 1/16/29ž,‡ | 4,755,000 | 4,713,904 | |
BNP Paribas SA, US Treasury Yield Curve Rate 5 Year + 4.9690%, 9.2500%ž,‡,μ | 2,928,000 | 3,104,664 | |
BPCE SA, 4.5000%, 3/15/25ž | 544,000 | 536,719 | |
Capital One Financial Corp, SOFR + 2.2600%, 6.0510%, 2/1/35‡ | 2,481,000 | 2,495,412 | |
Citigroup Inc, US Treasury Yield Curve Rate 5 Year + 3.4170%, 3.8750%‡,μ | 5,310,000 | 5,025,423 | |
Citigroup Inc, US Treasury Yield Curve Rate 5 Year + 3.5970%, 4.0000%‡,μ | 5,000,000 | 4,788,386 | |
Commonwealth Bank of Australia, 3.7840%, 3/14/32ž | 4,985,000 | 4,364,393 | |
Credit Suisse Group AG, SOFR + 3.7300%, 4.1940%, 4/1/31ž,‡ | 2,185,000 | 2,039,752 | |
Discover Financial Services, SOFR + 3.3700%, 7.9640%, 11/2/34‡ | 2,226,000 | 2,504,012 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 11
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Corporate Bonds – (continued) | |||
Banking – (continued) | |||
ING Groep NV, SOFR + 2.0900%, 6.1140%, 9/11/34‡ | $2,990,000 | $3,082,681 | |
Intesa Sanpaolo SpA, 5.7100%, 1/15/26ž | 580,000 | 574,486 | |
JPMorgan Chase & Co, SOFR + 1.1900%, 5.0400%, 1/23/28‡ | 1,892,000 | 1,881,761 | |
JPMorgan Chase & Co, SOFR + 1.0150%, 2.0690%, 6/1/29‡ | 2,955,000 | 2,628,641 | |
JPMorgan Chase & Co, US Treasury Yield Curve Rate 5 Year + 2.8500%, 3.6500%‡,μ | 1,716,000 | 1,623,095 | |
JPMorgan Chase & Co, CME Term SOFR 3 Month + 3.3800%, 5.0000%‡,μ | 1,485,000 | 1,480,753 | |
Morgan Stanley, CME Term SOFR 3 Month + 1.8896%, 4.4310%, 1/23/30‡ | 1,454,000 | 1,406,584 | |
Morgan Stanley, SOFR + 3.1200%, 3.6220%, 4/1/31‡ | 2,740,000 | 2,514,264 | |
Morgan Stanley, US Treasury Yield Curve Rate 5 Year + 2.4300%, 5.9480%, 1/19/38‡ | 1,081,000 | 1,074,702 | |
PNC Financial Services Group Inc/The, SOFR + 2.2840%, 6.8750%, 10/20/34‡ | 3,231,000 | 3,521,361 | |
Societe Generale SA, 4.2500%, 4/14/25ž | 3,623,000 | 3,561,848 | |
Societe Generale SA, 4.7500%, 11/24/25ž | 3,638,000 | 3,565,495 | |
UniCredit SpA, US Treasury Yield Curve Rate 1 Year + 2.3000%, 2.5690%, 9/22/26ž,‡ | 1,583,000 | 1,518,409 | |
US Bancorp, SOFR + 1.8600%, 5.6780%, 1/23/35‡ | 1,439,000 | 1,444,519 | |
72,191,350 | |||
Basic Industry – 1.6% | |||
Compass Minerals International Inc, 6.7500%, 12/1/27ž | 9,878,000 | 9,439,810 | |
First Quantum Minerals Ltd, 9.3750%, 3/1/29ž | 1,594,000 | 1,665,531 | |
Hudbay Minerals Inc, 4.5000%, 4/1/26ž | 6,918,000 | 6,767,296 | |
Mineral Resources Ltd, 9.2500%, 10/1/28ž | 6,885,000 | 7,226,028 | |
Neon Holdings Inc, 10.1250%, 4/1/26ž | 3,021,000 | 2,887,484 | |
Novelis Corp, 3.2500%, 11/15/26ž | 5,800,000 | 5,457,824 | |
Olympus Water US Holding Corp, 7.2500%, 6/15/31ž | 10,365,000 | 10,302,914 | |
Progroup AG, 5.3750%, 4/15/31 | 9,000,000 | EUR | 9,567,825 |
Verde Purchaser LLC, 10.5000%, 11/30/30ž | 10,453,000 | 11,047,817 | |
64,362,529 | |||
Brokerage – 0.7% | |||
Artec Group Inc, 10.0000%, 8/15/30ž | 3,966,000 | 4,313,374 | |
Blue Owl Finance LLC, 6.2500%, 4/18/34ž | 4,458,000 | 4,469,769 | |
Jane Street Group / JSG Finance Inc, 7.1250%, 4/30/31ž | 10,446,000 | 10,712,104 | |
Nasdaq Inc, 4.5000%, 2/15/32 | 6,005,000 | EUR | 6,720,709 |
Nasdaq Inc, 5.5500%, 2/15/34 | 1,352,000 | 1,353,832 | |
27,569,788 | |||
Capital Goods – 1.1% | |||
Alta Equipment Group Inc, 9.0000%, 6/1/29ž,# | 10,301,000 | 9,556,324 | |
Ardagh Metal Packaging SA, 3.0000%, 9/1/29 | 8,863,000 | EUR | 7,663,589 |
Berry Global Inc, 5.6500%, 1/15/34ž | 4,663,000 | 4,554,391 | |
Boeing Co/The, 6.3880%, 5/1/31ž | 2,801,000 | 2,851,577 | |
Bombardier Inc, 7.0000%, 6/1/32ž | 9,259,000 | 9,387,617 | |
Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC, 9.0000%, 2/15/29ž | 7,169,000 | 7,423,600 | |
Regal Rexnord Corp, 6.3000%, 2/15/30 | 1,951,000 | 1,994,593 | |
Regal Rexnord Corp, 6.4000%, 4/15/33 | 1,303,000 | 1,333,210 | |
Velocity Vehicle Group LLC, 8.0000%, 6/1/29ž | 1,472,000 | 1,514,026 | |
46,278,927 | |||
Communications – 0.9% | |||
AT&T Inc, EURIBOR ICE SWAP Rate + 3.1400%, 2.8750%‡,μ | 5,300,000 | EUR | 5,562,151 |
Cable One Inc, 4.0000%, 11/15/30ž,# | 9,933,000 | 7,413,490 | |
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.5500%, 6/1/34 | 8,328,000 | 8,330,769 | |
Iliad Holding SASU, 6.8750%, 4/15/31ž | 9,104,000 | EUR | 9,893,830 |
Netflix Inc, 3.6250%, 6/15/30 | 6,830,000 | EUR | 7,292,415 |
38,492,655 | |||
Consumer Cyclical – 3.8% | |||
Adler Pelzer Holding GmbH, 9.5000%, 4/1/27ž | 6,450,000 | EUR | 6,877,385 |
Aston Martin Capital Holdings Ltd, 10.0000%, 3/31/29ž | 9,452,000 | 9,313,150 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Corporate Bonds – (continued) | |||
Consumer Cyclical – (continued) | |||
Atlas LuxCo 4 Sarl / Allied Universal Holdco LLC / Allied Universal Finance Corp, 4.6250%, 6/1/28ž | $8,666,000 | $7,904,123 | |
CBRE Services Inc, 5.9500%, 8/15/34 | 5,473,000 | 5,540,621 | |
Choice Hotels International Inc, 5.8500%, 8/1/34 | 11,657,000 | 11,489,235 | |
Ford Motor Credit Co LLC, 7.3500%, 11/4/27 | 3,566,000 | 3,715,751 | |
Full House Resorts Inc, 8.2500%, 2/15/28ž | 10,378,000 | 9,942,566 | |
Garrett Motion Holdings Inc / Garrett LX I Sarl, 7.7500%, 5/31/32ž | 7,860,000 | 7,965,497 | |
General Motors Financial Co Inc, ICE LIBOR USD 3 Month + 3.5980%, 5.7500%‡,μ | 13,680,000 | 13,039,050 | |
GLP Capital LP / GLP Financing II Inc, 4.0000%, 1/15/31 | 2,207,000 | 1,978,675 | |
JB Poindexter & Co Inc, 8.7500%, 12/15/31ž | 10,060,000 | 10,422,069 | |
Kohl's Corp, 4.6250%, 5/1/31Ç | 7,649,000 | 6,398,598 | |
LGI Homes Inc, 4.0000%, 7/15/29ž | 10,940,000 | 9,465,853 | |
Lithia Motors Inc, 3.8750%, 6/1/29ž | 3,700,000 | 3,323,633 | |
Lithia Motors Inc, 4.3750%, 1/15/31ž,# | 6,689,000 | 5,954,819 | |
LSF9 Atlantis Holdings LLC / Victra Finance Corp, 7.7500%, 2/15/26ž | 8,375,000 | 8,329,779 | |
Mavis Tire Express Services Corp, 6.5000%, 5/15/29ž,# | 9,493,000 | 8,850,204 | |
NCL Corporation Ltd, 7.7500%, 2/15/29ž,# | 8,470,000 | 8,806,268 | |
Pinnacle Bidco PLC, 8.2500%, 10/11/28ž | 5,150,000 | EUR | 5,845,505 |
VICI Properties LP, 4.9500%, 2/15/30 | 3,425,000 | 3,304,235 | |
VICI Properties LP, 5.1250%, 5/15/32 | 1,327,000 | 1,264,280 | |
Wynn Macau Ltd, 5.1250%, 12/15/29ž | 5,933,000 | 5,374,117 | |
155,105,413 | |||
Consumer Non-Cyclical – 2.8% | |||
Atlas LuxCo 4 Sarl / Allied Universal Holdco LLC / Allied Universal Finance Corp, 4.6250%, 6/1/28ž | 2,787,000 | 2,539,068 | |
Cheplapharm Arzneimittel GmbH, 7.5000%, 5/15/30ž | 12,700,000 | EUR | 14,223,217 |
Hasbro Inc, 6.0500%, 5/14/34 | 9,139,000 | 9,124,409 | |
Heartland Dental LLC / Heartland Dental Finance Corp, 10.5000%, 4/30/28ž | 11,834,000 | 12,561,318 | |
HLF Financing Sarl LLC / Herbalife International Inc, 12.2500%, 4/15/29ž | 4,157,000 | 4,143,520 | |
HLF Financing Sarl LLC / Herbalife International Inc, 4.8750%, 6/1/29ž | 7,721,000 | 5,349,258 | |
JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc, 6.7500%, 3/15/34ž | 5,726,000 | 6,070,178 | |
LifePoint Health Inc, 11.0000%, 10/15/30ž | 4,625,000 | 5,095,677 | |
LifePoint Health Inc, 10.0000%, 6/1/32ž | 6,871,000 | 7,025,000 | |
Mattel Inc, 5.4500%, 11/1/41 | 4,674,000 | 4,197,033 | |
Organon Finance 1 LLC, 5.1250%, 4/30/31ž | 17,733,000 | 15,928,705 | |
Pilgrim's Pride Corp, 6.2500%, 7/1/33 | 8,897,000 | 9,062,956 | |
Royalty Pharma PLC, 5.4000%, 9/2/34 | 7,202,000 | 7,008,639 | |
Solventum Corp, 5.6000%, 3/23/34ž | 7,777,000 | 7,638,373 | |
Universal Health Services Inc, 2.6500%, 1/15/32 | 5,334,000 | 4,351,705 | |
114,319,056 | |||
Electric – 1.4% | |||
Algonquin Power & Utilities Corp, US Treasury Yield Curve Rate 5 Year + 3.2490%, 4.7500%, 1/18/82‡ | 8,480,000 | 7,757,604 | |
American Electric Power Co Inc, US Treasury Yield Curve Rate 5 Year + 2.6750%, 3.8750%, 2/15/62‡ | 3,783,000 | 3,465,806 | |
CMS Energy Corp, US Treasury Yield Curve Rate 5 Year + 4.1160%, 4.7500%, 6/1/50‡ | 2,300,000 | 2,106,209 | |
Duquesne Light Holdings Inc, 2.5320%, 10/1/30ž | 2,108,000 | 1,773,401 | |
IPALCO Enterprises Inc, 4.2500%, 5/1/30 | 2,749,000 | 2,551,604 | |
Liberty Utilities Co, 5.8690%, 1/31/34ž | 6,845,000 | 6,849,509 | |
NRG Energy Inc, 7.0000%, 3/15/33ž | 10,205,000 | 10,772,418 | |
Vistra Operations Co LLC, 6.8750%, 4/15/32ž | 6,133,000 | 6,226,050 | |
Vistra Operations Co LLC, 6.9500%, 10/15/33ž | 8,264,000 | 8,844,843 | |
Xcel Energy Inc, 4.6000%, 6/1/32 | 3,240,000 | 3,029,581 | |
Xcel Energy Inc, 5.4500%, 8/15/33 | 5,916,000 | 5,812,053 | |
59,189,078 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 13
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Corporate Bonds – (continued) | |||
Energy – 2.3% | |||
Blue Racer Midstream LLC / Blue Racer Finance Corp, 7.2500%, 7/15/32ž | $3,119,000 | $3,206,795 | |
DT Midstream Inc, 4.1250%, 6/15/29ž | 7,432,000 | 6,866,023 | |
EnLink Midstream Partners LP, CME Term SOFR 3 Month + 4.3716%, 9.7108%‡,μ | 7,858,000 | 7,791,139 | |
FTAI Infra Escrow Holdings LLC, 10.5000%, 6/1/27ž | 13,378,000 | 14,164,185 | |
Hess Midstream Operations LP, 4.2500%, 2/15/30ž | 15,018,000 | 13,785,165 | |
Howard Midstream Energy Partners LLC, 7.3750%, 7/15/32ž | 12,671,000 | 12,868,096 | |
SM Energy Co, 5.6250%, 6/1/25 | 8,923,000 | 8,884,678 | |
Sunoco LP / Sunoco Finance Corp, 4.5000%, 4/30/30 | 8,262,000 | 7,642,595 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 5.5000%, 1/15/28ž | 5,739,000 | 5,490,721 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 6.0000%, 9/1/31ž | 1,155,000 | 1,079,402 | |
Venture Global LNG Inc, 9.5000%, 2/1/29ž | 6,486,666 | 7,103,525 | |
Viper Energy Partners LP, 7.3750%, 11/1/31ž | 6,090,000 | 6,307,340 | |
95,189,664 | |||
Finance Companies – 1.3% | |||
Blackstone Private Credit Fund, 6.2500%, 1/25/31ž | 5,660,000 | 5,627,492 | |
Blackstone Secured Lending Fund, 5.8750%, 11/15/27 | 3,916,000 | 3,887,544 | |
goeasy Ltd, 7.6250%, 7/1/29ž | 7,091,000 | 7,232,962 | |
Macquarie Airfinance Holdings Ltd, 6.5000%, 3/26/31ž | 9,650,000 | 9,923,230 | |
Navient Corp, 9.3750%, 7/25/30 | 8,997,000 | 9,460,111 | |
Oaktree Strategic Credit Fund, 8.4000%, 11/14/28ž | 1,905,000 | 2,013,604 | |
OWL Rock Core Income Corp, 4.7000%, 2/8/27 | 5,509,000 | 5,242,253 | |
PennyMac Financial Services Inc, 5.7500%, 9/15/31ž | 8,000,000 | 7,491,353 | |
Sixth Street Lending Partners, 6.5000%, 3/11/29ž | 3,515,000 | 3,475,010 | |
54,353,559 | |||
Financial Institutions – 0.7% | |||
Burford Capital Global Finance LLC, 6.2500%, 4/15/28ž | 4,962,000 | 4,796,460 | |
Burford Capital Global Finance LLC, 6.8750%, 4/15/30ž | 4,025,000 | 3,952,132 | |
GGAM Finance Ltd, 8.0000%, 6/15/28ž | 10,154,000 | 10,694,660 | |
Sagax AB, 1.1250%, 1/30/27 | 899,000 | EUR | 891,799 |
Sagax EURO MTN, 0.7500%, 1/26/28 | 7,196,000 | EUR | 6,840,731 |
27,175,782 | |||
Government Guarantee – 0.4% | |||
Ecopetrol SA, 8.3750%, 1/19/36 | 4,223,000 | 4,148,027 | |
Georgian Railway JSC, 4.0000%, 6/17/28 | 5,457,000 | 4,800,168 | |
Petroleos Mexicanos, 5.9500%, 1/28/31 | 10,596,000 | 8,538,944 | |
17,487,139 | |||
Independent Power and Renewable Electricity Producers – 0.2% | |||
NextEra Energy Partners LP, 2.5000%, 6/15/26ž | 10,151,000 | 9,262,820 | |
Insurance – 1.1% | |||
Aon North America Inc, 5.7500%, 3/1/54 | 4,133,000 | 4,042,302 | |
Arthur J Gallagher & Co, 6.5000%, 2/15/34 | 5,565,000 | 5,888,575 | |
Athene Global Funding, 2.6460%, 10/4/31ž | 5,897,000 | 4,845,756 | |
Broadstreet Partners Inc, 5.8750%, 4/15/29ž | 10,225,000 | 9,540,779 | |
Brown & Brown Inc, 4.9500%, 3/17/52 | 2,207,000 | 1,877,223 | |
Centene Corp, 3.3750%, 2/15/30 | 9,799,000 | 8,697,726 | |
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC, 7.2500%, 2/15/31ž | 4,074,000 | 4,043,544 | |
Humana Inc, 5.3750%, 4/15/31 | 7,809,000 | 7,767,538 | |
46,703,443 | |||
Mortgage Assets – 0.1% | |||
Banco La Hipotecaria SA, 4.1250%, 12/15/24ž | 5,000,000 | 4,965,087 | |
Natural Gas – 0.3% | |||
Engie SA, 5.8750%, 4/10/54ž | 1,784,000 | 1,718,207 | |
NiSource Inc, US Treasury Yield Curve Rate 5 Year + 2.4510%, 6.9500%, 11/30/54‡ | 11,335,000 | 11,387,118 | |
13,105,325 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
14 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Corporate Bonds – (continued) | |||
Real Estate Investment Trusts (REITs) – 0.5% | |||
Broadstone Net Lease LLC, 2.6000%, 9/15/31 | $5,585,000 | $4,438,320 | |
Lexington Realty Trust, 2.7000%, 9/15/30 | 2,280,000 | 1,923,639 | |
Rithm Capital Corp, 8.0000%, 4/1/29ž | 9,567,000 | 9,286,910 | |
Starwood Property Trust Inc, 7.2500%, 4/1/29ž,# | 2,893,000 | 2,924,017 | |
18,572,886 | |||
Technology – 1.9% | |||
Austin BidCo Inc, 7.1250%, 12/15/28ž | 8,552,000 | 7,869,805 | |
CA Magnum Holdings, 5.3750%, 10/31/26ž | 6,237,000 | 5,935,781 | |
Cloud Software Group Inc, 6.5000%, 3/31/29ž | 11,716,000 | 11,251,047 | |
Constellation Software Inc/Canada, 5.4610%, 2/16/34ž | 1,800,000 | 1,800,221 | |
Equinix Europe 2 Financing Corporation LLC, 5.5000%, 6/15/34 | 9,766,000 | 9,750,132 | |
Foundry JV Holdco LLC, 6.1500%, 1/25/32ž | 2,528,000 | 2,576,953 | |
Foundry JV Holdco LLC, 5.8750%, 1/25/34ž | 6,173,000 | 6,120,219 | |
Gartner Inc, 3.7500%, 10/1/30ž | 5,925,000 | 5,313,774 | |
Iron Mountain Inc, 4.5000%, 2/15/31ž | 3,754,000 | 3,388,648 | |
RingCentral Inc, 8.5000%, 8/15/30ž | 8,801,000 | 9,185,832 | |
Trimble Inc, 6.1000%, 3/15/33 | 4,883,000 | 5,056,385 | |
Western Digital Corp, 2.8500%, 2/1/29 | 9,546,000 | 8,284,211 | |
76,533,008 | |||
Transportation – 0.5% | |||
Cargo Aircraft Management Inc, 4.7500%, 2/1/28ž | 10,151,000 | 9,415,466 | |
Rand Parent LLC, 8.5000%, 2/15/30ž,# | 12,049,000 | 12,198,540 | |
21,614,006 | |||
Total Corporate Bonds (cost $957,709,403) | 962,471,515 | ||
Promissory Notes – 0.2% | |||
Development – 0.2% | |||
University of Michigan Student Housing Land Loan, 13.0000%, 3/7/25¢ (cost $6,277,953) | 6,277,953 | 6,277,953 | |
Foreign Government Bonds – 3.2% | |||
Arab Republic of Egypt Government Bond, 8.7500%, 9/30/51 | 5,208,000 | 3,912,281 | |
Commonwealth of the Bahamas Government Bond, 6.0000%, 11/21/28 | 3,391,000 | 2,962,886 | |
Dominican Republic Government Bond, 5.5000%, 2/22/29 | 10,497,000 | 10,126,166 | |
Government of Jamaica/The Bond, 8.0000%, 3/15/39 | 8,443,000 | 9,859,264 | |
Mongolia Government Bond, 5.1250%, 4/7/26 | 2,185,000 | 2,113,988 | |
Mongolia Government Bond, 3.5000%, 7/7/27 | 1,705,000 | 1,531,090 | |
Mongolia Government Bond, 4.4500%, 7/7/31 | 5,601,000 | 4,707,641 | |
Republic of Angola Government Bond, 8.0000%, 11/26/29 | 6,052,000 | 5,437,117 | |
Republic of Benin Government Bond, 4.8750%, 1/19/32 | 1,317,000 | EUR | 1,179,452 |
Republic of Benin Government Bond, 4.9500%, 1/22/35 | 2,400,000 | EUR | 2,030,239 |
Republic of Colombia Government Bond, 3.0000%, 1/30/30 | 3,510,000 | 2,867,703 | |
Republic of Colombia Government Bond, 3.1250%, 4/15/31 | 3,160,000 | 2,487,075 | |
Republic of Columbia Government Bond, 3.2500%, 4/22/32 | 6,867,000 | 5,253,124 | |
Republic of Costa Rica Government Bond, 7.1580%, 3/12/45 | 10,952,000 | 11,349,010 | |
Republic of Cote d'Ivoire Government Bond, 7.6250%, 1/30/33 | 4,330,000 | 4,200,100 | |
Republic of Georgia Government Bond, 2.7500%, 4/22/26 | 2,880,000 | 2,643,252 | |
Republic of Montenegro Government Bond, 7.2500%, 3/12/31ž | 1,790,000 | 1,795,370 | |
Republic of Mozambique Government Bond, 9.0000%, 9/15/31Ç | 2,682,000 | 2,215,893 | |
Republic of North Macedonia Government Bond, 6.9600%, 3/13/27 | 2,758,000 | EUR | 3,059,319 |
Republic of North Macedonia Government Bond, 1.6250%, 3/10/28 | 8,261,000 | EUR | 7,690,068 |
Republic of Trinidad & Tobago Government Bond, 6.4000%, 6/26/34ž | 12,919,000 | 12,809,265 | |
Republic of Turkiye Government Bond, 5.8750%, 5/21/30 | 8,045,000 | EUR | 8,625,796 |
Republic of Uzbekistan Government Bond, 7.8500%, 10/12/28ž | 5,692,000 | 5,871,127 | |
Republic of Uzbekistan Government Bond, 3.9000%, 10/19/31ž | 3,560,000 | 2,890,941 | |
Romania Government Bond, 5.2500%, 5/30/32ž | 5,520,000 | EUR | 5,760,086 |
Romania Government Bond, 2.0000%, 4/14/33 | 4,900,000 | EUR | 3,935,195 |
Romania Government Bond, 6.3750%, 1/30/34 | 4,034,000 | 4,057,026 | |
Total Foreign Government Bonds (cost $131,896,414) | 131,370,474 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 15
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Mortgage-Backed Securities – 22.9% | |||
Fannie Mae: | |||
2.5000%, TBA, 30 Year Maturity | $8,292,606 | $6,771,452 | |
3.0000%, TBA, 30 Year Maturity | 127,088,381 | 108,085,999 | |
3.5000%, TBA, 30 Year Maturity | 71,576,875 | 63,327,998 | |
4.0000%, TBA, 30 Year Maturity | 152,830,871 | 139,827,104 | |
4.5000%, TBA, 30 Year Maturity | 92,479,774 | 87,180,775 | |
5.0000%, TBA, 30 Year Maturity | 46,478,352 | 44,909,987 | |
5.5000%, TBA, 30 Year Maturity | 103,800,556 | 102,336,968 | |
6.0000%, TBA, 30 Year Maturity | 104,538,000 | 104,812,935 | |
6.5000%, TBA, 30 Year Maturity | 9,400,000 | 9,565,628 | |
666,818,846 | |||
Fannie Mae Pool: | |||
3.0000%, 10/1/34 | 112,408 | 104,924 | |
6.0000%, 2/1/37 | 536 | 554 | |
3.0000%, 9/1/42 | 903,677 | 798,442 | |
3.0000%, 1/1/43 | 1,168,972 | 1,032,843 | |
3.0000%, 2/1/43 | 470,175 | 415,422 | |
3.0000%, 2/1/43 | 32,387 | 28,577 | |
3.0000%, 3/1/43 | 1,487,558 | 1,312,574 | |
3.0000%, 3/1/43 | 421,398 | 371,829 | |
3.0000%, 5/1/43 | 345,765 | 305,092 | |
3.0000%, 5/1/43 | 1,751 | 1,545 | |
5.0000%, 7/1/44 | 4,680 | 4,629 | |
4.5000%, 10/1/44 | 3,118 | 3,025 | |
4.5000%, 3/1/45 | 4,848 | 4,703 | |
3.0000%, 7/1/45 | 1,796,408 | 1,585,094 | |
4.5000%, 2/1/46 | 6,850 | 6,646 | |
3.0000%, 9/1/46 | 841,954 | 743,907 | |
3.0000%, 11/1/46 | 298,491 | 259,650 | |
3.0000%, 1/1/47 | 44,761 | 38,937 | |
4.0000%, 5/1/47 | 731,161 | 682,234 | |
3.5000%, 1/1/48 | 2,644 | 2,393 | |
4.0000%, 1/1/48 | 10,189 | 9,507 | |
3.5000%, 3/1/48 | 2,889,318 | 2,600,085 | |
4.0000%, 3/1/48 | 3,055 | 2,848 | |
4.5000%, 12/1/48 | 456,491 | 438,784 | |
3.0000%, 9/1/49 | 331,622 | 291,381 | |
4.5000%, 12/1/50 | 4,530,490 | 4,331,903 | |
4.0000%, 10/1/51 | 24,507,049 | 22,733,260 | |
5.0000%, 6/1/53 | 7,875,995 | 7,732,133 | |
5.5000%, 6/1/53 | 9,524,123 | 9,479,336 | |
5.5000%, 6/1/53 | 150,751 | 150,007 | |
5.0000%, 7/1/53 | 26,840,258 | 26,306,364 | |
5.5000%, 7/1/53 | 432,660 | 430,012 | |
5.5000%, 7/1/53 | 260,388 | 259,063 | |
5.5000%, 9/1/53 | 14,785,435 | 14,709,025 | |
5.0000%, 12/1/53 | 498,387 | 488,822 | |
3.0000%, 2/1/57 | 4,700,797 | 3,953,939 | |
3.0000%, 6/1/57 | 20,300 | 17,051 | |
101,636,540 | |||
Freddie Mac Pool: | |||
3.0000%, 5/1/31 | 1,015,291 | 964,507 | |
3.0000%, 9/1/32 | 170,223 | 160,277 | |
3.0000%, 1/1/33 | 92,309 | 86,829 | |
3.0000%, 10/1/34 | 280,692 | 262,027 | |
3.0000%, 10/1/34 | 136,357 | 127,280 | |
6.0000%, 4/1/40 | 11,267 | 11,660 | |
3.0000%, 2/1/43 | 3,399 | 2,999 | |
3.0000%, 11/1/43 | 3,769,105 | 3,330,187 | |
4.5000%, 5/1/44 | 2,284 | 2,209 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
16 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Mortgage-Backed Securities – (continued) | |||
Freddie Mac Pool – (continued) | |||
3.5000%, 7/1/46 | $2,152 | $1,952 | |
4.0000%, 3/1/47 | 5,988 | 5,592 | |
3.5000%, 12/1/47 | 36,218 | 32,732 | |
3.5000%, 2/1/48 | 2,317 | 2,091 | |
4.0000%, 4/1/48 | 1,266 | 1,179 | |
4.5000%, 4/1/49 | 1,080,766 | 1,033,461 | |
4.0000%, 5/1/49 | 3,986,254 | 3,694,787 | |
3.5000%, 8/1/49 | 1,815,550 | 1,626,064 | |
3.0000%, 12/1/49 | 486,926 | 420,104 | |
3.0000%, 12/1/49 | 261,631 | 225,726 | |
4.5000%, 10/1/50 | 2,651,797 | 2,535,559 | |
5.5000%, 10/1/52 | 126,208 | 125,878 | |
5.0000%, 7/1/53 | 10,573,645 | 10,363,319 | |
5.5000%, 7/1/53 | 1,945,749 | 1,933,842 | |
5.5000%, 7/1/53 | 1,251,837 | 1,244,176 | |
5.0000%, 9/1/53 | 328,846 | 322,038 | |
6.0000%, 9/1/53 | 15,692,147 | 15,900,375 | |
5.0000%, 10/1/53 | 22,068,257 | 21,643,013 | |
66,059,863 | |||
Ginnie Mae: | |||
3.5000%, TBA, 30 Year Maturity | 98,660,539 | 88,612,654 | |
4.0000%, TBA, 30 Year Maturity | 16,054,402 | 14,836,444 | |
5.0000%, TBA, 30 Year Maturity | 7,343,765 | 7,150,203 | |
110,599,301 | |||
Ginnie Mae I Pool: | |||
4.5000%, 8/15/46 | 9,506 | 9,144 | |
4.0000%, 7/15/47 | 2,871 | 2,674 | |
4.0000%, 8/15/47 | 337 | 316 | |
4.0000%, 11/15/47 | 576 | 537 | |
4.0000%, 12/15/47 | 1,797 | 1,674 | |
14,345 | |||
Ginnie Mae II Pool: | |||
4.5000%, 2/20/48 | 89,543 | 86,178 | |
4.5000%, 5/20/48 | 2,080 | 2,002 | |
4.5000%, 5/20/48 | 798 | 768 | |
88,948 | |||
Total Mortgage-Backed Securities (cost $956,586,743) | 945,217,843 | ||
Common Stocks – 0.4% | |||
Health Care Providers & Services – 0.1% | |||
Surgery Partners Inc* | 172,012 | 4,092,165 | |
Professional Services – 0% | |||
Clarivate Analytics PLC* | 4,217 | 23,995 | |
Semiconductor & Semiconductor Equipment – 0.3% | |||
Advanced Micro Devices Inc* | 37,118 | 6,020,911 | |
Marvell Technology Inc | 83,936 | 5,867,126 | |
11,888,037 | |||
Total Common Stocks (cost $17,592,541) | 16,004,197 | ||
Preferred Stocks – 0% | |||
Consumer Cyclical – 0% | |||
Quiksilver Inc¢ | 12,688 | 10,785 | |
Finance Companies – 0% | |||
Castlelake Aircraft Securitization Trust 2018-1, 6/15/43‡ | 1,000,000 | 20,000 | |
Industrial – 0% | |||
Project Silver, 3/15/44ž | 1,500,000 | 138,750 | |
START Ireland, 3/15/44ž,‡ | 1,500,000 | 450,000 | |
Thunderbolt II Aircraft Lease Ltd, 9/15/38 | 10 | 157,034 | |
Thunderbolt III Aircraft Lease Ltd, 11/15/39ž,‡ | 5,000,000 | 250,000 | |
995,784 | |||
Total Preferred Stocks (cost $11,018,746) | 1,026,569 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 17
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Convertible Preferred Stocks – 0% | |||
Chemicals – 0% | |||
Albemarle Corp, 7.2500%, 3/1/27 (cost $2,093,600) | 41,872 | $1,953,748 | |
Private Preferred Equity – 0.1% | |||
Real Estate Preferred Equity – 0.1% | |||
Dawson Forest, 13.0000% (6.50% Cash or 6.50% PIK), 4/2/29Ø,¢ (cost $4,047,828) | 4,047,828 | 4,047,828 | |
Investment Companies – 3.6% | |||
Money Markets – 3.6% | |||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº,£ (cost $148,169,315) | 148,139,687 | 148,169,315 | |
Investments Purchased with Cash Collateral from Securities Lending – 0.4% | |||
Investment Companies – 0.3% | |||
Janus Henderson Cash Collateral Fund LLC, 5.2795%ºº,£ | 13,805,716 | 13,805,716 | |
Time Deposits – 0.1% | |||
Royal Bank of Canada, 5.3100%, 7/1/24 | $3,451,429 | 3,451,429 | |
Total Investments Purchased with Cash Collateral from Securities Lending (cost $17,257,145) | 17,257,145 | ||
Total Investments (total cost $5,031,116,145) – 120.5% | 4,975,264,766 | ||
Liabilities, net of Cash, Receivables and Other Assets – (20.5)% | (847,359,903) | ||
Net Assets – 100% | $4,127,904,863 | ||
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
18 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Summary of Investments by Country - (Long Positions) (unaudited) | ||
Country | Value | % of Investment Securities |
United States | $4,452,723,763 | 89.5 % |
Cayman Islands | 64,144,245 | 1.3 |
Canada | 62,693,924 | 1.3 |
United Kingdom | 55,664,243 | 1.1 |
France | 50,334,580 | 1.0 |
Germany | 30,668,427 | 0.6 |
Luxembourg | 21,689,017 | 0.4 |
Jersey | 14,845,066 | 0.3 |
Colombia | 14,755,929 | 0.3 |
Romania | 13,752,307 | 0.3 |
Trinidad and Tobago | 12,809,265 | 0.3 |
Netherlands | 12,000,751 | 0.2 |
Ireland | 11,659,608 | 0.2 |
Australia | 11,590,421 | 0.2 |
Costa Rica | 11,349,010 | 0.2 |
Macedonia The Former Yugoslav Republic Of | 10,749,387 | 0.2 |
Dominican Republic | 10,126,166 | 0.2 |
Jamaica | 9,859,264 | 0.2 |
Uzbekistan | 8,762,068 | 0.2 |
Turkey | 8,625,796 | 0.2 |
Mexico | 8,538,944 | 0.2 |
Mongolia | 8,352,719 | 0.2 |
Sweden | 7,732,530 | 0.2 |
Georgia | 7,443,420 | 0.2 |
Peru | 6,767,296 | 0.1 |
India | 5,935,781 | 0.1 |
Angola | 5,437,117 | 0.1 |
Macao | 5,374,117 | 0.1 |
Panama | 4,965,087 | 0.1 |
Cote D'Ivoire | 4,200,100 | 0.1 |
Egypt | 3,912,281 | 0.1 |
Benin | 3,209,691 | 0.1 |
Bahamas | 2,962,886 | 0.1 |
Mozambique | 2,215,893 | 0.1 |
Italy | 2,092,895 | 0.0 |
Switzerland | 2,039,752 | 0.0 |
Montenegro | 1,795,370 | 0.0 |
Zambia | 1,665,531 | 0.0 |
Finland | 1,370,119 | 0.0 |
Bermuda | 450,000 | 0.0 |
Total | $4,975,264,766 | 100.0 % |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 19
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Schedule of Affiliated Investments - (% of Net Assets) | ||||||||
Affiliate | Affiliated Investments, at Value at 6/30/23 | Purchases | Sales Proceeds | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Affiliated Investments, at Value at 6/30/24 | Ending Shares | Dividend Income |
Investment Companies - 3.6% | ||||||||
Money Markets - 3.6% | ||||||||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº | ||||||||
$136,328,921 | $1,695,831,320 | $(1,683,990,300) | $(980) | $354 | $148,169,315 | 148,139,687 | $7,019,587 | |
Investments Purchased with Cash Collateral from Securities Lending - 0.3% | ||||||||
Investment Companies - 0.3% | ||||||||
Janus Henderson Cash Collateral Fund LLC, 5.2795%ºº | ||||||||
14,706,842 | 114,686,230 | (115,587,356) | - | - | 13,805,716 | 13,805,716 | 181,750 ∆ | |
Total Affiliated Investments - 3.9% | ||||||||
$151,035,763 | $1,810,517,550 | $(1,799,577,656) | $(980) | $354 | $161,975,031 | 161,945,403 | $7,201,337 | |
Schedule of Forward Foreign Currency Exchange Contracts | ||||
Counterparty/ Foreign Currency | Settlement Date | Foreign Currency Amount (Sold)/ Purchased | USD Currency Amount (Sold)/ Purchased | Market Value and Unrealized Appreciation/ (Depreciation) |
BNP Paribas: | ||||
British Pound | 8/8/24 | 5,947,973 | $(7,564,209) | $(44,617) |
British Pound | 8/8/24 | (5,947,973) | 7,548,211 | 28,619 |
Canadian Dollar | 8/8/24 | 20,583 | (15,045) | 17 |
Canadian Dollar | 8/8/24 | 20,583 | (15,117) | (55) |
Canadian Dollar | 8/8/24 | (4,853,986) | 3,569,160 | 17,223 |
Euro | 8/8/24 | 9,967,275 | (10,854,871) | (161,022) |
Euro | 8/8/24 | (180,195,846) | 196,462,705 | 3,131,278 |
Euro | 8/8/24 | 2,552,515 | (2,731,827) | 6,757 |
Total | $2,978,200 | |||
Schedule of Futures | ||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/(Depreciation) |
Futures Long: | ||||
10 Year US Treasury Note | 2,920 | 9/30/24 | $321,154,375 | $5,482,805 |
2 Year US Treasury Note | 1,548 | 10/3/24 | 316,130,625 | 1,100,539 |
5 Year US Treasury Note | 6,990 | 10/3/24 | 744,981,094 | 6,771,765 |
Total - Futures Long | 13,355,109 | |||
Futures Short: | ||||
Ultra 10-Year Treasury Note | 1,589 | 9/30/24 | (180,401,156) | (3,815,858) |
Ultra Long Term US Treasury Bond | 80 | 9/30/24 | (10,027,500) | (378,353) |
US Treasury Long Bond | 59 | 9/30/24 | (6,980,438) | (217,937) |
Total - Futures Short | (4,412,148) | |||
Total | $8,942,961 | |||
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
20 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of June 30, 2024.
Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2024 | |||
Currency Contracts | Interest Rate Contracts | Total | |
Asset Derivatives: | |||
Forward foreign currency exchange contracts | $3,183,894 | $- | $3,183,894 |
*Futures contracts | 13,355,109 | $13,355,109 | |
Total Asset Derivatives | $3,183,894 | $13,355,109 | $16,539,003 |
Liability Derivatives: | |||
Forward foreign currency exchange contracts | $205,694 | $- | $205,694 |
*Futures contracts | 4,412,148 | $4,412,148 | |
Total Liability Derivatives | $205,694 | $4,412,148 | $4,617,842 |
* | The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended June 30, 2024.
The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended June 30, 2024 | ||||
Amount of Realized Gain/(Loss) Recognized on Derivatives | ||||
Derivative | Credit Contracts | Currency Contracts | Interest Rate Contracts | Total |
Futures contracts | $- | $- | $(55,078,456) | $(55,078,456) |
Forward foreign currency exchange contracts | - | 2,318,297 | - | $2,318,297 |
Swap contracts | 89,457 | - | - | $89,457 |
Total | $89,457 | $2,318,297 | $(55,078,456) | $(52,670,702) |
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives | |||
Derivative | Currency Contracts | Interest Rate Contracts | Total |
Futures contracts | $- | $17,265,427 | $17,265,427 |
Forward foreign currency exchange contracts | 3,028,917 | - | $3,028,917 |
Total | $3,028,917 | $17,265,427 | $20,294,344 |
Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund’s Statement of Operations.
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 21
Janus Henderson Multi-Sector Income Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Average Ending Monthly Value of Derivative Instruments During the Year Ended June 30, 2024 | |
Credit default swaps: | |
Average notional amount - buy protection | $40,984,615 |
Forward foreign currency exchange contracts: | |
Average amounts purchased - in USD | 8,179,697 |
Average amounts sold - in USD | 130,775,287 |
Futures contracts: | |
Average notional amount of contracts - long | 1,168,215,620 |
Average notional amount of contracts - short | 405,548,575 |
Offsetting of Financial Assets and Derivative Assets | ||||
Counterparty | Gross Amounts of Recognized Assets | Offsetting Asset or Liability(a) | Collateral Pledged(b) | Net Amount |
BNP Paribas | $3,183,894 | $(205,694) | $— | $2,978,200 |
JPMorgan Chase Bank, National Association | 16,576,654 | — | (16,576,654) | — |
Total | $19,760,548 | $(205,694) | $(16,576,654) | $2,978,200 |
Offsetting of Financial Liabilities and Derivative Liabilities | ||||
Counterparty | Gross Amounts of Recognized Liabilities | Offsetting Asset or Liability(a) | Collateral Pledged(b) | Net Amount |
BNP Paribas | $205,694 | $(205,694) | $— | $— |
(a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
(b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
22 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
EURIBOR | Euro Interbank Offered Rate |
ICE | Intercontinental Exchange |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
MTN | Medium Term Note |
PIK | Pay-in-kind (PIK) bonds give the issuer an option to make the interest payment in cash or additional securities. |
PLC | Public Limited Company |
SOFR | Secured Overnight Financing Rate |
TBA | (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when specific mortgage pools are assigned. |
ULC | Unlimited Liability Company |
ž | Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the year ended June 30, 2024 is $2,880,455,383, which represents 69.8% of net assets. |
* | Non-income producing security. |
ƒ | All or a portion of this position is not funded, or has been purchased on a delayed delivery or when-issued basis. If applicable, interest rates will be determined and interest will begin to accrue at a future date. See Notes to Financial Statements. |
‡ | Variable or floating rate security. Rate shown is the current rate as of June 30, 2024. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description. |
ºº | Rate shown is the 7-day yield as of June 30, 2024. |
# | Loaned security; a portion of the security is on loan at June 30, 2024. |
μ | Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date. |
Ç | Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate. |
◊ | Zero coupon bond. |
¤ | Interest only security. An interest only security represents the interest only portion of a pool of underlying mortgages or mortgage-backed securities which are separated and sold individually from the principal portion of the securities. Principal amount shown represents the par value on which interest payments are based. |
Ø | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
€ | Security is in default, thus not accruing interest income. The rate and maturity date shown is as of the contractual maturity date. |
¢ | Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the year ended June 30, 2024 is $10,336,566, which represents 0.3% of net assets. |
£ | The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. |
∆ | Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
Janus Investment Fund | 23
Janus Henderson Multi-Sector Income Fund
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2024. See Notes to Financial Statements for more information.
Valuation Inputs Summary | |||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | |
Assets | |||
Investments In Securities: | |||
Asset-Backed/Commercial Mortgage-Backed Securities | $- | $2,298,511,713 | $- |
Bank Loans and Mezzanine Loans | - | 442,956,466 | - |
Corporate Bonds | - | 962,471,515 | - |
Promissory Notes | - | - | 6,277,953 |
Foreign Government Bonds | - | 131,370,474 | - |
Mortgage-Backed Securities | - | 945,217,843 | - |
Common Stocks | 16,004,197 | - | - |
Preferred Stocks | - | 1,015,784 | 10,785 |
Convertible Preferred Stocks | 1,953,748 | - | - |
Private Preferred Equity | - | - | 4,047,828 |
Investment Companies | - | 148,169,315 | - |
Investments Purchased with Cash Collateral from Securities Lending | - | 17,257,145 | - |
Total Investments in Securities | $17,957,945 | $4,946,970,255 | $10,336,566 |
Other Financial Instruments(a): | |||
Forward Foreign Currency Exchange Contracts | - | 3,183,894 | - |
Futures Contracts | 13,355,109 | - | - |
Total Assets | $31,313,054 | $4,950,154,149 | $10,336,566 |
Liabilities | |||
Other Financial Instruments(a): | |||
Forward Foreign Currency Exchange Contracts | $- | $205,694 | $- |
Futures Contracts | 4,412,148 | - | - |
Total Liabilities | $4,412,148 | $205,694 | $- |
(a) | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |
24 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Assets: | |
Unaffiliated investments, at value (cost $4,869,141,114)(1) | $4,813,289,735 |
Affiliated investments, at value (cost $161,975,031) | 161,975,031 |
Cash | 3,391,672 |
Collateral for To Be Announced transactions | 1,000,000 |
Deposits with brokers for futures | 13,710,000 |
Forward foreign currency exchange contracts | 3,183,894 |
Cash denominated in foreign currency (cost $275,900) | 275,900 |
Variation margin receivable on futures contracts | 961,172 |
Trustees' deferred compensation | 113,119 |
Receivables: | |
Investments sold | 39,991,507 |
Interest | 32,744,490 |
Fund shares sold | 8,021,336 |
Dividends from affiliates | 557,163 |
Dividends | 39,228 |
Other assets | 539,211 |
Total Assets | 5,079,793,458 |
Liabilities: | |
Collateral for securities loaned (Note 3) | 17,257,145 |
Forward foreign currency exchange contracts | 205,694 |
Variation margin payable on futures contracts | 1,576,438 |
Payables: | |
TBA investments purchased | 782,762,835 |
Investments purchased | 135,412,342 |
Fund shares repurchased | 11,247,109 |
Advisory fees | 1,862,548 |
Dividends | 560,548 |
Transfer agent fees and expenses | 486,065 |
Trustees' deferred compensation fees | 113,119 |
Professional fees | 91,875 |
12b-1 Distribution and shareholder servicing fees | 65,712 |
Trustees' fees and expenses | 19,800 |
Affiliated fund administration fees payable | 8,392 |
Custodian fees | 4,005 |
Accrued expenses and other payables | 214,968 |
Total Liabilities | 951,888,595 |
Commitments and contingent liabilities (Note 4) | |
Net Assets | $4,127,904,863 |
See footnotes at the end of the Statement.
See Notes to Financial Statements.
Janus Investment Fund | 25
Janus Henderson Multi-Sector Income Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Net Assets Consist of: | |
Capital (par value and paid-in surplus) | $4,616,588,769 |
Total distributable earnings (loss) | (488,683,906) |
Total Net Assets | $4,127,904,863 |
Net Assets - Class A Shares | $49,636,820 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 5,822,251 |
Net Asset Value Per Share(2) | $8.53 |
Maximum Offering Price Per Share(3) | $8.96 |
Net Assets - Class C Shares | $67,406,980 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 7,904,375 |
Net Asset Value Per Share(2) | $8.53 |
Net Assets - Class D Shares | $96,045,947 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 11,262,235 |
Net Asset Value Per Share | $8.53 |
Net Assets - Class I Shares | $3,750,735,717 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 439,932,695 |
Net Asset Value Per Share | $8.53 |
Net Assets - Class N Shares | $79,742,809 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 9,350,533 |
Net Asset Value Per Share | $8.53 |
Net Assets - Class S Shares | $3,516,635 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 412,648 |
Net Asset Value Per Share | $8.52 |
Net Assets - Class T Shares | $80,819,955 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 9,480,529 |
Net Asset Value Per Share | $8.52 |
(1) | Includes $16,576,654 of securities on loan. See Note 3 in Notes to Financial Statements. |
(2) | Redemption price per share may be reduced for any applicable contingent deferred sales charge. |
(3) | Maximum offering price is computed at 100/95.25 of net asset value. |
See Notes to Financial Statements.
26 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Investment Income: | |
Interest | $257,254,593 |
Dividends from affiliates | 7,019,587 |
Affiliated securities lending income, net | 181,750 |
Dividends | 158,005 |
Unaffiliated securities lending income, net | 48,084 |
Other income | 1,361,408 |
Foreign tax withheld | (608) |
Total Investment Income | 266,022,819 |
Expenses: | |
Advisory fees | 19,108,280 |
12b-1 Distribution and shareholder servicing fees: | |
Class A Shares | 101,997 |
Class C Shares | 581,529 |
Class S Shares | 6,775 |
Transfer agent administrative fees and expenses: | |
Class D Shares | 100,575 |
Class S Shares | 6,775 |
Class T Shares | 208,034 |
Transfer agent networking and omnibus fees: | |
Class A Shares | 24,225 |
Class C Shares | 44,899 |
Class I Shares | 3,050,593 |
Other transfer agent fees and expenses: | |
Class A Shares | 2,042 |
Class C Shares | 2,368 |
Class D Shares | 12,609 |
Class I Shares | 135,836 |
Class N Shares | 3,500 |
Class S Shares | 51 |
Class T Shares | 916 |
Registration fees | 317,388 |
Shareholder reports expense | 207,266 |
Professional fees | 131,781 |
Affiliated fund administration fees | 85,952 |
Trustees' fees and expenses | 75,506 |
Custodian fees | 64,703 |
Other expenses | 509,574 |
Total Expenses | 24,783,174 |
Less: Excess Expense Reimbursement and Waivers | (9,113) |
Net Expenses | 24,774,061 |
Net Investment Income/(Loss) | 241,248,758 |
See Notes to Financial Statements.
Janus Investment Fund | 27
Janus Henderson Multi-Sector Income Fund
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Net Realized Gain/(Loss) on Investments: | |
Investments and foreign currency transactions | $(71,209,389) |
Investments in affiliates | (980) |
Forward foreign currency exchange contracts | 2,318,297 |
Futures contracts | (55,078,456) |
Swap contracts | 89,457 |
Total Net Realized Gain/(Loss) on Investments | (123,881,071) |
Change in Unrealized Net Appreciation/Depreciation: | |
Investments, foreign currency translations and Trustees' deferred compensation | 144,761,964 |
Investments in affiliates | 354 |
Forward foreign currency exchange contracts | 3,028,917 |
Futures contracts | 17,265,427 |
Total Change in Unrealized Net Appreciation/Depreciation | 165,056,662 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $282,424,349 |
See Notes to Financial Statements.
28 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Statements of Changes in Net Assets
Statements of Changes in Net Assets
Year ended June 30, 2024 | Year ended June 30, 2023 | |
Operations: | ||
Net investment income/(loss) | $241,248,758 | $165,702,263 |
Net realized gain/(loss) on investments | (123,881,071) | (234,686,417) |
Change in unrealized net appreciation/depreciation | 165,056,662 | 138,649,078 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 282,424,349 | 69,664,924 |
Dividends and Distributions to Shareholders: | ||
Class A Shares | (2,788,599) | (2,385,795) |
Class C Shares | (3,572,548) | (2,901,630) |
Class D Shares | (6,186,408) | (5,127,265) |
Class I Shares | (217,673,174) | (144,264,596) |
Class N Shares | (5,932,537) | (4,351,757) |
Class S Shares | (179,184) | (78,993) |
Class T Shares | (5,752,310) | (6,949,103) |
Total Dividends and Distributions to Shareholders | (242,084,760) | (166,059,139) |
Return of Capital on Dividends and Distributions: | ||
Class A Shares | — | (38,203) |
Class C Shares | — | (46,463) |
Class D Shares | — | (82,101) |
Class I Shares | — | (2,310,054) |
Class N Shares | — | (69,683) |
Class S Shares | — | (1,265) |
Class T Shares | — | (111,273) |
Total Return of Capital on Dividends and Distributions | — | (2,659,042) |
Net Decrease from Dividends and Distributions to Shareholders | (242,084,760) | (168,718,181) |
Capital Share Transactions: | ||
Class A Shares | 15,037,062 | (13,711,287) |
Class C Shares | 11,436,659 | (5,080,081) |
Class D Shares | 9,302,378 | (2,303,288) |
Class I Shares | 1,164,053,770 | 111,338,742 |
Class N Shares | 4,936,786 | 7,846,063 |
Class S Shares | 1,459,152 | 867,431 |
Class T Shares | (14,811,537) | (58,394,849) |
Net Increase/(Decrease) from Capital Share Transactions | 1,191,414,270 | 40,562,731 |
Net Increase/(Decrease) in Net Assets | 1,231,753,859 | (58,490,526) |
Net Assets: | ||
Beginning of period | 2,896,151,004 | 2,954,641,530 |
End of period | $4,127,904,863 | $2,896,151,004 |
See Notes to Financial Statements.
Janus Investment Fund | 29
Janus Henderson Multi-Sector Income Fund
Financial Highlights
Financial Highlights
Class A Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $8.44 | $8.73 | $10.12 | $9.47 | $9.89 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.57 | 0.48 | 0.33 | 0.39 | 0.40 |
Net realized and unrealized gain/(loss) | 0.09 | (0.27) | (1.33) | 0.67 | (0.34) |
Total from Investment Operations | 0.66 | 0.21 | (1.00) | 1.06 | 0.06 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.57) | (0.49) | (0.36) | (0.41) | (0.40) |
Distributions (from capital gains) | — | — | (0.03) | — | (0.05) |
Return of capital | — | (0.01) | — (2) | — | (0.03) |
Total Dividends and Distributions | (0.57) | (0.50) | (0.39) | (0.41) | (0.48) |
Net Asset Value, End of Period | $8.53 | $8.44 | $8.73 | $10.12 | $9.47 |
Total Return* | 8.15% | 2.50% | (10.18)% | 11.38% (3) | 0.61% |
Net Assets, End of Period (in thousands) | $49,637 | $34,132 | $49,566 | $67,032 | $49,168 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.91% | 0.93% | 0.90% | 0.91% | 0.92% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.91% | 0.93% | 0.90% | 0.91% | 0.92% |
Ratio of Net Investment Income/(Loss) | 6.78% | 5.64% | 3.43% | 3.91% | 4.19% |
Portfolio Turnover Rate(4) | 58% | 62% | 75% | 119% | 188% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
(3) | 0.01% of the Fund’s total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund. Excluding these items, total return would have been 11.33%. |
(4) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
30 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Financial Highlights
Financial Highlights
Class C Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $8.44 | $8.74 | $10.12 | $9.47 | $9.89 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.51 | 0.43 | 0.26 | 0.32 | 0.33 |
Net realized and unrealized gain/(loss) | 0.09 | (0.29) | (1.33) | 0.67 | (0.35) |
Total from Investment Operations | 0.60 | 0.14 | (1.07) | 0.99 | (0.02) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.51) | (0.43) | (0.28) | (0.34) | (0.33) |
Distributions (from capital gains) | — | — | (0.03) | — | (0.05) |
Return of capital | — | (0.01) | — (2) | — | (0.02) |
Total Dividends and Distributions | (0.51) | (0.44) | (0.31) | (0.34) | (0.40) |
Net Asset Value, End of Period | $8.53 | $8.44 | $8.74 | $10.12 | $9.47 |
Total Return* | 7.35% | 1.65% | (10.75)% | 10.58% (3) | (0.18)% |
Net Assets, End of Period (in thousands) | $67,407 | $55,343 | $62,504 | $71,133 | $63,574 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.66% | 1.64% | 1.66% | 1.64% | 1.71% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.66% | 1.64% | 1.66% | 1.64% | 1.71% |
Ratio of Net Investment Income/(Loss) | 6.03% | 4.99% | 2.70% | 3.19% | 3.43% |
Portfolio Turnover Rate(4) | 58% | 62% | 75% | 119% | 188% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
(3) | 0.01% of the Fund’s total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund. Excluding these items, total return would have been 10.53%. |
(4) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
Janus Investment Fund | 31
Janus Henderson Multi-Sector Income Fund
Financial Highlights
Financial Highlights
Class D Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $8.44 | $8.74 | $10.12 | $9.47 | $9.89 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.59 | 0.50 | 0.35 | 0.40 | 0.42 |
Net realized and unrealized gain/(loss) | 0.09 | (0.29) | (1.33) | 0.68 | (0.35) |
Total from Investment Operations | 0.68 | 0.21 | (0.98) | 1.08 | 0.07 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.59) | (0.50) | (0.37) | (0.43) | (0.41) |
Distributions (from capital gains) | — | — | (0.03) | — | (0.05) |
Return of capital | — | (0.01) | — (2) | — | (0.03) |
Total Dividends and Distributions | (0.59) | (0.51) | (0.40) | (0.43) | (0.49) |
Net Asset Value, End of Period | $8.53 | $8.44 | $8.74 | $10.12 | $9.47 |
Total Return* | 8.34% | 2.55% | (9.93)% | 11.57% (3) | 0.77% |
Net Assets, End of Period (in thousands) | $96,046 | $85,806 | $91,299 | $108,418 | $78,091 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.74% | 0.76% | 0.73% | 0.74% | 0.76% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.74% | 0.76% | 0.73% | 0.74% | 0.76% |
Ratio of Net Investment Income/(Loss) | 6.96% | 5.88% | 3.61% | 4.07% | 4.30% |
Portfolio Turnover Rate(4) | 58% | 62% | 75% | 119% | 188% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
(3) | 0.01% of the Fund’s total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund. Excluding these items, total return would have been 11.52%. |
(4) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
32 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Financial Highlights
Financial Highlights
Class I Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $8.44 | $8.73 | $10.12 | $9.47 | $9.88 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.59 | 0.51 | 0.36 | 0.41 | 0.43 |
Net realized and unrealized gain/(loss) | 0.09 | (0.29) | (1.34) | 0.67 | (0.34) |
Total from Investment Operations | 0.68 | 0.22 | (0.98) | 1.08 | 0.09 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.59) | (0.50) | (0.38) | (0.43) | (0.42) |
Distributions (from capital gains) | — | — | (0.03) | — | (0.05) |
Return of capital | — | (0.01) | — (2) | — | (0.03) |
Total Dividends and Distributions | (0.59) | (0.51) | (0.41) | (0.43) | (0.50) |
Net Asset Value, End of Period | $8.53 | $8.44 | $8.73 | $10.12 | $9.47 |
Total Return* | 8.39% | 2.72% | (9.99)% | 11.63% (3) | 0.93% |
Net Assets, End of Period (in thousands) | $3,750,736 | $2,550,145 | $2,522,907 | $2,570,289 | $1,805,985 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.70% | 0.72% | 0.69% | 0.69% | 0.70% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.70% | 0.72% | 0.69% | 0.69% | 0.70% |
Ratio of Net Investment Income/(Loss) | 7.01% | 5.95% | 3.68% | 4.13% | 4.42% |
Portfolio Turnover Rate(4) | 58% | 62% | 75% | 119% | 188% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
(3) | 0.01% of the Fund’s total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund. Excluding these items, total return would have been 11.58%. |
(4) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
Janus Investment Fund | 33
Janus Henderson Multi-Sector Income Fund
Financial Highlights
Financial Highlights
Class N Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $8.44 | $8.74 | $10.12 | $9.47 | $9.89 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.60 | 0.51 | 0.37 | 0.42 | 0.44 |
Net realized and unrealized gain/(loss) | 0.09 | (0.29) | (1.33) | 0.67 | (0.36) |
Total from Investment Operations | 0.69 | 0.22 | (0.96) | 1.09 | 0.08 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.60) | (0.51) | (0.39) | (0.44) | (0.42) |
Distributions (from capital gains) | — | — | (0.03) | — | (0.05) |
Return of capital | — | (0.01) | — (2) | — | (0.03) |
Total Dividends and Distributions | (0.60) | (0.52) | (0.42) | (0.44) | (0.50) |
Net Asset Value, End of Period | $8.53 | $8.44 | $8.74 | $10.12 | $9.47 |
Total Return* | 8.49% | 2.70% | (9.80)% | 11.73% (3) | 0.90% |
Net Assets, End of Period (in thousands) | $79,743 | $73,779 | $68,120 | $121,983 | $88,092 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.60% | 0.62% | 0.59% | 0.60% | 0.63% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.60% | 0.62% | 0.59% | 0.60% | 0.63% |
Ratio of Net Investment Income/(Loss) | 7.09% | 6.06% | 3.73% | 4.21% | 4.68% |
Portfolio Turnover Rate(4) | 58% | 62% | 75% | 119% | 188% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
(3) | 0.01% of the Fund’s total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund. Excluding these items, total return would have been 11.68%. |
(4) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
34 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Financial Highlights
Financial Highlights
Class S Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $8.43 | $8.73 | $10.11 | $9.46 | $9.91 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.55 | 0.48 | 0.32 | 0.39 | 0.39 |
Net realized and unrealized gain/(loss) | 0.10 | (0.30) | (1.34) | 0.67 | (0.37) |
Total from Investment Operations | 0.65 | 0.18 | (1.02) | 1.06 | 0.02 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.56) | (0.47) | (0.33) | (0.41) | (0.39) |
Distributions (from capital gains) | — | — | (0.03) | — | (0.05) |
Return of capital | — | (0.01) | — (2) | — | (0.03) |
Total Dividends and Distributions | (0.56) | (0.48) | (0.36) | (0.41) | (0.47) |
Net Asset Value, End of Period | $8.52 | $8.43 | $8.73 | $10.11 | $9.46 |
Total Return* | 7.92% | 2.16% | (10.30)% | 11.32% (3) | 0.19% |
Net Assets, End of Period (in thousands) | $3,517 | $2,030 | $1,202 | $745 | $987 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.20% | 1.34% | 1.45% | 1.33% | 1.43% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.14% | 1.15% | 1.15% | 0.98% | 1.03% |
Ratio of Net Investment Income/(Loss) | 6.57% | 5.66% | 3.33% | 3.88% | 4.05% |
Portfolio Turnover Rate(4) | 58% | 62% | 75% | 119% | 188% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
(3) | 0.01% of the Fund’s total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund. Excluding these items, total return would have been 11.27%. |
(4) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
Janus Investment Fund | 35
Janus Henderson Multi-Sector Income Fund
Financial Highlights
Financial Highlights
Class T Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $8.43 | $8.73 | $10.12 | $9.47 | $9.89 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.58 | 0.49 | 0.34 | 0.40 | 0.41 |
Net realized and unrealized gain/(loss) | 0.09 | (0.29) | (1.34) | 0.67 | (0.35) |
Total from Investment Operations | 0.67 | 0.20 | (1.00) | 1.07 | 0.06 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.58) | (0.49) | (0.36) | (0.42) | (0.40) |
Distributions (from capital gains) | — | — | (0.03) | — | (0.05) |
Return of capital | — | (0.01) | — (2) | — | (0.03) |
Total Dividends and Distributions | (0.58) | (0.50) | (0.39) | (0.42) | (0.48) |
Net Asset Value, End of Period | $8.52 | $8.43 | $8.73 | $10.12 | $9.47 |
Total Return* | 8.23% | 2.45% | (10.12)% | 11.47% (3) | 0.67% |
Net Assets, End of Period (in thousands) | $80,820 | $94,916 | $159,043 | $229,774 | $285,912 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.84% | 0.86% | 0.84% | 0.85% | 0.86% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.83% | 0.85% | 0.83% | 0.83% | 0.86% |
Ratio of Net Investment Income/(Loss) | 6.86% | 5.65% | 3.50% | 4.01% | 4.27% |
Portfolio Turnover Rate(4) | 58% | 62% | 75% | 119% | 188% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
(3) | 0.01% of the Fund’s total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund. Excluding these items, total return would have been 11.42%. |
(4) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
36 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Notes to Financial Statements
Notes to Financial Statements
1.
Organization and Significant Accounting Policies
Janus Henderson Multi-Sector Income Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 36 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks high current income with a secondary focus on capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
Janus Investment Fund | 37
Janus Henderson Multi-Sector Income Fund
Notes to Financial Statements
Notes to Financial Statements
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
Investment Valuation
Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.
Valuation Inputs Summary
FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:
Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.
Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
38 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Notes to Financial Statements
Notes to Financial Statements
Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.
Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2024 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.
The Fund did not hold a significant amount of Level 3 securities as of June 30, 2024.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Janus Investment Fund | 39
Janus Henderson Multi-Sector Income Fund
Notes to Financial Statements
Notes to Financial Statements
Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.
Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.
Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
Dividends and Distributions
Dividends are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2.
Derivative Instruments
The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended June 30, 2024 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.
The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.
Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the
40 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Notes to Financial Statements
Notes to Financial Statements
securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.
In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:
• Commodity Risk – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.
• Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.
• Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.
• Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.
• Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.
• Index Risk – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.
• Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.
• Leverage Risk – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.
• Liquidity Risk – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.
Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser’s needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.
In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser’s ability to establish and maintain appropriate systems and trading.
Forward Foreign Currency Exchange Contracts
A forward foreign currency exchange contract (“forward currency contract”) is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign
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currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.
Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a forward currency contract is reported on the Statement of Operations (if applicable).
During the year, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.
During the year, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency denominated securities held by the Fund.
Futures Contracts
A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.
Futures contracts are valued at the settlement price on valuation date on the exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or “ASET” price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used.
Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract.
Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund’s futures commission merchant.
With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.
During the year, the Fund purchased interest rate futures to increase exposure to interest rate risk.
During the year, the Fund sold interest rate futures to decrease exposure to interest rate risk.
Swaps
Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap
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transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return.
Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty (“CCP”). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant (“FCM”) that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the “Executing Dealer”) and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission (“CFTC”). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.
Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades.
The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund’s Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund’s Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the year is included in the Statement of Operations (if applicable).
The Fund’s maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to cover the Fund’s exposure to the counterparty.
The Fund may enter into various types of credit default swap agreements, including OTC credit default swap agreements, for investment purposes, to add leverage to its Fund, or to hedge against widening credit spreads on high-yield/high-risk bonds. Credit default swaps are a specific kind of counterparty agreement that allow the transfer of third party credit risk from one party to the other. One party in the swap is a lender and faces credit risk from a third party, and the counterparty in the credit default swap agrees to insure this risk in exchange for regular periodic payments. Credit default swaps could result in losses if the Fund does not correctly evaluate the creditworthiness of the company or companies on which the credit default swap is based. Credit default swap agreements may involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to risks relating to the reference obligation, credit default swaps are subject to illiquidity risk, counterparty risk, and credit risk. The Fund will generally incur a greater degree of risk when it sells a credit default swap than when it purchases a credit default swap. As a buyer of a credit default swap, the Fund may lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event were to occur, the value of any deliverable obligation received by the Fund, coupled with the upfront or periodic payments previously received, may be less than what it pays to the buyer, resulting in a loss of value to the Fund.
As a buyer of credit protection, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default or other credit event by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, the Fund as buyer would pay to the counterparty a periodic
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stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and potentially received no benefit from the contract.
If the Fund is the seller of credit protection against a particular security, the Fund would receive an up-front or periodic payment to compensate against potential credit events. As the seller in a credit default swap contract, the Fund would be required to pay the par value (the “notional value”) (or other agreed-upon value) of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Fund would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would keep the stream of payments and would have no payment obligations. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional value of the swap. The maximum potential amount of future payments (undiscounted) that the Fund as a seller could be required to make in a credit default transaction would be the notional amount of the agreement.
The Fund may invest in CDXs. A CDX is a swap on an index of credit default swaps. CDXs allow an investor to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or commercial mortgage-backed securities) in a more efficient manner than transacting in a single-name CDS. If a credit event occurs in one of the underlying companies, the protection is paid out via the delivery of the defaulted bond by the buyer of protection in return for a payment of notional value of the defaulted bond by the seller of protection or it may be settled through a cash settlement between the two parties. The underlying company is then removed from the index. If the Fund holds a long position in a CDX, the Fund would indirectly bear its proportionate share of any expenses paid by a CDX. A Fund holding a long position in CDXs typically receives income from principal or interest paid on the underlying securities. By investing in CDXs, the Fund could be exposed to illiquidity risk, counterparty risk, and credit risk of the issuers of the underlying loan obligations and of the CDX markets. If there is a default by the CDX counterparty, the Fund will have contractual remedies pursuant to the agreements related to the transaction. CDXs also bear the risk that the Fund will not be able to meet its obligation to the counterparty.
During the year, the Fund purchased protection via the credit default swap market in order to reduce credit risk exposure to individual corporates, countries and/or credit indices where reducing this exposure via the cash bond market was less attractive.
There were no credit default swaps held at June 30, 2024.
3.
Other Investments and Strategies
Market Risk
The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
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• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
Emerging Market Investing
Within the parameters of its specific investment policies, the Fund may invest in securities of issuers or companies from or with exposure to one or more “developing countries” or “emerging market countries.” Such countries include but are not limited to countries included in the MSCI Emerging Markets IndexSM. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country’s lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities.
Loans
The Fund may invest in various commercial loans, including bank loans, bridge loans, debtor-in-possession (“DIP”) loans, mezzanine loans, and other fixed and floating rate loans. These loans may be acquired through loan participations and assignments or on a when-issued basis. Commercial loans will comprise no more than 50% of the Fund’s total assets. Below are descriptions of the types of loans held by the Fund as of June 30, 2024.
• Bank Loans – Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund’s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities.
• Floating Rate Loans – Floating rate loans are debt securities that have floating interest rates, that adjust periodically, and are tied to a benchmark lending rate, such as Secured Overnight Financing Rate ("SOFR”). In other cases, the lending rate could be tied to the prime rate offered by one or more major U.S. banks or the rate paid on large certificates of deposit traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies (‘‘borrowers’’) in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are senior in the borrower’s capital structure. The
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senior position in the borrower’s capital structure generally gives holders of senior loans a claim on certain of the borrower’s assets that is senior to subordinated debt and preferred and common stock in the case of a borrower’s default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. While the Fund generally expects to invest in fully funded term loans, certain of the loans in which the Fund may invest include revolving loans, bridge loans, and delayed draw term loans.
Purchasers of floating rate loans may pay and/or receive certain fees. The Fund may receive fees such as covenant waiver fees or prepayment penalty fees. The Fund may pay fees such as facility fees. Such fees may affect the Fund’s return.
• Mezzanine Loans – Mezzanine loans are secured by the stock of the company that owns the assets. Mezzanine loans are a hybrid of debt and equity financing that is typically used to fund the expansion of existing companies. A mezzanine loan is composed of debt capital that gives the lender the right to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. Mezzanine loans typically are the most subordinated debt obligation in an issuer’s capital structure.
Mortgage- and Asset-Backed Securities
Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer and commercial loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or other governmental or government-related entities. Ginnie Mae’s guarantees are backed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency (“FHFA”), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities’ mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA’s appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.
The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities’ issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund’s returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.
Sovereign Debt
The Fund may invest in U.S. and non-U.S. government debt securities (“sovereign debt”). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign
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governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund’s holdings. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.
TBA Commitments
The Fund may enter into “to be announced” or “TBA” commitments. TBAs are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate, and mortgage terms. Although TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA commitments do not require the delivery of a specific security, the characteristics of the security delivered to the Fund may be less favorable than expected. If the counterparty to a transaction fails to deliver the security, the Fund could suffer a loss. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Collateral for To Be Announced Transactions.
When-Issued, Delayed Delivery and Forward Commitment Transactions
The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis. When purchasing a security on a when-issued, delayed delivery, or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund’s other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases (including TBA commitments) are outstanding, the purchases may result in a form of leverage.
When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security’s price appreciates in value such that the security’s price is above the agreed upon price on the settlement date. The Fund may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward commitment securities before the settlement date, which may result in a gain or loss.
Counterparties
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.
The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial
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transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.
Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.
The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).
Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of June 30, 2024, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $16,576,654. Gross amounts of recognized liabilities for securities lending (collateral received) as of June 30, 2024 is $17,257,145, resulting in the net amount due from the counterparty of $680,491.
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Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment.
The Offsetting Assets and Liabilities tables located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2024” table located in the Fund’s Schedule of Investments.
The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to these contracts. Certain securities may be segregated at the Fund’s custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.
4.
Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund’s contractual investment advisory fee rate (expressed as an annual rate).
Average Daily Net Assets of the Fund | Contractual Investment Advisory Fee (%) |
First $200 Million | 0.60 |
Next $500 Million | 0.57 |
Over $700 Million | 0.55 |
The Fund’s actual investment advisory fee rate for the reporting period was 0.55% of average annual net assets before any applicable waivers.
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to the management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.64% for at least a one-year period commencing on October 27, 2023. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the
Janus Investment Fund | 49
Janus Henderson Multi-Sector Income Fund
Notes to Financial Statements
Notes to Financial Statements
Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $435,029 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion — $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as
50 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Notes to Financial Statements
Notes to Financial Statements
compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 4.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended June 30, 2024, the Distributor retained upfront sales charges of $21,911.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended June 30, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended June 30, 2024, redeeming shareholders of Class C Shares paid CDSCs of $7,238.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of June 30, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended June 30, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
5.
Federal Income Tax
The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.
Janus Investment Fund | 51
Janus Henderson Multi-Sector Income Fund
Notes to Financial Statements
Notes to Financial Statements
Other book to tax differences primarily consist of deferred compensation, derivatives, and foreign currency contract adjustments. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
Undistributed Ordinary Income | Undistributed Long-Term Gains | Accumulated Capital Losses | Loss Deferrals | Other Book to Tax Differences | Net Tax Appreciation/ (Depreciation) |
$329,625 | $- | $(435,614,373) | $- | $267,995 | $(53,667,153) |
Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2024, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.
Capital Loss Carryover Schedule | ||
For the year ended June 30, 2024 | ||
No Expiration | ||
Short-Term | Long-Term | Accumulated Capital Losses |
$(207,531,387) | $(228,082,986) | $(435,614,373) |
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships, and investments in passive foreign investment companies.
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$5,028,931,919 | $62,398,148 | $(116,065,301) | $(53,667,153) |
Information on the tax components of derivatives as of June 30, 2024 is as follows:
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$11,921,162 | $- | $- | $- |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.
For the year ended June 30, 2024 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$242,084,760 | $- | $- | $- |
For the year ended June 30, 2023 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$166,059,139 | $- | $2,659,042 | $- |
Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets.
52 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Notes to Financial Statements
Notes to Financial Statements
6.
Capital Share Transactions
Year ended June 30, 2024 | Year ended June 30, 2023 | |||
Shares | Amount | Shares | Amount | |
Class A Shares: | ||||
Shares sold | 3,924,351 | $33,219,456 | 1,597,155 | $13,653,908 |
Reinvested dividends and distributions | 314,241 | 2,656,265 | 277,849 | 2,354,715 |
Shares repurchased | (2,462,827) | (20,838,659) | (3,504,055) | (29,719,910) |
Net Increase/(Decrease) | 1,775,765 | $15,037,062 | (1,629,051) | $(13,711,287) |
Class C Shares: | ||||
Shares sold | 2,560,117 | $21,696,851 | 890,839 | $7,555,783 |
Reinvested dividends and distributions | 413,481 | 3,494,441 | 344,568 | 2,919,683 |
Shares repurchased | (1,628,209) | (13,754,633) | (1,831,842) | (15,555,547) |
Net Increase/(Decrease) | 1,345,389 | $11,436,659 | (596,435) | $(5,080,081) |
Class D Shares: | ||||
Shares sold | 2,935,427 | $24,845,400 | 1,536,322 | $13,099,257 |
Reinvested dividends and distributions | 666,505 | 5,631,771 | 565,428 | 4,792,347 |
Shares repurchased | (2,508,682) | (21,174,793) | (2,384,484) | (20,194,892) |
Net Increase/(Decrease) | 1,093,250 | $9,302,378 | (282,734) | $(2,303,288) |
Class I Shares: | ||||
Shares sold | 233,783,402 | $1,973,981,632 | 153,087,255 | $1,298,871,566 |
Reinvested dividends and distributions | 25,106,019 | 212,203,583 | 16,912,083 | 143,268,553 |
Shares repurchased | (121,256,355) | (1,022,131,445) | (156,597,238) | (1,330,801,377) |
Net Increase/(Decrease) | 137,633,066 | $1,164,053,770 | 13,402,100 | $111,338,742 |
Class N Shares: | ||||
Shares sold | 4,808,393 | $40,615,062 | 3,681,449 | $31,124,939 |
Reinvested dividends and distributions | 644,599 | 5,448,190 | 456,474 | 3,865,951 |
Shares repurchased | (4,846,093) | (41,126,466) | (3,191,730) | (27,144,827) |
Net Increase/(Decrease) | 606,899 | $4,936,786 | 946,193 | $7,846,063 |
Class S Shares: | ||||
Shares sold | 238,527 | $2,019,110 | 164,764 | $1,400,868 |
Reinvested dividends and distributions | 21,128 | 178,495 | 9,470 | 80,162 |
Shares repurchased | (87,689) | (738,453) | (71,246) | (613,599) |
Net Increase/(Decrease) | 171,966 | $1,459,152 | 102,988 | $867,431 |
Class T Shares: | ||||
Shares sold | 1,853,887 | $15,731,692 | 4,138,666 | $35,370,261 |
Reinvested dividends and distributions | 678,038 | 5,725,634 | 829,823 | 7,036,060 |
Shares repurchased | (4,305,662) | (36,268,863) | (11,930,238) | (100,801,170) |
Net Increase/(Decrease) | (1,773,737) | $(14,811,537) | (6,961,749) | $(58,394,849) |
7.
Purchases and Sales of Investment Securities
For the year ended June 30, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
Purchases of Securities | Proceeds from Sales of Securities | Purchases of Long- Term U.S. Government Obligations | Proceeds from Sales of Long-Term U.S. Government Obligations |
$3,131,884,958 | $1,962,958,217 | $- | $- |
8.
Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to June 30, 2024 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
Janus Investment Fund | 53
Janus Henderson Multi-Sector Income Fund
Report of Independent Registered Public Accounting Firm
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Multi-Sector Income Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Multi-Sector Income Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of June 30, 2024, the related statement of operations for the year ended June 30, 2024, the statement of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2024 and the financial highlights for each of the five years in the period ended June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Denver, Colorado
August 22, 2024
August 22, 2024
We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.
54 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Designation Requirements (unaudited)
Designation Requirements (unaudited)
For federal income tax purposes, the Fund designated the following for the year ended June 30, 2024:
Section 163(j) Interest Dividend | 95% |
Janus Investment Fund | 55
Janus Henderson Multi-Sector Income Fund
Additional Information (unaudited)
Additional Information (unaudited)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees’ fees and expenses.
Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus
56 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Additional Information (unaudited)
Additional Information (unaudited)
Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 57
Janus Henderson Multi-Sector Income Fund
Additional Information (unaudited)
Additional Information (unaudited)
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
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Janus Henderson Multi-Sector Income Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
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Janus Henderson Multi-Sector Income Fund
Additional Information (unaudited)
Additional Information (unaudited)
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
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Janus Henderson Multi-Sector Income Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees
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Janus Henderson Multi-Sector Income Fund
Additional Information (unaudited)
Additional Information (unaudited)
noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
62 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Additional Information (unaudited)
Additional Information (unaudited)
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
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Janus Henderson Multi-Sector Income Fund
Additional Information (unaudited)
Additional Information (unaudited)
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
64 | June 30, 2024
Janus Henderson Multi-Sector Income Fund
Additional Information (unaudited)
Additional Information (unaudited)
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
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Janus Henderson Multi-Sector Income Fund
Additional Information (unaudited)
Additional Information (unaudited)
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
66 | June 30, 2024
This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
Mutual funds distributed by Janus Henderson Distributors US LLC
125-02-93028 08-24
ANNUAL FINANCIAL STATEMENTS
June 30, 2024
June 30, 2024
Janus Henderson Responsible International Dividend Fund
Janus Investment Fund
Janus Henderson Responsible International Dividend Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares | Value | ||
Common Stocks – 90.9% | |||
Auto Components – 1.0% | |||
Aptiv PLC* | 20,656 | $1,454,596 | |
Banks – 4.9% | |||
ING Groep NV | 206,589 | 3,539,344 | |
Natwest Group PLC | 867,082 | 3,400,624 | |
6,939,968 | |||
Beverages – 1.7% | |||
Coca-Cola European Partners PLC | 32,308 | 2,354,284 | |
Capital Markets – 2.6% | |||
CME Group Inc | 6,059 | 1,191,199 | |
Hong Kong Exchanges & Clearing Ltd | 76,100 | 2,424,766 | |
3,615,965 | |||
Chemicals – 1.8% | |||
Air Products & Chemicals Inc | 10,102 | 2,606,821 | |
Diversified Telecommunication Services – 4.5% | |||
Deutsche Telekom AG | 143,602 | 3,611,931 | |
TELUS Corp | 185,812 | 2,813,193 | |
6,425,124 | |||
Electrical Equipment – 3.5% | |||
nVent Electric PLC | 17,977 | 1,377,218 | |
Schneider Electric SE | 15,007 | 3,580,229 | |
4,957,447 | |||
Food Products – 2.9% | |||
Nestle SA (REG) | 40,253 | 4,109,613 | |
Health Care Equipment & Supplies – 0.9% | |||
Medtronic PLC | 16,796 | 1,322,013 | |
Household Durables – 2.3% | |||
Sony Corp | 38,200 | 3,246,333 | |
Industrial Conglomerates – 1.9% | |||
Siemens AG | 14,645 | 2,723,432 | |
Insurance – 11.0% | |||
AIA Group Ltd | 302,800 | 2,053,337 | |
AXA SA | 110,903 | 3,651,232 | |
Dai-ichi Life Holdings Inc | 108,800 | 2,921,447 | |
Swiss Re AG | 23,135 | 2,874,899 | |
Zurich Insurance Group AG | 7,817 | 4,159,419 | |
15,660,334 | |||
Machinery – 4.3% | |||
Daimler Truck Holding AG | 62,821 | 2,498,962 | |
Sandvik AB | 178,294 | 3,585,495 | |
6,084,457 | |||
Multi-Utilities – 2.5% | |||
National Grid PLC | 314,152 | 3,502,721 | |
Paper & Forest Products – 1.6% | |||
UPM-Kymmene Oyj | 64,344 | 2,243,175 | |
Personal Products – 3.3% | |||
Unilever PLC | 85,073 | 4,671,002 | |
Pharmaceuticals – 12.7% | |||
AstraZeneca PLC | 23,956 | 3,734,064 | |
GSK PLC | 73,415 | 1,414,701 | |
Merck & Co Inc | 15,521 | 1,921,500 | |
Novartis AG | 31,213 | 3,344,481 | |
Novo Nordisk A/S - Class B | 31,307 | 4,473,169 | |
Sanofi | 32,232 | 3,097,751 | |
17,985,666 | |||
Professional Services – 3.8% | |||
RELX PLC | 117,117 | 5,368,274 | |
Semiconductor & Semiconductor Equipment – 12.5% | |||
ASML Holding NV | 3,023 | 3,118,388 | |
Infineon Technologies AG | 79,805 | 2,931,409 | |
MediaTek Inc | 77,000 | 3,292,432 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 1
Janus Henderson Responsible International Dividend Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares | Value | ||
Common Stocks – (continued) | |||
Semiconductor & Semiconductor Equipment – (continued) | |||
Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 34,876 | $6,061,797 | |
Tokyo Electron Ltd | 10,600 | 2,328,019 | |
17,732,045 | |||
Software – 5.9% | |||
Microsoft Corp | 6,365 | 2,844,837 | |
Oracle Corp | 17,718 | 2,501,782 | |
SAP SE | 14,934 | 3,031,701 | |
8,378,320 | |||
Textiles, Apparel & Luxury Goods – 3.5% | |||
Cie Financiere Richemont SA (REG) | 21,422 | 3,343,863 | |
LVMH Moet Hennessy Louis Vuitton SE | 2,089 | 1,604,027 | |
4,947,890 | |||
Wireless Telecommunication Services – 1.8% | |||
Tele2 AB | 246,920 | 2,484,326 | |
Total Common Stocks (cost $96,338,009) | 128,813,806 | ||
Preferred Stocks – 3.2% | |||
Technology Hardware, Storage & Peripherals – 3.2% | |||
Samsung Electronics Co Ltd (cost $3,866,914) | 98,679 | 4,532,549 | |
Investment Companies – 4.2% | |||
Money Markets – 4.2% | |||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº,£ (cost $5,998,093) | 5,996,893 | 5,998,093 | |
Total Investments (total cost $106,203,016) – 98.3% | 139,344,448 | ||
Cash, Receivables and Other Assets, net of Liabilities – 1.7% | 2,460,524 | ||
Net Assets – 100% | $141,804,972 |
Summary of Investments by Country - (Long Positions) (unaudited) | ||
Country | Value | % of Investment Securities |
United States | $22,632,760 | 16.2 % |
Switzerland | 17,832,275 | 12.8 |
Netherlands | 16,697,008 | 12.0 |
Germany | 14,797,435 | 10.6 |
United Kingdom | 12,991,693 | 9.3 |
France | 11,933,239 | 8.6 |
Taiwan | 9,354,229 | 6.7 |
Japan | 8,495,799 | 6.1 |
Sweden | 6,069,821 | 4.4 |
South Korea | 4,532,549 | 3.3 |
Hong Kong | 4,478,103 | 3.2 |
Denmark | 4,473,169 | 3.2 |
Canada | 2,813,193 | 2.0 |
Finland | 2,243,175 | 1.6 |
Total | $139,344,448 | 100.0 % |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
2 | June 30, 2024
Janus Henderson Responsible International Dividend Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Schedule of Affiliated Investments - (% of Net Assets) | ||||||||
Affiliate | Affiliated Investments, at Value at 6/30/23 | Purchases | Sales Proceeds | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Affiliated Investments, at Value at 6/30/24 | Ending Shares | Dividend Income |
Investment Companies - 4.2% | ||||||||
Money Markets - 4.2% | ||||||||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº | ||||||||
$3,805,478 | $36,933,696 | $(34,740,933) | $(148) | $- | $5,998,093 | 5,996,893 | $227,907 | |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 3
Janus Henderson Responsible International Dividend Fund
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
ADR | American Depositary Receipt |
LLC | Limited Liability Company |
PLC | Public Limited Company |
REG | Registered |
* | Non-income producing security. |
ºº | Rate shown is the 7-day yield as of June 30, 2024. |
£ | The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2024. See Notes to Financial Statements for more information.
Valuation Inputs Summary | |||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | |
Assets | |||
Investments In Securities: | |||
Common Stocks | |||
Auto Components | $1,454,596 | $- | $- |
Beverages | 2,354,284 | - | - |
Capital Markets | 1,191,199 | 2,424,766 | - |
Chemicals | 2,606,821 | - | - |
Diversified Telecommunication Services | 2,813,193 | 3,611,931 | - |
Electrical Equipment | 1,377,218 | 3,580,229 | - |
Health Care Equipment & Supplies | 1,322,013 | - | - |
Pharmaceuticals | 1,921,500 | 16,064,166 | - |
Semiconductor & Semiconductor Equipment | 6,061,797 | 11,670,248 | - |
Software | 5,346,619 | 3,031,701 | - |
All Other | - | 61,981,525 | - |
Preferred Stocks | - | 4,532,549 | - |
Investment Companies | - | 5,998,093 | - |
Total Assets | $26,449,240 | $112,895,208 | $- |
4 | June 30, 2024
Janus Henderson Responsible International Dividend Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Assets: | |
Unaffiliated investments, at value (cost $100,204,923) | $133,346,355 |
Affiliated investments, at value (cost $5,998,093) | 5,998,093 |
Trustees' deferred compensation | 3,874 |
Receivables: | |
Investments sold | 2,322,962 |
Foreign tax reclaims | 1,046,765 |
Fund shares sold | 552,609 |
Dividends | 230,422 |
Dividends from affiliates | 15,630 |
Other assets | 9,684 |
Total Assets | 143,526,394 |
Liabilities: | |
Payables: | |
Investments purchased | 917,413 |
Fund shares repurchased | 595,128 |
Professional fees | 64,946 |
Advisory fees | 52,618 |
Dividends | 18,151 |
Transfer agent fees and expenses | 13,483 |
12b-1 Distribution and shareholder servicing fees | 12,547 |
Trustees' deferred compensation fees | 3,874 |
Custodian fees | 957 |
Trustees' fees and expenses | 701 |
Affiliated fund administration fees payable | 290 |
Accrued expenses and other payables | 41,314 |
Total Liabilities | 1,721,422 |
Commitments and contingent liabilities (Note 3) | |
Net Assets | $141,804,972 |
See footnotes at the end of the Statement.
See Notes to Financial Statements.
Janus Investment Fund | 5
Janus Henderson Responsible International Dividend Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Net Assets Consist of: | |
Capital (par value and paid-in surplus) | $105,849,742 |
Total distributable earnings (loss) | 35,955,230 |
Total Net Assets | $141,804,972 |
Net Assets - Class A Shares | $38,929,371 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2,401,299 |
Net Asset Value Per Share(1) | $16.21 |
Maximum Offering Price Per Share(2) | $17.20 |
Net Assets - Class C Shares | $5,322,311 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 338,450 |
Net Asset Value Per Share(1) | $15.73 |
Net Assets - Class D Shares | $20,131,262 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1,239,545 |
Net Asset Value Per Share | $16.24 |
Net Assets - Class I Shares | $53,937,217 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3,313,566 |
Net Asset Value Per Share | $16.28 |
Net Assets - Class N Shares | $15,645,444 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 962,747 |
Net Asset Value Per Share | $16.25 |
Net Assets - Class S Shares | $148,583 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 9,188 |
Net Asset Value Per Share | $16.17 |
Net Assets - Class T Shares | $7,690,784 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 474,929 |
Net Asset Value Per Share | $16.19 |
(1) | Redemption price per share may be reduced for any applicable contingent deferred sales charge. |
(2) | Maximum offering price is computed at 100/94.25 of net asset value. |
See Notes to Financial Statements.
6 | June 30, 2024
Janus Henderson Responsible International Dividend Fund
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Investment Income: | |
Dividends | $4,167,984 |
Dividends from affiliates | 227,907 |
Other income | 108,308 |
Foreign tax withheld | (431,865) |
Total Investment Income | 4,072,334 |
Expenses: | |
Advisory fees | 919,810 |
12b-1 Distribution and shareholder servicing fees: | |
Class A Shares | 85,814 |
Class C Shares | 59,265 |
Class S Shares | 74 |
Transfer agent administrative fees and expenses: | |
Class D Shares | 19,971 |
Class S Shares | 251 |
Class T Shares | 15,241 |
Transfer agent networking and omnibus fees: | |
Class A Shares | 21,863 |
Class C Shares | 3,973 |
Class I Shares | 37,138 |
Other transfer agent fees and expenses: | |
Class A Shares | 1,967 |
Class C Shares | 322 |
Class D Shares | 4,494 |
Class I Shares | 2,265 |
Class N Shares | 603 |
Class S Shares | 7 |
Class T Shares | 118 |
Registration fees | 116,429 |
Professional fees | 91,018 |
Non-affiliated fund administration fees | 62,398 |
Shareholder reports expense | 39,564 |
Custodian fees | 11,270 |
Affiliated fund administration fees | 3,066 |
Trustees' fees and expenses | 2,678 |
Other expenses | 18,370 |
Total Expenses | 1,517,969 |
Less: Excess Expense Reimbursement and Waivers | (229,532) |
Net Expenses | 1,288,437 |
Net Investment Income/(Loss) | 2,783,897 |
Net Realized Gain/(Loss) on Investments: | |
Investments and foreign currency transactions | 5,355,980 |
Investments in affiliates | (148) |
Total Net Realized Gain/(Loss) on Investments | 5,355,832 |
Change in Unrealized Net Appreciation/Depreciation: | |
Investments, foreign currency translations and Trustees' deferred compensation | 11,870,656 |
Total Change in Unrealized Net Appreciation/Depreciation | 11,870,656 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $20,010,385 |
See Notes to Financial Statements.
Janus Investment Fund | 7
Janus Henderson Responsible International Dividend Fund
Statements of Changes in Net Assets
Statements of Changes in Net Assets
Year ended June 30, 2024 | Year ended June 30, 2023 | |
Operations: | ||
Net investment income/(loss) | $2,783,897 | $3,568,108 |
Net realized gain/(loss) on investments | 5,355,832 | (1,327,669) |
Change in unrealized net appreciation/depreciation | 11,870,656 | 16,457,332 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 20,010,385 | 18,697,771 |
Dividends and Distributions to Shareholders: | ||
Class A Shares | (1,028,215) | (1,195,350) |
Class C Shares | (142,837) | (301,901) |
Class D Shares | (551,332) | (624,019) |
Class I Shares | (1,459,478) | (1,848,604) |
Class N Shares | (446,900) | (299,549) |
Class S Shares | (3,045) | (2,524) |
Class T Shares | (192,631) | (425,938) |
Net Decrease from Dividends and Distributions to Shareholders | (3,824,438) | (4,697,885) |
Capital Share Transactions: | ||
Class A Shares | 1,211,907 | (2,285,789) |
Class C Shares | (3,003,704) | (4,111,325) |
Class D Shares | 488,044 | 811,931 |
Class I Shares | 5,825,232 | (20,129,493) |
Class N Shares | 3,377,940 | 2,829,502 |
Class S Shares | 64,724 | 2,524 |
Class T Shares | 1,510,478 | (14,219,877) |
Net Increase/(Decrease) from Capital Share Transactions | 9,474,621 | (37,102,527) |
Net Increase/(Decrease) in Net Assets | 25,660,568 | (23,102,641) |
Net Assets: | ||
Beginning of period | 116,144,404 | 139,247,045 |
End of period | $141,804,972 | $116,144,404 |
See Notes to Financial Statements.
8 | June 30, 2024
Janus Henderson Responsible International Dividend Fund
Financial Highlights
Financial Highlights
Class A Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $14.27 | $12.66 | $14.83 | $12.31 | $13.09 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.31 | 0.39 | 0.45 | 0.56 | 0.36 |
Net realized and unrealized gain/(loss) | 2.07 | 1.74 | (1.95) | 2.40 | (0.72) |
Total from Investment Operations | 2.38 | 2.13 | (1.50) | 2.96 | (0.36) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.44) | (0.52) | (0.48) | (0.44) | (0.42) |
Distributions (from capital gains) | — | — | (0.19) | — | — |
Total Dividends and Distributions | (0.44) | (0.52) | (0.67) | (0.44) | (0.42) |
Net Asset Value, End of Period | $16.21 | $14.27 | $12.66 | $14.83 | $12.31 |
Total Return* | 17.06% | 17.42% | (10.49)% | 24.38% | (2.79)% |
Net Assets, End of Period (in thousands) | $38,929 | $33,195 | $31,754 | $33,270 | $25,517 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.32% | 1.38% | 1.27% | 1.24% | 1.25% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.16% | 1.18% | 1.18% | 1.15% | 1.16% |
Ratio of Net Investment Income/(Loss) | 2.13% | 2.94% | 3.14% | 4.06% | 2.83% |
Portfolio Turnover Rate | 32% | 62% | 34% | 52% | 59% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 9
Janus Henderson Responsible International Dividend Fund
Financial Highlights
Financial Highlights
Class C Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $13.84 | $12.32 | $14.49 | $12.07 | $12.89 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.17 | 0.26 | 0.32 | 0.44 | 0.27 |
Net realized and unrealized gain/(loss) | 2.05 | 1.71 | (1.88) | 2.36 | (0.74) |
Total from Investment Operations | 2.22 | 1.97 | (1.56) | 2.80 | (0.47) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.33) | (0.45) | (0.42) | (0.38) | (0.35) |
Distributions (from capital gains) | — | — | (0.19) | — | — |
Total Dividends and Distributions | (0.33) | (0.45) | (0.61) | (0.38) | (0.35) |
Net Asset Value, End of Period | $15.73 | $13.84 | $12.32 | $14.49 | $12.07 |
Total Return* | 16.33% | 16.50% | (11.11)% | 23.48% | (3.68)% |
Net Assets, End of Period (in thousands) | $5,322 | $7,573 | $10,653 | $17,760 | $21,018 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 2.04% | 2.12% | 2.01% | 1.96% | 1.98% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.85% | 1.92% | 1.91% | 1.87% | 1.89% |
Ratio of Net Investment Income/(Loss) | 1.20% | 2.00% | 2.27% | 3.24% | 2.15% |
Portfolio Turnover Rate | 32% | 62% | 34% | 52% | 59% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
10 | June 30, 2024
Janus Henderson Responsible International Dividend Fund
Financial Highlights
Financial Highlights
Class D Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $14.29 | $12.68 | $14.84 | $12.31 | $13.09 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.34 | 0.41 | 0.49 | 0.60 | 0.41 |
Net realized and unrealized gain/(loss) | 2.08 | 1.74 | (1.97) | 2.38 | (0.75) |
Total from Investment Operations | 2.42 | 2.15 | (1.48) | 2.98 | (0.34) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.47) | (0.54) | (0.49) | (0.45) | (0.44) |
Distributions (from capital gains) | — | — | (0.19) | — | — |
Total Dividends and Distributions | (0.47) | (0.54) | (0.68) | (0.45) | (0.44) |
Net Asset Value, End of Period | $16.24 | $14.29 | $12.68 | $14.84 | $12.31 |
Total Return* | 17.31% | 17.55% | (10.33)% | 24.58% | (2.66)% |
Net Assets, End of Period (in thousands) | $20,131 | $17,311 | $14,580 | $11,877 | $6,861 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.23% | 1.27% | 1.14% | 1.12% | 1.20% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.98% | 1.01% | 1.01% | 0.98% | 0.99% |
Ratio of Net Investment Income/(Loss) | 2.30% | 3.12% | 3.43% | 4.29% | 3.20% |
Portfolio Turnover Rate | 32% | 62% | 34% | 52% | 59% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 11
Janus Henderson Responsible International Dividend Fund
Financial Highlights
Financial Highlights
Class I Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $14.33 | $12.71 | $14.86 | $12.32 | $13.11 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.36 | 0.39 | 0.48 | 0.59 | 0.41 |
Net realized and unrealized gain/(loss) | 2.06 | 1.77 | (1.94) | 2.40 | (0.76) |
Total from Investment Operations | 2.42 | 2.16 | (1.46) | 2.99 | (0.35) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.47) | (0.54) | (0.50) | (0.45) | (0.44) |
Distributions (from capital gains) | — | — | (0.19) | — | — |
Total Dividends and Distributions | (0.47) | (0.54) | (0.69) | (0.45) | (0.44) |
Net Asset Value, End of Period | $16.28 | $14.33 | $12.71 | $14.86 | $12.32 |
Total Return* | 17.33% | 17.62% | (10.23)% | 24.68% | (2.68)% |
Net Assets, End of Period (in thousands) | $53,937 | $42,376 | $55,559 | $68,416 | $74,386 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.09% | 1.13% | 1.04% | 0.99% | 1.00% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.93% | 0.95% | 0.95% | 0.91% | 0.91% |
Ratio of Net Investment Income/(Loss) | 2.40% | 2.98% | 3.30% | 4.27% | 3.19% |
Portfolio Turnover Rate | 32% | 62% | 34% | 52% | 59% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
12 | June 30, 2024
Janus Henderson Responsible International Dividend Fund
Financial Highlights
Financial Highlights
Class N Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $14.31 | $12.69 | $14.83 | $12.30 | $13.08 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.37 | 0.47 | 0.60 | 0.61 | 0.41 |
Net realized and unrealized gain/(loss) | 2.06 | 1.70 | (2.05) | 2.38 | (0.74) |
Total from Investment Operations | 2.43 | 2.17 | (1.45) | 2.99 | (0.33) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.49) | (0.55) | (0.50) | (0.46) | (0.45) |
Distributions (from capital gains) | — | — | (0.19) | — | — |
Total Dividends and Distributions | (0.49) | (0.55) | (0.69) | (0.46) | (0.45) |
Net Asset Value, End of Period | $16.25 | $14.31 | $12.69 | $14.83 | $12.30 |
Total Return* | 17.39% | 17.73% | (10.14)% | 24.71% | (2.56)% |
Net Assets, End of Period (in thousands) | $15,645 | $10,259 | $6,384 | $688 | $477 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.03% | 1.12% | 1.08% | 1.44% | 1.51% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.84% | 0.87% | 0.88% | 0.84% | 0.85% |
Ratio of Net Investment Income/(Loss) | 2.52% | 3.51% | 4.30% | 4.41% | 3.22% |
Portfolio Turnover Rate | 32% | 62% | 34% | 52% | 59% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 13
Janus Henderson Responsible International Dividend Fund
Financial Highlights
Financial Highlights
Class S Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $14.23 | $12.63 | $14.78 | $12.27 | $13.06 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.40 | 0.41 | 0.48 | 0.59 | 0.39 |
Net realized and unrealized gain/(loss) | 1.99 | 1.73 | (1.94) | 2.39 | (0.75) |
Total from Investment Operations | 2.39 | 2.14 | (1.46) | 2.98 | (0.36) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.45) | (0.54) | (0.50) | (0.47) | (0.43) |
Distributions (from capital gains) | — | — | (0.19) | — | — |
Total Dividends and Distributions | (0.45) | (0.54) | (0.69) | (0.47) | (0.43) |
Net Asset Value, End of Period | $16.17 | $14.23 | $12.63 | $14.78 | $12.27 |
Total Return* | 17.23% | 17.58% | (10.27)% | 24.68% | (2.80)% |
Net Assets, End of Period (in thousands) | $149 | $68 | $58 | $65 | $52 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 4.31% | 6.18% | 5.83% | 6.21% | 6.96% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.07% | 1.00% | 0.95% | 0.91% | 1.08% |
Ratio of Net Investment Income/(Loss) | 2.67% | 3.12% | 3.36% | 4.27% | 3.04% |
Portfolio Turnover Rate | 32% | 62% | 34% | 52% | 59% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
14 | June 30, 2024
Janus Henderson Responsible International Dividend Fund
Financial Highlights
Financial Highlights
Class T Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $14.26 | $12.65 | $14.81 | $12.29 | $13.08 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.34 | 0.43 | 0.46 | 0.56 | 0.41 |
Net realized and unrealized gain/(loss) | 2.04 | 1.70 | (1.95) | 2.40 | (0.77) |
Total from Investment Operations | 2.38 | 2.13 | (1.49) | 2.96 | (0.36) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.45) | (0.52) | (0.48) | (0.44) | (0.43) |
Distributions (from capital gains) | — | — | (0.19) | — | — |
Total Dividends and Distributions | (0.45) | (0.52) | (0.67) | (0.44) | (0.43) |
Net Asset Value, End of Period | $16.19 | $14.26 | $12.65 | $14.81 | $12.29 |
Total Return* | 17.09% | 17.45% | (10.41)% | 24.45% | (2.80)% |
Net Assets, End of Period (in thousands) | $7,691 | $5,363 | $20,258 | $28,439 | $26,296 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.30% | 1.27% | 1.21% | 1.18% | 1.21% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.09% | 1.10% | 1.11% | 1.09% | 1.09% |
Ratio of Net Investment Income/(Loss) | 2.33% | 3.22% | 3.16% | 4.06% | 3.29% |
Portfolio Turnover Rate | 32% | 62% | 34% | 52% | 59% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 15
Janus Henderson Responsible International Dividend Fund
Notes to Financial Statements
Notes to Financial Statements
1.
Organization and Significant Accounting Policies
Janus Henderson Responsible International Dividend Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 36 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks income with the potential for capital growth over the longterm. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
16 | June 30, 2024
Janus Henderson Responsible International Dividend Fund
Notes to Financial Statements
Notes to Financial Statements
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
Investment Valuation
Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.
Valuation Inputs Summary
FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:
Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.
Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Janus Investment Fund | 17
Janus Henderson Responsible International Dividend Fund
Notes to Financial Statements
Notes to Financial Statements
Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.
Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2024 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations
18 | June 30, 2024
Janus Henderson Responsible International Dividend Fund
Notes to Financial Statements
Notes to Financial Statements
arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.
Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.
Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
Dividends and Distributions
Dividends are declared and distributed quarterly for the fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2.
Other Investments and Strategies
Market Risk
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be
Janus Investment Fund | 19
Janus Henderson Responsible International Dividend Fund
Notes to Financial Statements
Notes to Financial Statements
significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
Emerging Market Investing
Within the parameters of its specific investment policies, the Fund may invest in securities of issuers or companies from or with exposure to one or more “developing countries” or “emerging market countries.” Such countries include but are not limited to countries included in the MSCI Emerging Markets IndexSM. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country’s lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities.
3.
Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table reflects the Fund’s contractual investment advisory fee rate (expressed as an annual rate).
Average Daily Net Assets of the Fund | Contractual Investment Advisory Fee (%) |
First $1 Billion | 0.75 |
Next $1 Billion | 0.65 |
Above $2 Billion | 0.55 |
The Fund’s actual investment advisory fee rate for the reporting period was 0.75% of average annual net assets before any applicable waivers.
The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, “HGIL”), pursuant to which HGIL and certain employees of HGIL serve as “associated persons” of the Adviser. In this capacity, such employees of HGIL are subject to the oversight and supervision of the Adviser and may provide portfolio management, research, and related services to the Fund on behalf of the Adviser.
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to the management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any
20 | June 30, 2024
Janus Henderson Responsible International Dividend Fund
Notes to Financial Statements
Notes to Financial Statements
networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.84% for at least a one-year period commencing on October 27, 2023. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $435,029 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion — $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may
Janus Investment Fund | 21
Janus Henderson Responsible International Dividend Fund
Notes to Financial Statements
Notes to Financial Statements
result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 5.75 upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Henderson Distributors and financial intermediaries. There were no upfront sales charges retained by Janus Henderson Distributors during the year endedJune 30, 2024.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended June 30, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the year ended June 30, 2024.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of June 30, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is
22 | June 30, 2024
Janus Henderson Responsible International Dividend Fund
Notes to Financial Statements
Notes to Financial Statements
permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended June 30, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
As of June 30, 2024, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:
Class | % of Class Owned | % of Fund Owned |
Class A Shares | - % | - % |
Class C Shares | - | - |
Class D Shares | - | - |
Class I Shares | - | - |
Class N Shares | - * | - * |
Class S Shares | 54 | - * |
Class T Shares | - | - |
*Less than 0.50% |
4.
Federal Income Tax
The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.
Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
Undistributed Ordinary Income | Undistributed Long-Term Gains | Accumulated Capital Losses | Loss Deferrals | Other Book to Tax Differences | Net Tax Appreciation/ (Depreciation) |
$498,170 | $2,660,864 | $- | $- | $5,463 | $32,790,733 |
During the year ended June 30, 2024, capital loss carryovers of $1,598,701 were utilized by the Fund .
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$106,553,715 | $34,475,889 | $(1,685,156) | $32,790,733 |
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.
For the year ended June 30, 2024 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$3,824,438 | $- | $- | $- |
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Notes to Financial Statements
Notes to Financial Statements
For the year ended June 30, 2023 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$4,697,885 | $- | $- | $- |
Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $380,322, all of which is long-term capital gain, for distributions in connection with Fund shares redemption (tax equalization).
5.
Capital Share Transactions
Year ended June 30, 2024 | Year ended June 30, 2023 | |||
Shares | Amount | Shares | Amount | |
Class A Shares: | ||||
Shares sold | 346,993 | $5,145,096 | 422,765 | $5,619,267 |
Reinvested dividends and distributions | 68,488 | 996,551 | 91,268 | 1,153,590 |
Shares repurchased | (340,430) | (4,929,740) | (695,081) | (9,058,646) |
Net Increase/(Decrease) | 75,051 | $1,211,907 | (181,048) | $(2,285,789) |
Class C Shares: | ||||
Shares sold | 27,321 | $392,289 | 48,140 | $592,045 |
Reinvested dividends and distributions | 10,053 | 138,165 | 24,431 | 294,810 |
Shares repurchased | (245,913) | (3,534,158) | (390,147) | (4,998,180) |
Net Increase/(Decrease) | (208,539) | $(3,003,704) | (317,576) | $(4,111,325) |
Class D Shares: | ||||
Shares sold | 293,319 | $4,441,218 | 287,663 | $3,884,555 |
Reinvested dividends and distributions | 36,875 | 538,593 | 47,822 | 606,039 |
Shares repurchased | (301,659) | (4,491,767) | (274,281) | (3,678,663) |
Net Increase/(Decrease) | 28,535 | $488,044 | 61,204 | $811,931 |
Class I Shares: | ||||
Shares sold | 1,137,508 | $17,118,737 | 1,743,365 | $21,268,990 |
Reinvested dividends and distributions | 99,284 | 1,456,766 | 146,751 | 1,830,415 |
Shares repurchased | (881,026) | (12,750,271) | (3,303,997) | (43,228,898) |
Net Increase/(Decrease) | 355,766 | $5,825,232 | (1,413,881) | $(20,129,493) |
Class N Shares: | ||||
Shares sold | 605,156 | $8,645,523 | 357,128 | $4,720,695 |
Reinvested dividends and distributions | 30,476 | 446,900 | 23,217 | 299,549 |
Shares repurchased | (389,999) | (5,714,483) | (166,504) | (2,190,742) |
Net Increase/(Decrease) | 245,633 | $3,377,940 | 213,841 | $2,829,502 |
Class S Shares: | ||||
Shares sold | 4,251 | $62,527 | - | $- |
Reinvested dividends and distributions | 204 | 3,045 | 200 | 2,524 |
Shares repurchased | (53) | (848) | - | - |
Net Increase/(Decrease) | 4,402 | $64,724 | 200 | $2,524 |
Class T Shares: | ||||
Shares sold | 151,076 | $2,288,813 | 97,585 | $1,292,370 |
Reinvested dividends and distributions | 12,713 | 185,452 | 35,817 | 423,508 |
Shares repurchased | (65,075) | (963,787) | (1,358,505) | (15,935,755) |
Net Increase/(Decrease) | 98,714 | $1,510,478 | (1,225,103) | $(14,219,877) |
24 | June 30, 2024
Janus Henderson Responsible International Dividend Fund
Notes to Financial Statements
Notes to Financial Statements
6.
Purchases and Sales of Investment Securities
For the year ended June 30, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
Purchases of Securities | Proceeds from Sales of Securities | Purchases of Long- Term U.S. Government Obligations | Proceeds from Sales of Long-Term U.S. Government Obligations |
$44,177,778 | $37,753,764 | $- | $- |
7.
Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to June 30, 2024 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
Janus Investment Fund | 25
Janus Henderson Responsible International Dividend Fund
Report of Independent Registered Public Accounting Firm
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Responsible International Dividend Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Responsible International Dividend Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of June 30, 2024, the related statement of operations for the year ended June 30, 2024, the statement of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2024 and the financial highlights for each of the five years in the period ended June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Denver, Colorado
August 22, 2024
August 22, 2024
We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.
26 | June 30, 2024
Janus Henderson Responsible International Dividend Fund
Designation Requirements (unaudited)
Designation Requirements (unaudited)
For federal income tax purposes, the Fund designated the following for the year ended June 30, 2024:
Section 163(j) Interest Dividend | 5% |
Capital Gain Distributions | $380,322 |
Foreign Taxes Paid | $339,401 |
Foreign Source Income | $3,203,225 |
Dividends Received Deduction Percentage | 10% |
Qualified Dividend Income Percentage | 100% |
Janus Investment Fund | 27
Janus Henderson Responsible International Dividend Fund
Additional Information (unaudited)
Additional Information (unaudited)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees’ fees and expenses.
Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus
28 | June 30, 2024
Janus Henderson Responsible International Dividend Fund
Additional Information (unaudited)
Additional Information (unaudited)
Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
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Janus Henderson Responsible International Dividend Fund
Additional Information (unaudited)
Additional Information (unaudited)
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
30 | June 30, 2024
Janus Henderson Responsible International Dividend Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
Janus Investment Fund | 31
Janus Henderson Responsible International Dividend Fund
Additional Information (unaudited)
Additional Information (unaudited)
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
32 | June 30, 2024
Janus Henderson Responsible International Dividend Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees
Janus Investment Fund | 33
Janus Henderson Responsible International Dividend Fund
Additional Information (unaudited)
Additional Information (unaudited)
noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
34 | June 30, 2024
Janus Henderson Responsible International Dividend Fund
Additional Information (unaudited)
Additional Information (unaudited)
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Janus Investment Fund | 35
Janus Henderson Responsible International Dividend Fund
Additional Information (unaudited)
Additional Information (unaudited)
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
36 | June 30, 2024
Janus Henderson Responsible International Dividend Fund
Additional Information (unaudited)
Additional Information (unaudited)
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
Janus Investment Fund | 37
Janus Henderson Responsible International Dividend Fund
Additional Information (unaudited)
Additional Information (unaudited)
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
38 | June 30, 2024
This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
Mutual funds distributed by Janus Henderson Distributors US LLC
125-02-93075 08-24
ANNUAL FINANCIAL STATEMENTS
June 30, 2024
June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Janus Investment Fund
Janus Henderson Short Duration Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – 46.4% | |||
208 Park Avenue Mortgage Trust 2017-280P, CME Term SOFR 1 Month + 1.1800%, 6.5070%, 9/15/34ž,‡ | $2,890,000 | $2,758,825 | |
A&D Mortgage Trust 2023-NQM2 A1, 6.1320%, 5/25/68ž,Ç | 1,680,018 | 1,667,687 | |
ACC Auto Trust 2022-A A, 4.5800%, 7/15/26ž | 129,731 | 129,588 | |
ACHV ABS Trust 2023-4CP A, 6.8100%, 11/25/30ž | 195,175 | 195,283 | |
Affirm Asset Securitization Trust 2024-A A, 5.6100%, 2/15/29ž | 692,000 | 690,768 | |
Affirm Asset Securitization Trust 2024-X1 A, 6.2700%, 5/15/29ž | 1,671,086 | 1,673,536 | |
Ally Bank Auto Credit-Linked Notes 2024-A A2, 5.6810%, 5/17/32ž | 2,216,754 | 2,216,312 | |
Alterna Funding LLC 2024-1A A, 6.2600%, 5/16/39ž | 2,021,000 | 2,024,088 | |
AMCR ABS Trust 2023-1A A, 7.6600%, 1/21/31ž | 794,806 | 798,215 | |
Angel Oak Mortgage Trust I LLC 2019-5, 2.5930%, 10/25/49ž,‡ | 97,367 | 94,344 | |
Angel Oak Mortgage Trust I LLC 2019-6, Refinitiv USD IBOR Consumer Cash Fallbacks 1 Year + 0.9500%, 2.6200%, 11/25/59ž,‡ | 95,197 | 91,683 | |
Angel Oak Mortgage Trust I LLC 2024-3 A1, 4.8000%, 11/26/68ž,Ç | 328,371 | 318,050 | |
Angel Oak Mortgage Trust I LLC 2024-5 A1, 4.9500%, 7/25/68ž,Ç | 1,872,230 | 1,817,189 | |
Angel Oak Mortgage Trust I LLC 2024-6 A1, 4.6500%, 11/25/67ž,Ç | 1,266,000 | 1,220,983 | |
Aqua Finance Trust 2021-A A, 1.5400%, 7/17/46ž | 436,286 | 392,755 | |
ARES CLO Ltd 2021-60A A, CME Term SOFR 3 Month + 1.3816%, 6.7085%, 7/18/34ž,‡ | 491,000 | 491,808 | |
Arivo Acceptance Auto Loan Receivables 2022-1A A, 3.9300%, 5/15/28ž | 824,331 | 813,824 | |
BAMLL Commercial Mortgage Securities Trust 2024-FRR3 C, 0.6638%, 1/27/50ž,‡ | 1,450,000 | 1,219,014 | |
Blue Bridge Funding LLC 2023-1A A, 7.3700%, 11/15/30ž | 1,779,955 | 1,790,061 | |
BPR Trust 2022-OANA A, CME Term SOFR 1 Month + 1.8980%, 7.2268%, 4/15/37ž,‡ | 2,387,000 | 2,387,829 | |
BPR Trust 2023-BRK2 A, 7.1465%, 10/5/38ž,‡ | 1,788,000 | 1,853,894 | |
BX Commercial Mortgage Trust 2019-MMP C, CME Term SOFR 1 Month + 1.4940%, 6.8230%, 8/15/36ž,‡ | 2,744,267 | 2,686,303 | |
BX Commercial Mortgage Trust 2021-21M A, CME Term SOFR 1 Month + 0.8445%, 6.1735%, 10/15/36ž,‡ | 1,692,686 | 1,673,130 | |
BX Commercial Mortgage Trust 2021-LBA AJV, CME Term SOFR 1 Month + 0.9145%, 6.2435%, 2/15/36ž,‡ | 1,598,000 | 1,578,679 | |
BX Commercial Mortgage Trust 2021-LBA AV, CME Term SOFR 1 Month + 0.9145%, 6.2435%, 2/15/36ž,‡ | 1,436,901 | 1,418,671 | |
BX Commercial Mortgage Trust 2021-VOLT F, CME Term SOFR 1 Month + 2.5145%, 7.8433%, 9/15/36ž,‡ | 3,235,000 | 3,191,144 | |
BX Commercial Mortgage Trust 2022-FOX2 A2, CME Term SOFR 1 Month + 0.7492%, 6.0780%, 4/15/39ž,‡ | 1,605,519 | 1,579,938 | |
BX Commercial Mortgage Trust 2023-VLT3 A, CME Term SOFR 1 Month + 1.9400%, 7.2688%, 11/15/28ž,‡ | 1,523,750 | 1,512,336 | |
BX Commercial Mortgage Trust 2023-VLT3 B, CME Term SOFR 1 Month + 2.6890%, 8.0178%, 11/15/28ž,‡ | 1,142,633 | 1,125,514 | |
BX Commercial Mortgage Trust 2024-CNYN A, CME Term SOFR 1 Month + 1.4419%, 6.7707%, 4/15/29ž,‡ | 2,204,748 | 2,189,784 | |
BX Commercial Mortgage Trust 2024-VLT4 A, CME Term SOFR 1 Month + 1.4914%, 6.8114%, 7/16/29ž,‡ | 1,797,039 | 1,790,761 | |
CBAM CLO Management 2019-11RA A2, CME Term SOFR 3 Month + 1.7616%, 7.0862%, 1/22/35ž,‡ | 4,325,000 | 4,330,337 | |
CENT Trust 2023-CITY A, CME Term SOFR 1 Month + 2.6200%, 7.9488%, 9/15/38ž,‡ | 1,845,000 | 1,853,085 | |
CF Hippolyta Issuer LLC 2021-1A A1, 1.5300%, 3/15/61ž | 2,170,457 | 1,985,695 | |
CF Hippolyta Issuer LLC 2021-1A B1, 1.9800%, 3/15/61ž | 796,368 | 711,801 | |
CF Hippolyta Issuer LLC 2022-1A A1, 5.9700%, 8/15/62ž | 10,157,725 | 10,016,719 | |
Chase Auto Credit Linked Notes 2021-1 B, 0.8750%, 9/25/28ž | 47,354 | 47,145 | |
Chase Auto Credit Linked Notes 2021-2 B, 0.8890%, 12/26/28ž | 118,386 | 117,054 | |
Chase Mortgage Finance Corp 2020-CL1 M1, CME Term SOFR 1 Month + 2.3645%, 7.7097%, 10/25/57ž,‡ | 2,714,963 | 2,733,828 | |
CIFC Funding Ltd 2014-5A A1R3, CME Term SOFR 3 Month + 1.3800%, 0%, 7/17/37ž,‡ | 2,481,000 | 2,481,000 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 1
Janus Henderson Short Duration Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – (continued) | |||
CIFC Funding Ltd 2016-1A BRR, CME Term SOFR 3 Month + 1.9616%, 7.2794%, 10/21/31ž,‡ | $1,278,000 | $1,280,175 | |
CIFC Funding Ltd 2021-7A B, CME Term SOFR 3 Month + 1.8616%, 7.1880%, 1/23/35ž,‡ | 1,432,000 | 1,433,426 | |
CIM Trust 2021-NR1 A1, 5.5690%, 7/25/55ž,Ç | 553,952 | 546,319 | |
Cold Storage Trust 2020-ICE5 A, CME Term SOFR 1 Month + 1.0145%, 6.3415%, 11/15/37ž,‡ | 3,282,205 | 3,271,814 | |
Cold Storage Trust 2020-ICE5 B, CME Term SOFR 1 Month + 1.4145%, 6.7415%, 11/15/37ž,‡ | 1,683,863 | 1,677,249 | |
Cold Storage Trust 2020-ICE5 C, CME Term SOFR 1 Month + 1.7645%, 7.0915%, 11/15/37ž,‡ | 1,690,744 | 1,686,100 | |
COLEM Mortgage Trust 2022-HLNE A, 2.5430%, 4/12/42ž,‡ | 4,914,000 | 4,321,535 | |
COMM Mortgage Trust 2024-WCL1 A, CME Term SOFR 1 Month + 1.8410%, 7.1410%, 6/17/41ž,‡ | 2,536,542 | 2,524,377 | |
Connecticut Avenue Securities Trust 2021-R02 2M1, US 30 Day Average SOFR + 0.9000%, 6.2354%, 11/25/41ž,‡ | 818,068 | 817,509 | |
Connecticut Avenue Securities Trust 2021-R02 2M2, US 30 Day Average SOFR + 2.0000%, 7.3354%, 11/25/41ž,‡ | 4,397,000 | 4,423,859 | |
Connecticut Avenue Securities Trust 2021-R03 1M2, US 30 Day Average SOFR + 1.6500%, 6.9854%, 12/25/41ž,‡ | 951,000 | 956,311 | |
Connecticut Avenue Securities Trust 2022-R01 1B1, US 30 Day Average SOFR + 3.1500%, 8.4854%, 12/25/41ž,‡ | 1,759,000 | 1,807,330 | |
Connecticut Avenue Securities Trust 2022-R01 1M2, US 30 Day Average SOFR + 1.9000%, 7.2354%, 12/25/41ž,‡ | 1,997,000 | 2,014,343 | |
Connecticut Avenue Securities Trust 2022-R03 1M1, US 30 Day Average SOFR + 2.1000%, 7.4354%, 3/25/42ž,‡ | 1,403,770 | 1,425,097 | |
Connecticut Avenue Securities Trust 2022-R04 1M1, US 30 Day Average SOFR + 2.0000%, 7.3354%, 3/25/42ž,‡ | 611,605 | 620,205 | |
Connecticut Avenue Securities Trust 2022-R05 2M1, US 30 Day Average SOFR + 1.9000%, 7.2354%, 4/25/42ž,‡ | 1,407,545 | 1,419,194 | |
Connecticut Avenue Securities Trust 2023-R01 1M1, US 30 Day Average SOFR + 2.4000%, 7.7350%, 12/25/42ž,‡ | 761,211 | 783,090 | |
Connecticut Avenue Securities Trust 2023-R03 2M1, US 30 Day Average SOFR + 2.5000%, 7.8354%, 4/27/43ž,‡ | 1,573,455 | 1,602,334 | |
Connecticut Avenue Securities Trust 2023-R06 1M1, US 30 Day Average SOFR + 1.7000%, 7.0354%, 7/27/43ž,‡ | 965,226 | 971,796 | |
Connecticut Avenue Securities Trust 2023-R07 2M1, US 30 Day Average SOFR + 1.9500%, 7.2850%, 9/25/43ž,‡ | 445,945 | 449,362 | |
Connecticut Avenue Securities Trust 2023-R08 1M1, US 30 Day Average SOFR + 1.5000%, 6.8354%, 10/26/43ž,‡ | 865,965 | 871,031 | |
Connecticut Avenue Securities Trust 2024-R01 1M1, US 30 Day Average SOFR + 1.0500%, 6.3854%, 1/25/44ž,‡ | 772,715 | 772,714 | |
Connecticut Avenue Securities Trust 2024-R03 2M1, US 30 Day Average SOFR + 1.1500%, 6.4850%, 3/25/44ž,‡ | 473,046 | 473,046 | |
Connecticut Avenue Securities Trust 2024-R04 1M1, US 30 Day Average SOFR + 1.1000%, 6.4237%, 5/25/44ž,‡ | 713,503 | 713,503 | |
CP EF Asset Securitization I LLC 2002-1A A, 5.9600%, 4/15/30ž | 893,588 | 892,267 | |
CPF IV LLC / CP EF Asset Securitization LLC 2023-1A A, 7.4800%, 3/15/32ž | 754,280 | 761,870 | |
CRB Securitization Trust 2023-1 A, 6.9600%, 10/20/33ž | 1,003,980 | 1,009,867 | |
CyrusOne Data Centers Issuer I LLC 2023-2A A2, 5.5600%, 11/20/48ž | 1,791,000 | 1,750,816 | |
CyrusOne Data Centers Issuer I LLC 2024-1A A2, 4.7600%, 3/22/49ž | 708,449 | 667,179 | |
CyrusOne Data Centers Issuer I LLC 2024-3A A2, 4.6500%, 5/20/49ž | 3,607,000 | 3,266,714 | |
DB Master Finance LLC 2017-1A A2II, 4.0300%, 11/20/47ž | 4,803,750 | 4,559,653 | |
DC Commercial Mortgage Trust 2023-DC A, 6.3143%, 9/12/40ž | 1,548,000 | 1,588,087 | |
DC Commercial Mortgage Trust 2023-DC B, 6.8043%, 9/12/40ž | 1,459,617 | 1,489,504 | |
Diamond Infrastructure Funding LLC 2021-1A A, 1.7600%, 4/15/49ž | 2,114,000 | 1,907,296 | |
Diamond Resorts Owner Trust 2021-1A A, 1.5100%, 11/21/33ž | 388,277 | 370,104 | |
DROP Mortgage Trust 2021-FILE A, CME Term SOFR 1 Month + 1.2645%, 6.5935%, 10/15/43ž,‡ | 3,929,000 | 3,751,981 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
2 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – (continued) | |||
Elmwood CLO VIII Ltd 2019-2A AR, CME Term SOFR 3 Month + 1.4116%, 6.7362%, 4/20/34ž,‡ | $740,000 | $741,300 | |
Enva LLC 2024-A A, 7.4300%, 10/21/30ž | 2,530,000 | 2,529,943 | |
Exeter Automobile Receivables Trust 2020-2A E, 7.1900%, 9/15/27ž | 2,687,000 | 2,694,501 | |
Exeter Automobile Receivables Trust 2021-1A D, 1.0800%, 11/16/26 | 684,481 | 668,195 | |
Exeter Automobile Receivables Trust 2023-5A A2, 6.2000%, 4/15/26 | 1,117,929 | 1,118,844 | |
Exeter Automobile Receivables Trust 2024-1A A2, 5.5300%, 10/15/26 | 1,550,680 | 1,549,542 | |
Extended Stay America Trust 2021-ESH E, CME Term SOFR 1 Month + 2.9645%, 8.2935%, 7/15/38ž,‡ | 3,074,700 | 3,070,772 | |
FIGRE Trust 2024-HE1 A, 6.1650%, 3/25/54ž,‡ | 868,404 | 866,198 | |
FIGRE Trust 2024-HE2 A, 6.3800%, 5/25/54ž,‡ | 691,190 | 693,256 | |
First Help Financial LLC 2024-2A A2, 5.8900%, 6/15/30ž | 998,000 | 999,819 | |
First Investors Auto Owner Trust 2022-1A A, 2.0300%, 1/15/27ž | 593,547 | 585,591 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA2 M2, US 30 Day Average SOFR + 2.0500%, 7.3854%, 12/26/33ž,‡ | 2,480,242 | 2,526,145 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA3 M2, US 30 Day Average SOFR + 2.1000%, 7.4354%, 9/25/41ž,‡ | 361,621 | 363,664 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA1 M1A, US 30 Day Average SOFR + 2.1000%, 7.4354%, 3/25/42ž,‡ | 534,733 | 539,543 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA3 M1A, US 30 Day Average SOFR + 2.3000%, 7.6354%, 8/25/42ž,‡ | 615,228 | 629,785 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA2 M1A, US 30 Day Average SOFR + 2.1000%, 7.4350%, 4/27/43ž,‡ | 1,380,113 | 1,406,058 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA2 M1A, US 30 Day Average SOFR + 2.0000%, 7.3354%, 6/25/43ž,‡ | 1,449,520 | 1,459,105 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 M1, US 30 Day Average SOFR + 1.8500%, 7.1854%, 11/25/43ž,‡ | 799,430 | 810,151 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA1 A1, US 30 Day Average SOFR + 1.3500%, 6.6854%, 2/25/44ž,‡ | 576,389 | 578,196 | |
Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA2 M1, US 30 Day Average SOFR + 1.2000%, 6.5354%, 5/25/44ž,‡ | 1,027,306 | 1,029,024 | |
FREMF Mortgage Trust 2017-K729 D, 0%, 11/25/49ž,◊ | 793,579 | 758,862 | |
FREMF Mortgage Trust 2017-K729 X2A, 0.1000%, 11/25/49ž,¤ | 5,943,869 | 1,009 | |
FREMF Mortgage Trust 2017-K729 X2B, 0.1000%, 11/25/49ž,¤ | 1,996,887 | 562 | |
GCAT 2022-INV1 A1, 3.0000%, 12/25/51ž,‡ | 4,455,999 | 3,696,752 | |
GCAT 2024-INV1 2A2, 6.5000%, 1/25/54ž,‡ | 1,757,914 | 1,765,301 | |
Gracie Point International Funding 2024-1A A, US 90 Day Average SOFR + 1.7000%, 7.0496%, 3/1/28ž,‡ | 558,000 | 560,188 | |
Great Wolf Trust 2024-WLF2 A, CME Term SOFR 1 Month + 1.6912%, 7.0201%, 5/15/41ž,‡ | 2,209,000 | 2,205,695 | |
Hertz Vehicle Financing LLC 2021-1A D, 3.9800%, 12/26/25ž | 1,520,000 | 1,499,083 | |
Hilton Grand Vacations Trust 2020-AA, 2.7400%, 2/25/39ž | 1,085,178 | 1,031,807 | |
Homeward Opportunities Fund I Trust 2024-RTL1 A1, 7.1200%, 7/25/29ž | 1,792,000 | 1,791,449 | |
Hudson's Bay Simon JV Trust 2015-HB10 A10, 4.1545%, 8/5/34ž | 412,000 | 389,060 | |
Hudson's Bay Simon JV Trust 2015-HB7 A7, 3.9141%, 8/5/34ž | 372,658 | 365,379 | |
Imerial Fund LLC 2023-NQM1 A1, 5.9410%, 2/25/68ž,Ç | 856,933 | 849,466 | |
JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE A, 3.2865%, 1/10/37ž | 991,000 | 973,694 | |
JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE B, 3.6401%, 1/10/37ž | 2,560,000 | 2,494,589 | |
LAD Auto Receivables Trust 2021-1A A, 1.3000%, 8/17/26ž | 43,997 | 43,858 | |
LAD Auto Receivables Trust 2022-1A A, 5.2100%, 6/15/27ž | 1,225,726 | 1,221,451 | |
LBA Trust 2024-BOLT A, CME Term SOFR 1 Month + 1.5911%, 6.8911%, 6/15/26ž,‡ | 1,424,004 | 1,416,843 | |
Lendbuzz Securitization Trust 2021-1A A, 1.4600%, 6/15/26ž | 778,725 | 759,877 | |
Lendbuzz Securitization Trust 2021-1A A, 4.2200%, 5/17/27ž | 1,010,652 | 993,871 | |
Lendbuzz Securitization Trust 2023-1A A2, 6.9200%, 8/15/28ž | 2,009,756 | 2,021,688 | |
Lendbuzz Securitization Trust 2024-1A A2, 6.1900%, 8/15/29ž | 2,135,000 | 2,134,840 | |
LHOME Mortgage Trust 2024-RTL1 A1, 7.0170%, 1/25/29ž,Ç | 836,000 | 839,348 | |
LHOME Mortgage Trust 2024-RTL2 A1, 7.1280%, 3/25/29ž,Ç | 1,454,356 | 1,464,855 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 3
Janus Henderson Short Duration Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – (continued) | |||
LHOME Mortgage Trust 2024-RTL3 A1, 6.9000%, 5/25/29ž | $586,465 | $586,879 | |
Life Financial Services Trust 2021-BMR A, CME Term SOFR 1 Month + 0.8145%, 6.1435%, 3/15/38ž,‡ | 3,554,420 | 3,490,395 | |
Life Financial Services Trust 2021-BMR C, CME Term SOFR 1 Month + 1.2145%, 6.5435%, 3/15/38ž,‡ | 1,980,685 | 1,927,339 | |
Life Financial Services Trust 2022-BMR2 A1, CME Term SOFR 1 Month + 1.2952%, 6.6241%, 5/16/39ž,‡ | 2,823,000 | 2,777,391 | |
Life Financial Services Trust 2022-BMR2 B, CME Term SOFR 1 Month + 1.7939%, 7.1228%, 5/16/39ž,‡ | 1,059,000 | 1,038,727 | |
M&T Equipment Notes 2023-1A A2, 6.0900%, 7/15/30ž | 1,508,315 | 1,508,876 | |
Marlette Funding Trust 2023-1A A, 6.0700%, 4/15/33ž | 402,441 | 402,465 | |
Marlette Funding Trust 2023-2A B, 6.5400%, 6/15/33ž | 1,275,000 | 1,282,107 | |
MED Trust 2021-MDLN E, CME Term SOFR 1 Month + 3.2645%, 8.5935%, 11/15/38ž,‡ | 2,634,357 | 2,632,604 | |
Mello Mortgage Capital Acceptance Trust 2021-INV3 A11, US 30 Day Average SOFR + 0.9500%, 5.0000%, 10/25/51ž,‡ | 1,613,856 | 1,503,534 | |
Mello Mortgage Capital Acceptance Trust 2022-INV1 A2, 3.0000%, 3/25/52ž,‡ | 1,534,972 | 1,295,890 | |
Mello Mortgage Capital Acceptance Trust 2024-SD1 A1, 4.0000%, 4/25/54ž,Ç | 700,380 | 664,985 | |
Mercury Financial Credit Card Master Trust 2023-1A A, 8.0400%, 9/20/27ž | 2,674,000 | 2,692,467 | |
MHC Commercial Mortgage Trust 2021-MHC A, CME Term SOFR 1 Month + 0.9154%, 6.2444%, 4/15/38ž,‡ | 2,670,108 | 2,646,922 | |
MHC Commercial Mortgage Trust 2021-MHC C, CME Term SOFR 1 Month + 1.4654%, 6.7944%, 4/15/38ž,‡ | 1,507,518 | 1,491,739 | |
Mission Lane Credit Card Master Trust 2023-A A, 7.2300%, 7/17/28ž | 2,136,000 | 2,145,793 | |
NCMF Trust 2022-MFP A, CME Term SOFR 1 Month + 1.7420%, 7.0588%, 3/15/39ž,‡ | 855,000 | 847,020 | |
Neuberger Berman CLO Ltd 2019-33A BR, CME Term SOFR 3 Month + 1.8616%, 7.1893%, 10/17/33ž,‡ | 3,800,000 | 3,801,877 | |
New Residential Mortgage Loan Trust 2024-RTL1 A1, 6.6640%, 3/25/39ž,Ç | 2,019,946 | 2,035,022 | |
NMEF Funding LLC 2022-A A2, 2.5800%, 10/16/28ž | 465,214 | 462,743 | |
NRTH PARK Mortgage Trust 2024-PARK A, CME Term SOFR 1 Month + 1.6413%, 6.9701%, 3/15/41ž,‡ | 2,673,000 | 2,664,166 | |
NRZ Excess Spread Collateralized Notes 2020-PLS1 A, 3.8440%, 12/25/25ž | 246,678 | 238,271 | |
NRZ Excess Spread Collateralized Notes 2021-FHT1 A, 3.1040%, 7/25/26ž | 408,408 | 385,060 | |
Oak Street Investment Grade Net Lease Fund 2020-1A A1, 1.8500%, 11/20/50ž | 1,023,585 | 958,776 | |
Oasis Securitization 2022-2A A, 6.8500%, 10/15/34ž | 687,777 | 687,660 | |
Oasis Securitization 2023-1A A, 7.0000%, 2/15/35ž | 1,827,316 | 1,823,811 | |
OCCU Auto Receivables Trust 2023-1A A3, 6.2300%, 6/15/28ž | 1,784,000 | 1,803,642 | |
Oceanview Mortgage Trust 2021-4 A11, US 30 Day Average SOFR + 0.8500%, 5.0000%, 10/25/51ž,‡ | 1,766,919 | 1,633,700 | |
Oceanview Mortgage Trust 2021-5 AF, US 30 Day Average SOFR + 0.8500%, 5.0000%, 11/25/51ž,‡ | 1,696,290 | 1,573,988 | |
Oceanview Mortgage Trust 2022-1 A1, 3.0000%, 12/25/51ž,‡ | 888,653 | 746,945 | |
Oceanview Mortgage Trust 2022-2 A1, 3.0000%, 12/25/51ž,‡ | 2,677,445 | 2,261,215 | |
OCP CLO Ltd 2015-10A BR2, CME Term SOFR 3 Month + 1.9116%, 7.2361%, 1/26/34ž,‡ | 2,686,000 | 2,686,145 | |
Octagon Investment Partners 48 Ltd 2020-3A BR, CME Term SOFR 3 Month + 1.8616%, 7.1862%, 10/20/34ž,‡ | 527,000 | 527,511 | |
Onslow Bay Financial LLC 2022-INV1 A1, 3.0000%, 12/25/51ž,‡ | 3,548,485 | 2,945,550 | |
Onslow Bay Financial LLC 2022-INV1 A18, 3.0000%, 12/25/51ž,‡ | 1,504,987 | 1,230,088 | |
Onslow Bay Financial LLC 2024-NQM4 A3, 6.3210%, 1/25/64ž,Ç | 441,703 | 440,352 | |
Pagaya AI Debt Selection Trust 2022-1 A, 2.0300%, 10/15/29ž | 81,551 | 81,124 | |
Pawnee Equipment Receivables 2021-1 A2, 1.1000%, 7/15/27ž | 499,486 | 494,785 | |
Pretium Mortgage Credit Partners LLC 2023-RN1 A1, 8.2321%, 9/25/53ž,Ç | 1,942,261 | 1,971,891 | |
PRP Advisors LLC 2021-10 A1, 2.4870%, 10/25/26ž,Ç | 1,470,740 | 1,429,703 | |
PRP Advisors LLC 2021-9 A1, 2.3630%, 10/25/26ž,Ç | 1,449,259 | 1,407,178 | |
PRP Advisors LLC 2022-2 A1, 5.0000%, 3/25/27ž,Ç | 2,157,727 | 2,123,680 | |
PRP Advisors LLC 2024-2 A1, 7.0260%, 3/25/29ž,Ç | 1,158,176 | 1,185,513 | |
PRP Advisors LLC 2024-3 A1, 6.9940%, 5/25/29ž,Ç | 2,414,334 | 2,414,385 | |
PRP Advisors LLC 2024-RCF2 A1, 3.7500%, 3/25/54ž,Ç | 673,182 | 638,639 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
4 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – (continued) | |||
Rad CLO Ltd 2023-21A C, CME Term SOFR 3 Month + 2.5500%, 7.8736%, 1/25/33ž,‡ | $2,327,710 | $2,342,170 | |
Reach Financial LLC 2021-1A B, 2.1700%, 5/15/29ž | 1,458,317 | 1,445,200 | |
Reach Financial LLC 2024-1A A, 6.3000%, 2/18/31ž | 745,906 | 747,678 | |
Regatta Funding 2018-1A AR, CME Term SOFR 3 Month + 1.4000%, 0%, 7/17/37ž,‡ | 2,519,969 | 2,519,969 | |
Saluda Grade Alternative Mortgage Trust 2023-FIG3 A, 7.0670%, 8/25/53ž,‡ | 381,741 | 398,371 | |
Saluda Grade Alternative Mortgage Trust 2023-FIG4 A, 6.7180%, 11/25/53ž,‡ | 1,201,654 | 1,237,879 | |
Saluda Grade Alternative Mortgage Trust 2024-CES1 A1, 6.3060%, 3/25/54ž,‡ | 777,534 | 775,531 | |
Saluda Grade Alternative Mortgage Trust 2024-FIG5 A, 6.2550%, 4/25/54ž,‡ | 845,610 | 859,005 | |
Saluda Grade Alternative Mortgage Trust 2024-RTL4 A1, 7.5000%, 2/25/30ž,Ç | 2,614,000 | 2,620,862 | |
Saluda Grade Alternative Mortgage Trust 2024-RTL5 A1, 7.7620%, 4/25/30ž,Ç | 1,265,000 | 1,275,309 | |
Saluda Grade Alternative Mortgage Trust 2024-RTL6 A1, 7.4390%, 7/25/30ž,‡ | 1,422,000 | 1,421,974 | |
Santander Bank Auto Credit-Linked Notes 2021-1A B, 1.8330%, 12/15/31ž | 1,060,397 | 1,048,748 | |
Santander Bank Auto Credit-Linked Notes 2021-1A C, 3.2680%, 12/15/31ž | 145,926 | 144,561 | |
Santander Bank Auto Credit-Linked Notes 2022-A B, 5.2810%, 5/15/32ž | 688,456 | 684,838 | |
Santander Bank Auto Credit-Linked Notes 2023-B A2, 5.6440%, 12/15/33ž | 1,980,372 | 1,987,529 | |
Santander Bank Auto Credit-Linked Notes 2024-A B, 5.6220%, 6/15/32ž | 2,210,000 | 2,205,130 | |
Santander Drive Auto Receivables Trust 2021-1 D, 1.1300%, 11/16/26 | 2,130,566 | 2,097,312 | |
Sierra Receivables Funding Co LLC 2021-1A A, 0.9900%, 11/20/37ž | 552,607 | 526,556 | |
Signal Peak CLO LLC 2022-12A A1, 7.1207%, 7/10/28ž,‡ | 2,616,000 | 2,714,317 | |
SMRT 2022-MINI A, CME Term SOFR 1 Month + 1.0000%, 6.3290%, 1/15/39ž,‡ | 2,805,000 | 2,770,086 | |
SoFi Professional Loan Program 2020-C Trust, 1.9500%, 2/15/46ž | 1,220,253 | 1,120,315 | |
Sound Point CLO Ltd 2019-1A AR, CME Term SOFR 3 Month + 1.3416%, 6.6662%, 1/20/32ž,‡ | 2,136,000 | 2,136,995 | |
SREIT Trust 2021-MFP A, CME Term SOFR 1 Month + 0.8453%, 6.1741%, 11/15/38ž,‡ | 3,096,408 | 3,071,739 | |
Stack Infrastructure Issuer LLC 2024-1A A2, 5.9000%, 3/25/49ž | 865,000 | 854,795 | |
THE 2023-MIC Trust 2023-MIC A, 8.7315%, 12/5/38ž,‡ | 1,278,485 | 1,375,106 | |
The Huntington National Bank 2024-1 B1, 6.1530%, 5/20/32ž | 1,847,091 | 1,847,236 | |
Theorem Funding Trust 2022-3A A, 7.6000%, 4/15/29ž | 1,008,372 | 1,015,616 | |
THL Credit Wind River CLO Ltd 2014-1A ARR, CME Term SOFR 3 Month + 1.3116%, 6.6385%, 7/18/31ž,‡ | 3,243,373 | 3,243,879 | |
Tricolor Auto Securitization Trust 2023-1A A, 6.4800%, 8/17/26ž | 390,150 | 390,330 | |
Tricolor Auto Securitization Trust 2024-1A A, 6.6100%, 10/15/27ž | 808,853 | 810,648 | |
Tricolor Auto Securitization Trust 2024-2A A, 6.3600%, 12/15/27ž | 1,209,900 | 1,210,434 | |
TTAN 2021-MHC A, CME Term SOFR 1 Month + 0.9645%, 6.2935%, 3/15/38ž,‡ | 1,297,020 | 1,289,479 | |
TYSN 2023-CRNR Mortgage Trust 2023-CRNR A, 6.7991%, 12/10/33ž,‡ | 758,943 | 783,053 | |
TYSN 2023-CRNR Mortgage Trust 2023-CRNR B, 6.7991%, 12/10/33ž,‡ | 1,530,716 | 1,508,857 | |
UNIFY Auto Receivables Trust 2021-1A A4, 0.9800%, 7/15/26ž | 657,473 | 653,221 | |
Upstart Securitization Trust 2022-1 A, 3.1200%, 3/20/32ž | 461,332 | 459,013 | |
Upstart Securitization Trust 2022-2 A, 4.3700%, 5/20/32ž | 10,919 | 10,907 | |
US Bank National Association 2023-1 B, 6.7890%, 8/25/32ž | 1,406,669 | 1,412,237 | |
USASF Receivables LLC 2021-1A C, 2.2000%, 5/15/26ž | 1,896,952 | 1,864,644 | |
Vantage Data Centers LLC 2020-1A A2, 1.6450%, 9/15/45ž | 2,652,000 | 2,512,688 | |
VASA Trust 2021-VASA A, CME Term SOFR 1 Month + 1.0145%, 6.3435%, 7/15/39ž,‡ | 1,260,000 | 1,169,626 | |
Verus Securitization Trust 2020-1, 3.6420%, 1/25/60ž,Ç | 1,950,425 | 1,873,364 | |
VMC Finance LLC 2021-HT1 A, CME Term SOFR 1 Month + 1.7645%, 7.0964%, 1/19/37ž,‡ | 741,295 | 726,455 | |
WB Commercial Mortgage Trust 2024-HQ A, 6.1344%, 3/15/40ž,‡ | 1,248,000 | 1,244,730 | |
Westgate Resorts 2022-1A A, 1.7880%, 8/20/36ž | 332,039 | 318,260 | |
Westlake Automobile Receivable Trust 2023-3A A2A, 5.9600%, 10/15/26ž | 1,737,986 | 1,739,672 | |
Westlake Automobile Receivable Trust 2023-4A A2, 6.2300%, 1/15/27ž | 2,589,857 | 2,594,219 | |
Woodward Capital Management 2021-3 A21, US 30 Day Average SOFR + 0.8000%, 5.0000%, 7/25/51ž,‡ | 1,130,339 | 1,045,967 | |
Woodward Capital Management 2023-CES1 A1A, 6.5150%, 6/25/43ž,‡ | 961,368 | 965,522 | |
Woodward Capital Management 2023-CES2 A1A, 6.8080%, 9/25/43ž,‡ | 1,473,325 | 1,488,582 | |
Woodward Capital Management 2023-CES3 A1A, 7.1130%, 11/25/43ž,‡ | 2,598,578 | 2,632,413 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 5
Janus Henderson Short Duration Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Asset-Backed/Commercial Mortgage-Backed Securities – (continued) | |||
Woodward Capital Management 2024-CES1 A1A, 6.0250%, 2/25/44ž,‡ | $1,049,950 | $1,046,003 | |
Woodward Capital Management 2024-CES2 A1A, 6.1410%, 4/25/44ž,‡ | 3,310,931 | 3,353,533 | |
Woodward Capital Management 2024-CES3 A1A, 6.5910%, 5/25/44ž,‡ | 1,084,588 | 1,093,755 | |
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $333,258,833) | 328,959,747 | ||
Bank Loans and Mezzanine Loans – 2.6% | |||
Capital Goods – 0.5% | |||
EMRLD Borrower LP, CME Term SOFR 1 Month + 2.50000%, 7.8291%, 6/18/31ƒ,‡ | 3,369,659 | 3,365,447 | |
Consumer Non-Cyclical – 0.4% | |||
Concentra Health Services Inc, CME Term SOFR 1 Month + 2.25000%, 7.5887%, 6/26/31ƒ,‡ | 1,260,000 | 1,263,150 | |
Medline Borrower LP, CME Term SOFR 1 Month + 2.25000%, 7.5779%, 10/23/28ƒ,‡ | 1,763,000 | 1,763,000 | |
3,026,150 | |||
Industrial – 0.6% | |||
AECOM Technology, CME Term SOFR 1 Month + 1.8750%, 7.2189%, 4/17/31‡ | 1,846,000 | 1,855,618 | |
APi Group DE Inc, CME Term SOFR 1 Month + 2.0000%, 7.3439%, 12/18/28‡ | 2,440,137 | 2,437,306 | |
4,292,924 | |||
Technology – 0.4% | |||
SS&C Technologies Inc, CME Term SOFR 1 Month + 2.0000%, 7.3439%, 5/9/31‡ | 3,063,329 | 3,094,282 | |
Transportation – 0.7% | |||
Genesee & Wyoming Inc, CME Term SOFR 3 Month + 2.0000%, 7.3346%, 4/10/31‡ | 4,786,968 | 4,780,362 | |
Total Bank Loans and Mezzanine Loans (cost $18,524,463) | 18,559,165 | ||
Corporate Bonds – 40.1% | |||
Banking – 10.3% | |||
American Express Co, SOFR + 1.3300%, 6.3380%, 10/30/26‡ | 2,284,000 | 2,306,428 | |
American Express Co, SOFR + 1.0000%, 5.0980%, 2/16/28‡ | 1,878,000 | 1,869,632 | |
Bank of America Corp, SOFR + 1.9900%, 6.2040%, 11/10/28‡ | 2,851,000 | 2,936,040 | |
Bank of America NA, 5.5260%, 8/18/26 | 6,452,000 | 6,497,811 | |
BNP Paribas SA, SOFR + 1.5200%, 5.1760%, 1/9/30ž,‡ | 2,447,000 | 2,421,370 | |
BNP Paribas SA, USD SWAP SEMI 30/360 5YR + 5.1500%, 7.3750%ž,‡,μ | 5,148,000 | 5,135,156 | |
Capital One Financial Corp, SOFR + 1.9050%, 5.7000%, 2/1/30‡,# | 1,462,000 | 1,468,953 | |
Danske Bank A/S, US Treasury Yield Curve Rate 1 Year + 2.1000%, 6.4660%, 1/9/26ž,‡ | 6,589,000 | 6,606,742 | |
Fifth Third Bancorp, SOFR + 2.3400%, 6.3390%, 7/27/29‡ | 1,256,000 | 1,287,511 | |
ING Groep NV, SOFR + 1.5600%, 6.0830%, 9/11/27‡ | 2,448,000 | 2,475,168 | |
JPMorgan Chase & Co, SOFR + 1.3200%, 4.0800%, 4/26/26‡ | 6,763,000 | 6,673,100 | |
JPMorgan Chase & Co, SOFR + 1.1900%, 5.0400%, 1/23/28‡ | 1,557,000 | 1,548,573 | |
JPMorgan Chase & Co, SOFR + 1.4500%, 5.2990%, 7/24/29‡ | 4,909,000 | 4,925,474 | |
Morgan Stanley, SOFR + 1.5900%, 5.1640%, 4/20/29‡ | 1,918,000 | 1,911,775 | |
Morgan Stanley, SOFR + 1.6300%, 5.4490%, 7/20/29‡ | 2,175,000 | 2,188,416 | |
Morgan Stanley Bank NA, 4.7540%, 4/21/26 | 2,138,000 | 2,118,734 | |
PNC Financial Services Group Inc/The, SOFR + 1.7300%, 6.6150%, 10/20/27‡ | 5,774,000 | 5,914,256 | |
Truist Financial Corp, SOFR + 2.0500%, 6.0470%, 6/8/27‡,# | 2,484,000 | 2,501,398 | |
Truist Financial Corp, SOFR + 1.6200%, 5.4350%, 1/24/30‡ | 1,123,000 | 1,120,075 | |
UBS Group AG, US Treasury Yield Curve Rate 1 Year + 1.5200%, 5.4280%, 2/8/30ž,‡ | 2,009,000 | 2,005,011 | |
US Bancorp, SOFR + 1.5600%, 5.3840%, 1/23/30‡ | 2,970,000 | 2,977,957 | |
Wells Fargo & Co, SOFR + 1.5100%, 3.5260%, 3/24/28‡ | 3,116,000 | 2,972,189 | |
Wells Fargo & Co, SOFR + 1.5000%, 5.1980%, 1/23/30‡ | 3,382,000 | 3,367,800 | |
73,229,569 | |||
Basic Industry – 1.0% | |||
Celanese US Holdings LLC, 6.3500%, 11/15/28 | 6,012,000 | 6,177,214 | |
Novelis Corp, 3.2500%, 11/15/26ž | 1,031,000 | 970,175 | |
7,147,389 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
6 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Corporate Bonds – (continued) | |||
Brokerage – 1.6% | |||
Charles Schwab Corp, 5.8750%, 8/24/26 | $6,336,000 | $6,408,819 | |
LPL Holdings Inc, 5.7000%, 5/20/27 | 4,883,000 | 4,902,306 | |
11,311,125 | |||
Capital Goods – 4.0% | |||
Amphenol Corp, 5.0500%, 4/5/29# | 3,086,000 | 3,095,254 | |
BAE Systems PLC, 5.1250%, 3/26/29ž | 1,787,000 | 1,779,043 | |
Boeing Co/The, 6.2590%, 5/1/27ž | 2,422,000 | 2,438,373 | |
Boeing Co/The, 6.2980%, 5/1/29ž | 3,176,000 | 3,220,655 | |
Nordson Corp, 5.6000%, 9/15/28 | 3,080,000 | 3,116,856 | |
Regal Rexnord Corp, 6.0500%, 2/15/26 | 1,890,000 | 1,894,631 | |
Regal Rexnord Corp, 6.0500%, 4/15/28 | 1,518,000 | 1,536,237 | |
RTX Corp, 5.7500%, 11/8/26 | 5,001,000 | 5,054,450 | |
TransDigm Inc, 6.3750%, 3/1/29ž | 2,419,000 | 2,431,199 | |
WESCO Distribution Inc, 6.3750%, 3/15/29ž | 3,457,000 | 3,469,490 | |
28,036,188 | |||
Communications – 0.9% | |||
Charter Communications Operating LLC / Charter Communications Operating Capital, 5.0500%, 3/30/29 | 5,673,000 | 5,455,683 | |
T-Mobile USA Inc, 4.8500%, 1/15/29 | 1,317,000 | 1,300,642 | |
6,756,325 | |||
Consumer Cyclical – 2.3% | |||
CBRE Services Inc, 5.5000%, 4/1/29 | 4,875,000 | 4,900,312 | |
Ford Motor Credit Co LLC, 5.8000%, 3/8/29 | 3,531,000 | 3,518,597 | |
LKQ Corp, 5.7500%, 6/15/28 | 4,169,000 | 4,208,272 | |
Lowe's Cos Inc, 3.3500%, 4/1/27 | 916,000 | 873,941 | |
ZF North America Capital Inc, 6.7500%, 4/23/30ž | 2,532,000 | 2,578,693 | |
16,079,815 | |||
Consumer Non-Cyclical – 4.4% | |||
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 6.5000%, 2/15/28ž | 1,938,000 | 1,947,188 | |
GE HealthCare Technologies Inc, 5.6000%, 11/15/25 | 3,053,000 | 3,054,024 | |
HCA Inc, 5.3750%, 2/1/25 | 1,308,000 | 1,303,579 | |
HCA Inc, 5.8750%, 2/15/26 | 684,000 | 684,908 | |
HCA Inc, 5.2000%, 6/1/28 | 1,262,000 | 1,257,002 | |
Heartland Dental LLC / Heartland Dental Finance Corp, 10.5000%, 4/30/28ž | 2,346,000 | 2,490,185 | |
Illumina Inc, 5.8000%, 12/12/25 | 2,951,000 | 2,954,224 | |
IQVIA Inc, 6.2500%, 2/1/29 | 1,818,000 | 1,868,524 | |
JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc, 2.5000%, 1/15/27 | 4,222,000 | 3,928,351 | |
Mattel Inc, 3.7500%, 4/1/29ž | 3,395,000 | 3,130,986 | |
Smith & Nephew PLC, 5.1500%, 3/20/27 | 692,000 | 689,694 | |
Solventum Corp, 5.4500%, 2/25/27ž | 1,387,000 | 1,385,647 | |
Solventum Corp, 5.4000%, 3/1/29ž | 2,684,000 | 2,675,810 | |
Universal Health Services Inc, 2.6500%, 10/15/30 | 4,735,000 | 4,042,488 | |
31,412,610 | |||
Electric – 2.2% | |||
Georgia Power Co, 4.6500%, 5/16/28 | 2,005,000 | 1,974,027 | |
Liberty Utilities Co, 5.5770%, 1/31/29ž | 3,046,000 | 3,058,701 | |
National Grid PLC, 5.6020%, 6/12/28 | 1,558,000 | 1,573,171 | |
NextEra Energy Operating Partners LP, 4.2500%, 7/15/24ž | 1,229,000 | 1,227,065 | |
Southern California Edison Co, 5.8500%, 11/1/27 | 2,077,000 | 2,117,428 | |
Xcel Energy Inc, 4.0000%, 6/15/28 | 5,589,000 | 5,326,412 | |
15,276,804 | |||
Energy – 2.4% | |||
Columbia Pipelines Holding Company LLC, 6.0550%, 8/15/26ž,# | 1,572,000 | 1,584,521 | |
DT Midstream Inc, 4.1250%, 6/15/29ž | 5,499,000 | 5,080,229 | |
Hess Midstream Operations LP, 6.5000%, 6/1/29ž | 2,197,000 | 2,227,236 | |
Occidental Petroleum Corp, 8.8750%, 7/15/30 | 840,000 | 967,342 | |
Occidental Petroleum Corp, 6.6250%, 9/1/30 | 1,596,000 | 1,673,759 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 7
Janus Henderson Short Duration Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Corporate Bonds – (continued) | |||
Energy – (continued) | |||
Sunoco LP, 7.0000%, 5/1/29ž | $3,543,000 | $3,631,161 | |
Targa Resources Partners LP / Targa Resources Partners Finance Corp, 6.5000%, 7/15/27 | 1,643,000 | 1,654,726 | |
16,818,974 | |||
Finance Companies – 3.9% | |||
Air Lease Corp, 0.8000%, 8/18/24 | 3,072,000 | 3,051,685 | |
Ares Capital Corp, 7.0000%, 1/15/27 | 3,793,000 | 3,856,607 | |
Avolon Holdings Funding Ltd, 4.2500%, 4/15/26ž | 2,351,000 | 2,283,499 | |
Avolon Holdings Funding Ltd, 2.1250%, 2/21/26ž | 3,354,000 | 3,152,884 | |
Blackstone Private Credit Fund, 7.3000%, 11/27/28ž | 1,829,000 | 1,895,271 | |
Blackstone Secured Lending Fund, 5.8750%, 11/15/27 | 3,753,000 | 3,725,728 | |
Castlelake Aviation Finance DAC, 5.0000%, 4/15/27ž | 2,999,000 | 2,894,078 | |
Owl Rock Capital Corp, 3.1250%, 4/13/27 | 4,908,000 | 4,490,085 | |
Sixth Street Lending Partners, 6.5000%, 3/11/29ž | 2,605,000 | 2,575,363 | |
27,925,200 | |||
Government Guarantee – 0.2% | |||
Electricite de France SA, 5.7000%, 5/23/28ž | 1,520,000 | 1,535,334 | |
Insurance – 3.3% | |||
Aon North America Inc, 5.1500%, 3/1/29 | 3,327,000 | 3,317,721 | |
Centene Corp, 4.2500%, 12/15/27 | 13,752,000 | 13,125,462 | |
Corebridge Financial Inc, 3.5000%, 4/4/25 | 2,625,000 | 2,581,311 | |
Health Care Service Corp, 5.2000%, 6/15/29ž | 4,244,000 | 4,225,710 | |
23,250,204 | |||
Professional Services – 0.7% | |||
Jacobs Engineering Group Inc, 6.3500%, 8/18/28 | 5,024,000 | 5,182,430 | |
Real Estate Investment Trusts (REITs) – 0.6% | |||
American Tower Trust I, 5.4900%, 3/15/28ž | 4,241,000 | 4,253,460 | |
Technology – 2.3% | |||
Constellation Software Inc/Canada, 5.1580%, 2/16/29ž | 2,041,000 | 2,040,270 | |
Foundry JV Holdco LLC, 5.9000%, 1/25/30ž | 6,149,000 | 6,236,854 | |
Marvell Technology Inc, 5.7500%, 2/15/29# | 4,791,000 | 4,891,402 | |
MSCI Inc, 4.0000%, 11/15/29ž | 3,430,000 | 3,204,772 | |
16,373,298 | |||
Total Corporate Bonds (cost $284,906,280) | 284,588,725 | ||
Mortgage-Backed Securities – 4.8% | |||
Fannie Mae: | |||
3.0000%, TBA, 30 Year Maturity | 4,857,000 | 4,130,777 | |
Fannie Mae Pool: | |||
4.0000%, 11/1/48 | 522,569 | 485,405 | |
4.0000%, 12/1/48 | 81,399 | 75,610 | |
4.0000%, 6/1/49 | 64,945 | 60,244 | |
4.5000%, 6/1/49 | 27,257 | 26,065 | |
4.5000%, 8/1/49 | 42,356 | 40,503 | |
4.5000%, 1/1/50 | 56,230 | 53,765 | |
4.0000%, 9/1/50 | 1,631,525 | 1,513,437 | |
4.5000%, 12/1/50 | 738,685 | 706,306 | |
4.0000%, 1/1/51 | 829,842 | 769,779 | |
4.0000%, 3/1/51 | 4,378,363 | 4,061,462 | |
4.0000%, 3/1/51 | 83,704 | 77,646 | |
4.0000%, 3/1/51 | 42,114 | 39,119 | |
4.0000%, 10/1/51 | 621,730 | 576,730 | |
3.0000%, 3/1/52 | 929,060 | 800,217 | |
3.0000%, 4/1/52 | 785,979 | 678,370 | |
3.0000%, 4/1/52 | 679,398 | 584,916 | |
3.5000%, 4/1/52 | 693,555 | 623,028 | |
3.5000%, 4/1/52 | 362,474 | 326,112 | |
3.5000%, 4/1/52 | 210,849 | 189,408 | |
3.5000%, 4/1/52 | 127,191 | 114,442 | |
3.5000%, 4/1/52 | 109,511 | 98,526 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
8 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Mortgage-Backed Securities – (continued) | |||
Fannie Mae Pool – (continued) | |||
4.5000%, 4/1/52 | $131,041 | $123,717 | |
4.5000%, 4/1/52 | 110,906 | 104,707 | |
4.5000%, 4/1/52 | 63,579 | 60,015 | |
4.5000%, 4/1/52 | 57,752 | 54,515 | |
4.5000%, 4/1/52 | 50,468 | 47,639 | |
4.5000%, 4/1/52 | 32,500 | 30,679 | |
4.5000%, 5/1/52 | 176,006 | 166,140 | |
3.0000%, 6/1/52 | 1,549,223 | 1,328,576 | |
3.5000%, 7/1/52 | 2,633,849 | 2,360,318 | |
5.0000%, 10/1/52 | 558,647 | 543,146 | |
5.0000%, 10/1/52 | 245,774 | 238,954 | |
4.5000%, 7/1/53 | 592,867 | 566,143 | |
5.0000%, 7/1/53 | 203,272 | 199,679 | |
5.5000%, 7/1/53 | 907,736 | 895,148 | |
4.5000%, 8/1/53 | 383,414 | 366,131 | |
5.0000%, 9/1/53 | 229,382 | 224,819 | |
5.5000%, 11/1/53 | 409,029 | 410,800 | |
5.0000%, 12/1/53 | 108,744 | 106,657 | |
6.0000%, 1/1/54 | 53,985 | 55,337 | |
5.5000%, 3/1/54 | 736,258 | 739,245 | |
6.0000%, 3/1/54 | 44,893 | 45,902 | |
6.0000%, 4/1/54 | 159,335 | 162,255 | |
6.0000%, 5/1/54 | 1,243,807 | 1,260,389 | |
21,992,001 | |||
Freddie Mac Pool: | |||
4.0000%, 11/1/48 | 47,154 | 43,800 | |
4.5000%, 6/1/49 | 35,109 | 33,504 | |
4.5000%, 7/1/49 | 281,925 | 269,040 | |
4.5000%, 7/1/49 | 44,757 | 42,798 | |
4.5000%, 8/1/49 | 250,660 | 239,205 | |
4.5000%, 1/1/50 | 173,816 | 165,873 | |
4.5000%, 1/1/50 | 48,565 | 46,436 | |
4.0000%, 3/1/50 | 554,497 | 515,063 | |
4.5000%, 9/1/50 | 1,612,323 | 1,543,039 | |
4.0000%, 10/1/50 | 112,517 | 104,373 | |
2.5000%, 8/1/51 | 1,119,426 | 924,273 | |
2.5000%, 2/1/52 | 94,229 | 77,555 | |
4.5000%, 3/1/52 | 27,293 | 25,767 | |
3.5000%, 4/1/52 | 81,660 | 73,468 | |
3.5000%, 4/1/52 | 77,517 | 69,747 | |
3.5000%, 7/1/52 | 1,013,837 | 908,547 | |
5.0000%, 10/1/52 | 1,099,328 | 1,068,824 | |
5.0000%, 10/1/52 | 33,883 | 32,943 | |
5.0000%, 7/1/53 | 245,794 | 241,304 | |
5.0000%, 9/1/53 | 71,751 | 70,266 | |
5.5000%, 9/1/53 | 291,003 | 292,086 | |
6.0000%, 9/1/53 | 90,972 | 93,062 | |
5.5000%, 4/1/54 | 196,785 | 197,583 | |
6.0000%, 4/1/54 | 903,468 | 915,512 | |
7,994,068 | |||
Total Mortgage-Backed Securities (cost $35,559,025) | 34,116,846 | ||
United States Treasury Notes/Bonds – 4.5% | |||
3.1250%, 8/15/25 | 4,110,000 | 4,023,786 | |
4.6250%, 6/15/27 | 4,026,000 | 4,037,638 | |
4.5000%, 5/31/29 | 23,386,300 | 23,545,251 | |
Total United States Treasury Notes/Bonds (cost $31,487,541) | 31,606,675 | ||
Investment Companies – 3.0% | |||
Money Markets – 3.0% | |||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº,£ (cost $20,954,641) | 20,950,451 | 20,954,642 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 9
Janus Henderson Short Duration Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Investments Purchased with Cash Collateral from Securities Lending – 0.5% | |||
Investment Companies – 0.4% | |||
Janus Henderson Cash Collateral Fund LLC, 5.2795%ºº,£ | 2,897,014 | $2,897,014 | |
Time Deposits – 0.1% | |||
Royal Bank of Canada, 5.3100%, 7/1/24 | $724,254 | 724,254 | |
Total Investments Purchased with Cash Collateral from Securities Lending (cost $3,621,268) | 3,621,268 | ||
Total Investments (total cost $728,312,051) – 101.9% | 722,407,068 | ||
Liabilities, net of Cash, Receivables and Other Assets – (1.9)% | (13,429,549) | ||
Net Assets – 100% | $708,977,519 | ||
Summary of Investments by Country - (Long Positions) (unaudited) | ||
Country | Value | % of Investment Securities |
United States | $688,131,033 | 95.2 % |
France | 9,091,860 | 1.3 |
Denmark | 6,606,742 | 0.9 |
Ireland | 5,436,383 | 0.7 |
United Kingdom | 4,041,908 | 0.6 |
Germany | 2,578,693 | 0.4 |
Netherlands | 2,475,168 | 0.3 |
Canada | 2,040,270 | 0.3 |
Switzerland | 2,005,011 | 0.3 |
Total | $722,407,068 | 100.0 % |
Schedule of Affiliated Investments - (% of Net Assets) | ||||||||
Affiliate | Affiliated Investments, at Value at 6/30/23 | Purchases | Sales Proceeds | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Affiliated Investments, at Value at 6/30/24 | Ending Shares | Dividend Income |
Investment Companies - 3.0% | ||||||||
Money Markets - 3.0% | ||||||||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº | ||||||||
$27,396,668 | $359,861,935 | $(366,303,648) | $349 | $(662) | $20,954,642 | 20,950,451 | $835,318 | |
Investments Purchased with Cash Collateral from Securities Lending - 0.4% | ||||||||
Investment Companies - 0.4% | ||||||||
Janus Henderson Cash Collateral Fund LLC, 5.2795%ºº | ||||||||
- | 19,831,413 | (16,934,399) | - | - | 2,897,014 | 2,897,014 | 4,660 ∆ | |
Total Affiliated Investments - 3.4% | ||||||||
$27,396,668 | $379,693,348 | $(383,238,047) | $349 | $(662) | $23,851,656 | 23,847,465 | $839,978 | |
Schedule of Futures | ||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/(Depreciation) |
Futures Long: | ||||
2 Year US Treasury Note | 1,616 | 10/3/24 | $330,017,500 | $1,148,882 |
Futures Short: | ||||
10 Year US Treasury Note | 113 | 9/30/24 | (12,428,234) | (213,257) |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
10 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/(Depreciation) |
5 Year US Treasury Note | 1,103 | 10/3/24 | $(117,555,672) | $(1,228,246) |
Ultra 10-Year Treasury Note | 1 | 9/30/24 | (113,531) | (2,401) |
US Treasury Long Bond | 173 | 9/30/24 | (20,468,063) | (639,035) |
Total - Futures Short | (2,082,939) | |||
Total | $(934,057) | |||
The following table, grouped by derivative type, provides information about the fair value and location of derivatives within the Statement of Assets and Liabilities as of June 30, 2024.
Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of June 30, 2024 | |
Interest Rate Contracts | |
Asset Derivatives: | |
*Futures contracts | $1,148,882 |
Liability Derivatives: | |
*Futures contracts | $2,082,939 |
* | The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the year ended June 30, 2024.
The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the year ended June 30, 2024 | |
Amount of Realized Gain/(Loss) Recognized on Derivatives | |
Derivative | Interest Rate Contracts |
Futures contracts | $(5,357,039) |
Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives | |
Derivative | Interest Rate Contracts |
Futures contracts | $3,882,172 |
Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" sections of the Fund’s Statement of Operations.
Average Ending Monthly Value of Derivative Instruments During the Year Ended June 30, 2024 | |
Futures contracts: | |
Average notional amount of contracts - long | $464,447,576 |
Average notional amount of contracts - short | 113,982,554 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 11
Janus Henderson Short Duration Flexible Bond Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Offsetting of Financial Assets and Derivative Assets | ||||
Counterparty | Gross Amounts of Recognized Assets | Offsetting Asset or Liability(a) | Collateral Pledged(b) | Net Amount |
JPMorgan Chase Bank, National Association | $3,474,068 | $— | $(3,474,068) | $— |
(a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
(b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
12 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
IBOR | Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
PLC | Public Limited Company |
SOFR | Secured Overnight Financing Rate |
TBA | (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when specific mortgage pools are assigned. |
ž | Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the year ended June 30, 2024 is $419,317,985, which represents 59.1% of net assets. |
ƒ | All or a portion of this position is not funded, or has been purchased on a delayed delivery or when-issued basis. If applicable, interest rates will be determined and interest will begin to accrue at a future date. See Notes to Financial Statements. |
‡ | Variable or floating rate security. Rate shown is the current rate as of June 30, 2024. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description. |
ºº | Rate shown is the 7-day yield as of June 30, 2024. |
# | Loaned security; a portion of the security is on loan at June 30, 2024. |
μ | Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date. |
Ç | Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate. |
◊ | Zero coupon bond. |
¤ | Interest only security. An interest only security represents the interest only portion of a pool of underlying mortgages or mortgage-backed securities which are separated and sold individually from the principal portion of the securities. Principal amount shown represents the par value on which interest payments are based. |
£ | The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. |
∆ | Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
Janus Investment Fund | 13
Janus Henderson Short Duration Flexible Bond Fund
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2024. See Notes to Financial Statements for more information.
Valuation Inputs Summary | |||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | |
Assets | |||
Investments In Securities: | |||
Asset-Backed/Commercial Mortgage-Backed Securities | $- | $328,959,747 | $- |
Bank Loans and Mezzanine Loans | - | 18,559,165 | - |
Corporate Bonds | - | 284,588,725 | - |
Mortgage-Backed Securities | - | 34,116,846 | - |
United States Treasury Notes/Bonds | - | 31,606,675 | - |
Investment Companies | - | 20,954,642 | - |
Investments Purchased with Cash Collateral from Securities Lending | - | 3,621,268 | - |
Total Investments in Securities | $- | $722,407,068 | $- |
Other Financial Instruments(a): | |||
Futures Contracts | 1,148,882 | - | - |
Total Assets | $1,148,882 | $722,407,068 | $- |
Liabilities | |||
Other Financial Instruments(a): | |||
Futures Contracts | $2,082,939 | $- | $- |
(a) | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |
14 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Assets: | |
Unaffiliated investments, at value (cost $704,460,396)(1) | $698,555,412 |
Affiliated investments, at value (cost $23,851,655) | 23,851,656 |
Cash | 17,796 |
Deposits with brokers for futures | 2,649,000 |
Variation margin receivable on futures contracts | 324,141 |
Trustees' deferred compensation | 19,495 |
Receivables: | |
Interest | 5,246,748 |
Fund shares sold | 219,747 |
Dividends from affiliates | 81,679 |
Other assets | 31,641 |
Total Assets | 730,997,315 |
Liabilities: | |
Collateral for securities loaned (Note 3) | 3,621,268 |
Variation margin payable on futures contracts | 37,876 |
Payables: | |
Investments purchased | 11,392,249 |
TBA investments purchased | 4,137,748 |
Fund shares repurchased | 2,255,200 |
Advisory fees | 136,085 |
Transfer agent fees and expenses | 116,538 |
Dividends | 105,882 |
Professional fees | 68,728 |
Trustees' deferred compensation fees | 19,495 |
12b-1 Distribution and shareholder servicing fees | 14,704 |
Trustees' fees and expenses | 4,093 |
Affiliated fund administration fees payable | 1,477 |
Custodian fees | 801 |
Accrued expenses and other payables | 107,652 |
Total Liabilities | 22,019,796 |
Commitments and contingent liabilities (Note 4) | |
Net Assets | $708,977,519 |
See footnotes at the end of the Statement.
See Notes to Financial Statements.
Janus Investment Fund | 15
Janus Henderson Short Duration Flexible Bond Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Net Assets Consist of: | |
Capital (par value and paid-in surplus) | $804,641,216 |
Total distributable earnings (loss) | (95,663,697) |
Total Net Assets | $708,977,519 |
Net Assets - Class A Shares | $34,090,166 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 11,954,571 |
Net Asset Value Per Share(2) | $2.85 |
Maximum Offering Price Per Share(3) | $2.92 |
Net Assets - Class C Shares | $9,135,365 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3,208,940 |
Net Asset Value Per Share(2) | $2.85 |
Net Assets - Class D Shares | $141,411,052 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 49,548,733 |
Net Asset Value Per Share | $2.85 |
Net Assets - Class I Shares | $317,302,060 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 111,315,772 |
Net Asset Value Per Share | $2.85 |
Net Assets - Class N Shares | $11,647,073 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 4,109,836 |
Net Asset Value Per Share | $2.83 |
Net Assets - Class S Shares | $328,605 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 115,380 |
Net Asset Value Per Share | $2.85 |
Net Assets - Class T Shares | $195,063,198 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 68,331,209 |
Net Asset Value Per Share | $2.85 |
(1) | Includes $3,474,068 of securities on loan. See Note 3 in Notes to Financial Statements. |
(2) | Redemption price per share may be reduced for any applicable contingent deferred sales charge. |
(3) | Maximum offering price is computed at 100/97.50 of net asset value. |
See Notes to Financial Statements.
16 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Investment Income: | |
Interest | $38,682,864 |
Dividends from affiliates | 835,318 |
Affiliated securities lending income, net | 4,660 |
Unaffiliated securities lending income, net | 1,165 |
Other income | 160,094 |
Total Investment Income | 39,684,101 |
Expenses: | |
Advisory fees | 3,331,371 |
12b-1 Distribution and shareholder servicing fees: | |
Class A Shares | 96,898 |
Class C Shares | 106,984 |
Class S Shares | 865 |
Transfer agent administrative fees and expenses: | |
Class D Shares | 162,028 |
Class S Shares | 865 |
Class T Shares | 526,267 |
Transfer agent networking and omnibus fees: | |
Class A Shares | 21,616 |
Class C Shares | 7,466 |
Class I Shares | 486,836 |
Other transfer agent fees and expenses: | |
Class A Shares | 2,243 |
Class C Shares | 553 |
Class D Shares | 28,254 |
Class I Shares | 18,044 |
Class N Shares | 926 |
Class S Shares | 28 |
Class T Shares | 3,975 |
Shareholder reports expense | 121,243 |
Registration fees | 110,242 |
Professional fees | 79,112 |
Affiliated fund administration fees | 18,928 |
Custodian fees | 17,640 |
Trustees' fees and expenses | 15,721 |
Other expenses | 148,539 |
Total Expenses | 5,306,644 |
Less: Excess Expense Reimbursement and Waivers | (1,193,571) |
Net Expenses | 4,113,073 |
Net Investment Income/(Loss) | 35,571,028 |
Net Realized Gain/(Loss) on Investments: | |
Investments | (5,353,502) |
Investments in affiliates | 349 |
Futures contracts | (5,357,039) |
Total Net Realized Gain/(Loss) on Investments | (10,710,192) |
Change in Unrealized Net Appreciation/Depreciation: | |
Investments and Trustees' deferred compensation | 18,686,829 |
Investments in affiliates | (662) |
Futures contracts | 3,882,172 |
Total Change in Unrealized Net Appreciation/Depreciation | 22,568,339 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $47,429,175 |
See Notes to Financial Statements.
Janus Investment Fund | 17
Janus Henderson Short Duration Flexible Bond Fund
Statements of Changes in Net Assets
Statements of Changes in Net Assets
Year ended June 30, 2024 | Year ended June 30, 2023 | |
Operations: | ||
Net investment income/(loss) | $35,571,028 | $26,320,722 |
Net realized gain/(loss) on investments | (10,710,192) | (36,854,228) |
Change in unrealized net appreciation/depreciation | 22,568,339 | 23,677,403 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 47,429,175 | 13,143,897 |
Dividends and Distributions to Shareholders: | ||
Class A Shares | (1,771,013) | (1,529,388) |
Class C Shares | (428,590) | (312,077) |
Class D Shares | (6,786,523) | (4,662,092) |
Class I Shares | (16,157,720) | (12,057,650) |
Class N Shares | (958,095) | (824,681) |
Class S Shares | (15,232) | (9,940) |
Class T Shares | (9,794,173) | (7,453,470) |
Net Decrease from Dividends and Distributions to Shareholders | (35,911,346) | (26,849,298) |
Capital Share Transactions: | ||
Class A Shares | (12,362,022) | (19,681,125) |
Class C Shares | (3,927,021) | (3,910,070) |
Class D Shares | (7,217,891) | (23,774,024) |
Class I Shares | (56,133,972) | (68,623,946) |
Class N Shares | (14,523,254) | (18,450,692) |
Class S Shares | (57,677) | 15,663 |
Class T Shares | (39,491,011) | (59,379,905) |
Net Increase/(Decrease) from Capital Share Transactions | (133,712,848) | (193,804,099) |
Net Increase/(Decrease) in Net Assets | (122,195,019) | (207,509,500) |
Net Assets: | ||
Beginning of period | 831,172,538 | 1,038,682,038 |
End of period | $708,977,519 | $831,172,538 |
See Notes to Financial Statements.
18 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Financial Highlights
Financial Highlights
Class A Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $2.81 | $2.85 | $3.08 | $3.06 | $3.02 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.13 | 0.08 | 0.03 | 0.05 | 0.06 |
Net realized and unrealized gain/(loss) | 0.04 | (0.04) | (0.22) | 0.02 | 0.05 |
Total from Investment Operations | 0.17 | 0.04 | (0.19) | 0.07 | 0.11 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.13) | (0.08) | (0.04) | (0.05) | (0.07) |
Total Dividends and Distributions | (0.13) | (0.08) | (0.04) | (0.05) | (0.07) |
Net Asset Value, End of Period | $2.85 | $2.81 | $2.85 | $3.08 | $3.06 |
Total Return* | 6.16% | 1.39% | (6.28)% | 2.30% | 3.57% |
Net Assets, End of Period (in thousands) | $34,090 | $45,842 | $66,254 | $77,673 | $65,066 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.81% | 0.83% | 0.78% | 0.78% | 0.79% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.70% | 0.70% | 0.71% | 0.74% | 0.74% |
Ratio of Net Investment Income/(Loss) | 4.49% | 2.68% | 1.06% | 1.51% | 2.10% |
Portfolio Turnover Rate | 105% (2) | 118% (2) | 94% (2) | 112% (2) | 121% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
Janus Investment Fund | 19
Janus Henderson Short Duration Flexible Bond Fund
Financial Highlights
Financial Highlights
Class C Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $2.80 | $2.84 | $3.08 | $3.05 | $3.01 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.11 | 0.06 | 0.01 | 0.03 | 0.04 |
Net realized and unrealized gain/(loss) | 0.05 | (0.04) | (0.23) | 0.03 | 0.04 |
Total from Investment Operations | 0.16 | 0.02 | (0.22) | 0.06 | 0.08 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.11) | (0.06) | (0.02) | (0.03) | (0.04) |
Total Dividends and Distributions | (0.11) | (0.06) | (0.02) | (0.03) | (0.04) |
Net Asset Value, End of Period | $2.85 | $2.80 | $2.84 | $3.08 | $3.05 |
Total Return* | 5.79% | 0.75% | (7.27)% | 2.04% | 2.84% |
Net Assets, End of Period (in thousands) | $9,135 | $12,886 | $16,947 | $23,656 | $27,296 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.55% | 1.48% | 1.51% | 1.37% | 1.53% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.41% | 1.33% | 1.42% | 1.32% | 1.47% |
Ratio of Net Investment Income/(Loss) | 3.79% | 2.08% | 0.34% | 0.93% | 1.37% |
Portfolio Turnover Rate | 105% (2) | 118% (2) | 94% (2) | 112% (2) | 121% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
20 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Financial Highlights
Financial Highlights
Class D Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $2.81 | $2.85 | $3.08 | $3.06 | $3.02 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.13 | 0.08 | 0.04 | 0.05 | 0.07 |
Net realized and unrealized gain/(loss) | 0.04 | (0.04) | (0.23) | 0.03 | 0.04 |
Total from Investment Operations | 0.17 | 0.04 | (0.19) | 0.08 | 0.11 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.13) | (0.08) | (0.04) | (0.06) | (0.07) |
Total Dividends and Distributions | (0.13) | (0.08) | (0.04) | (0.06) | (0.07) |
Net Asset Value, End of Period | $2.85 | $2.81 | $2.85 | $3.08 | $3.06 |
Total Return* | 6.35% | 1.56% | (6.12)% | 2.47% | 3.74% |
Net Assets, End of Period (in thousands) | $141,411 | $146,435 | $172,562 | $207,596 | $191,666 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.66% | 0.67% | 0.63% | 0.63% | 0.64% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.52% | 0.53% | 0.54% | 0.57% | 0.58% |
Ratio of Net Investment Income/(Loss) | 4.71% | 2.88% | 1.23% | 1.68% | 2.25% |
Portfolio Turnover Rate | 105% (2) | 118% (2) | 94% (2) | 112% (2) | 121% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
Janus Investment Fund | 21
Janus Henderson Short Duration Flexible Bond Fund
Financial Highlights
Financial Highlights
Class I Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $2.81 | $2.85 | $3.08 | $3.05 | $3.02 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.13 | 0.08 | 0.04 | 0.05 | 0.07 |
Net realized and unrealized gain/(loss) | 0.05 | (0.03) | (0.23) | 0.04 | 0.03 |
Total from Investment Operations | 0.18 | 0.05 | (0.19) | 0.09 | 0.10 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.14) | (0.09) | (0.04) | (0.06) | (0.07) |
Total Dividends and Distributions | (0.14) | (0.09) | (0.04) | (0.06) | (0.07) |
Net Asset Value, End of Period | $2.85 | $2.81 | $2.85 | $3.08 | $3.05 |
Total Return* | 6.42% | 1.63% | (6.08)% | 2.82% | 3.42% |
Net Assets, End of Period (in thousands) | $317,302 | $368,402 | $442,881 | $421,533 | $380,901 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.65% | 0.66% | 0.61% | 0.60% | 0.61% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.45% | 0.46% | 0.49% | 0.56% | 0.56% |
Ratio of Net Investment Income/(Loss) | 4.76% | 2.94% | 1.28% | 1.69% | 2.27% |
Portfolio Turnover Rate | 105% (2) | 118% (2) | 94% (2) | 112% (2) | 121% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
22 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Financial Highlights
Financial Highlights
Class N Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $2.79 | $2.84 | $3.07 | $3.05 | $3.01 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.14 | 0.08 | 0.04 | 0.06 | 0.07 |
Net realized and unrealized gain/(loss) | 0.04 | (0.04) | (0.22) | 0.02 | 0.05 |
Total from Investment Operations | 0.18 | 0.04 | (0.18) | 0.08 | 0.12 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.14) | (0.09) | (0.05) | (0.06) | (0.08) |
Total Dividends and Distributions | (0.14) | (0.09) | (0.05) | (0.06) | (0.08) |
Net Asset Value, End of Period | $2.83 | $2.79 | $2.84 | $3.07 | $3.05 |
Total Return* | 6.49% | 1.33% | (6.03)% | 2.61% | 3.89% |
Net Assets, End of Period (in thousands) | $11,647 | $25,912 | $45,088 | $15,816 | $17,144 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.52% | 0.53% | 0.50% | 0.50% | 0.49% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.39% | 0.40% | 0.41% | 0.44% | 0.44% |
Ratio of Net Investment Income/(Loss) | 4.78% | 2.83% | 1.39% | 1.80% | 2.34% |
Portfolio Turnover Rate | 105% (2) | 118% (2) | 94% (2) | 112% (2) | 121% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
Janus Investment Fund | 23
Janus Henderson Short Duration Flexible Bond Fund
Financial Highlights
Financial Highlights
Class S Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $2.80 | $2.85 | $3.07 | $3.05 | $3.01 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.12 | 0.07 | 0.03 | 0.04 | 0.06 |
Net realized and unrealized gain/(loss) | 0.05 | (0.05) | (0.22) | 0.02 | 0.04 |
Total from Investment Operations | 0.17 | 0.02 | (0.19) | 0.06 | 0.10 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.12) | (0.07) | (0.03) | (0.04) | (0.06) |
Total Dividends and Distributions | (0.12) | (0.07) | (0.03) | (0.04) | (0.06) |
Net Asset Value, End of Period | $2.85 | $2.80 | $2.85 | $3.07 | $3.05 |
Total Return* | 6.35% | 0.84% | (6.16)% | 2.12% | 3.39% |
Net Assets, End of Period (in thousands) | $329 | $381 | $371 | $660 | $791 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.86% | 1.82% | 1.46% | 1.43% | 1.26% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.88% | 0.88% | 0.90% | 0.92% | 0.93% |
Ratio of Net Investment Income/(Loss) | 4.33% | 2.55% | 0.87% | 1.32% | 1.88% |
Portfolio Turnover Rate | 105% (2) | 118% (2) | 94% (2) | 112% (2) | 121% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
24 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Financial Highlights
Financial Highlights
Class T Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $2.81 | $2.85 | $3.08 | $3.06 | $3.02 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.13 | 0.08 | 0.03 | 0.05 | 0.06 |
Net realized and unrealized gain/(loss) | 0.04 | (0.04) | (0.22) | 0.02 | 0.05 |
Total from Investment Operations | 0.17 | 0.04 | (0.19) | 0.07 | 0.11 |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.13) | (0.08) | (0.04) | (0.05) | (0.07) |
Total Dividends and Distributions | (0.13) | (0.08) | (0.04) | (0.05) | (0.07) |
Net Asset Value, End of Period | $2.85 | $2.81 | $2.85 | $3.08 | $3.06 |
Total Return* | 6.23% | 1.45% | (6.23)% | 2.36% | 3.63% |
Net Assets, End of Period (in thousands) | $195,063 | $231,314 | $294,579 | $403,560 | $427,052 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.75% | 0.77% | 0.73% | 0.73% | 0.74% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.63% | 0.64% | 0.65% | 0.69% | 0.69% |
Ratio of Net Investment Income/(Loss) | 4.58% | 2.75% | 1.10% | 1.56% | 2.14% |
Portfolio Turnover Rate | 105% (2) | 118% (2) | 94% (2) | 112% (2) | 121% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. |
See Notes to Financial Statements.
Janus Investment Fund | 25
Janus Henderson Short Duration Flexible Bond Fund
Notes to Financial Statements
Notes to Financial Statements
1.
Organization and Significant Accounting Policies
Janus Henderson Short Duration Flexible Bond Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 36 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks as high a level of current income as is consistent with preservation of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
26 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Notes to Financial Statements
Notes to Financial Statements
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
Investment Valuation
Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.
Valuation Inputs Summary
FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:
Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.
Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Janus Investment Fund | 27
Janus Henderson Short Duration Flexible Bond Fund
Notes to Financial Statements
Notes to Financial Statements
Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.
Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2024 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Dividends and Distributions
Dividends are declared daily and distributed monthly for the Fund. Realized capital gains, if any, are declared and distributed in December. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice,
28 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Notes to Financial Statements
Notes to Financial Statements
commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2.
Derivative Instruments
The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended June 30, 2024 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.
The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative’s cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund’s ability to use derivative instruments may also be limited by tax considerations.
Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise would be the case. Derivatives can be volatile and may involve significant risks.
In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:
• Commodity Risk – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.
• Counterparty Risk – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.
• Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.
• Currency Risk – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.
Janus Investment Fund | 29
Janus Henderson Short Duration Flexible Bond Fund
Notes to Financial Statements
Notes to Financial Statements
• Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.
• Index Risk – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.
• Interest Rate Risk – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund’s NAV to likewise decrease.
• Leverage Risk – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.
• Liquidity Risk – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.
Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser’s needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.
In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on the Adviser’s ability to establish and maintain appropriate systems and trading.
Futures Contracts
A futures contract is an exchange-traded agreement to take or make delivery of an underlying asset at a specific time in the future for a specific predetermined negotiated price. The Fund may enter into futures contracts to gain exposure to the stock market or other markets pending investment of cash balances or to meet liquidity needs. The Fund is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Fund may also use such derivative instruments to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.
Futures contracts are valued at the settlement price on valuation date on the exchange as reported by an approved vendor. Mini contracts, as defined in the description of the contract, shall be valued using the Actual Settlement Price or “ASET” price type as reported by an approved vendor. In the event that foreign futures trade when the foreign equity markets are closed, the last foreign futures trade price shall be used.
Futures contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities (if applicable). The change in unrealized net appreciation/depreciation is reported on the Statement of Operations (if applicable). When a contract is closed, a realized gain or loss is reported on the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract.
Securities held by the Fund that are designated as collateral for market value on futures contracts are noted on the Schedule of Investments (if applicable). Such collateral is in the possession of the Fund’s futures commission merchant.
30 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Notes to Financial Statements
Notes to Financial Statements
With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.
During the year, the Fund purchased interest rate futures to increase exposure to interest rate risk.
During the year, the Fund sold interest rate futures to decrease exposure to interest rate risk.
3.
Other Investments and Strategies
Market Risk
The Fund may be invested in lower-rated debt securities that have a higher risk of default or loss of value since these securities may be sensitive to economic changes, political changes, or adverse developments specific to the issuer.
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
Loans
The Fund may invest in various commercial loans, including bank loans, bridge loans, debtor-in-possession (“DIP”) loans, mezzanine loans, and other fixed and floating rate loans. These loans may be acquired through loan participations and assignments or on a when-issued basis. Commercial loans will comprise no more than 20% of the Fund’s total assets. Below are descriptions of the types of loans held by the Fund as of June 30, 2024.
• Bank Loans – Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund’s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities.
• Floating Rate Loans – Floating rate loans are debt securities that have floating interest rates, that adjust periodically, and are tied to a benchmark lending rate, such as Secured Overnight Financing Rate ("SOFR”). In other cases, the lending rate could be tied to the prime rate offered by one or more major U.S. banks or the rate paid on large certificates of deposit traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies (‘‘borrowers’’) in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are senior in the borrower’s capital structure. The senior position in the borrower’s capital structure generally gives holders of senior loans a claim on certain of the
Janus Investment Fund | 31
Janus Henderson Short Duration Flexible Bond Fund
Notes to Financial Statements
Notes to Financial Statements
borrower’s assets that is senior to subordinated debt and preferred and common stock in the case of a borrower’s default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. While the Fund generally expects to invest in fully funded term loans, certain of the loans in which the Fund may invest include revolving loans, bridge loans, and delayed draw term loans.
Purchasers of floating rate loans may pay and/or receive certain fees. The Fund may receive fees such as covenant waiver fees or prepayment penalty fees. The Fund may pay fees such as facility fees. Such fees may affect the Fund’s return.
• Mezzanine Loans – Mezzanine loans are secured by the stock of the company that owns the assets. Mezzanine loans are a hybrid of debt and equity financing that is typically used to fund the expansion of existing companies. A mezzanine loan is composed of debt capital that gives the lender the right to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. Mezzanine loans typically are the most subordinated debt obligation in an issuer’s capital structure.
Mortgage- and Asset-Backed Securities
Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer and commercial loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or other governmental or government-related entities. Ginnie Mae’s guarantees are backed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency (“FHFA”), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities’ mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA’s appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.
The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities’ issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund’s returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.
Sovereign Debt
The Fund may invest in U.S. and non-U.S. government debt securities (“sovereign debt”). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms,
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Notes to Financial Statements
achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund’s holdings. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.
TBA Commitments
The Fund may enter into “to be announced” or “TBA” commitments. TBAs are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate, and mortgage terms. Although TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA commitments do not require the delivery of a specific security, the characteristics of the security delivered to the Fund may be less favorable than expected. If the counterparty to a transaction fails to deliver the security, the Fund could suffer a loss. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Collateral for To Be Announced Transactions.
When-Issued, Delayed Delivery and Forward Commitment Transactions
The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis. When purchasing a security on a when-issued, delayed delivery, or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund’s other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases (including TBA commitments) are outstanding, the purchases may result in a form of leverage.
When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security’s price appreciates in value such that the security’s price is above the agreed upon price on the settlement date. The Fund may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward commitment securities before the settlement date, which may result in a gain or loss.
Counterparties
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.
The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is
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always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.
Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.
The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).
Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of June 30, 2024, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $3,474,068. Gross amounts of recognized liabilities for securities lending (collateral received) as of June 30, 2024 is $3,621,268, resulting in the net amount due to the counterparty of $147,200.
Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.
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The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.
4.
Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.44% of its average daily net assets.
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.39%. In addition, the Adviser shall reimburse or waive administrative services fees, networking/omnibus fees and out-of-pocket transfer agency costs payable by any share class so that such fees, in the aggregate, do not exceed 0.06% of a share class' average daily net assets. The Adviser has agreed to continue the waivers for at least one-year commencing on October 27, 2023. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $435,029 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion — $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other
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Notes to Financial Statements
Notes to Financial Statements
financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 2.50% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended June 30, 2024, the Distributor retained upfront sales charges of $473.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended June 30, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the year ended June 30, 2024, redeeming shareholders of Class C Shares paid CDSCs of $210.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of June 30, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total
36 | June 30, 2024
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Notes to Financial Statements
Notes to Financial Statements
distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2024.
Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the “Sweep Vehicle”) is an affiliated unregistered cash management pooled investment vehicle that invests primarily in highly-rated short-term fixed-income securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a “floating” NAV) rounded to the fourth decimal place (e.g., $1.0000). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended June 30, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
5.
Federal Income Tax
The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.
Other book to tax differences primarily consist of deferred compensation and derivatives. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
Undistributed Ordinary Income | Undistributed Long-Term Gains | Accumulated Capital Losses | Loss Deferrals | Other Book to Tax Differences | Net Tax Appreciation/ (Depreciation) |
$294,751 | $- | $(88,243,841) | $- | $(19,493) | $(7,695,114) |
Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2024, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table shows these capital loss carryovers.
Capital Loss Carryover Schedule | ||
For the year ended June 30, 2024 | ||
No Expiration | ||
Short-Term | Long-Term | Accumulated Capital Losses |
$(48,002,157) | $(40,241,684) | $(88,243,841) |
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Notes to Financial Statements
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$730,102,182 | $2,874,514 | $(10,569,628) | $(7,695,114) |
Information on the tax components of derivatives as of June 30, 2024 is as follows:
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$(934,057) | $- | $- | $- |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.
For the year ended June 30, 2024 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$35,911,346 | $- | $- | $- |
For the year ended June 30, 2023 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$26,849,298 | $- | $- | $- |
Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets.
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6.
Capital Share Transactions
Year ended June 30, 2024 | Year ended June 30, 2023 | |||
Shares | Amount | Shares | Amount | |
Class A Shares: | ||||
Shares sold | 1,188,733 | $3,370,622 | 4,927,559 | $13,955,715 |
Reinvested dividends and distributions | 489,180 | 1,386,539 | 451,629 | 1,279,551 |
Shares repurchased | (6,045,129) | (17,119,183) | (12,302,306) | (34,916,391) |
Net Increase/(Decrease) | (4,367,216) | $(12,362,022) | (6,923,118) | $(19,681,125) |
Class C Shares: | ||||
Shares sold | 928,524 | $2,630,591 | 2,781,745 | $7,842,642 |
Reinvested dividends and distributions | 146,009 | 413,295 | 104,725 | 296,109 |
Shares repurchased | (2,462,539) | (6,970,907) | (4,246,434) | (12,048,821) |
Net Increase/(Decrease) | (1,388,006) | $(3,927,021) | (1,359,964) | $(3,910,070) |
Class D Shares: | ||||
Shares sold | 5,289,637 | $14,988,881 | 4,940,410 | $14,021,646 |
Reinvested dividends and distributions | 2,310,892 | 6,561,296 | 1,591,642 | 4,513,086 |
Shares repurchased | (10,150,454) | (28,768,068) | (14,930,024) | (42,308,756) |
Net Increase/(Decrease) | (2,549,925) | $(7,217,891) | (8,397,972) | $(23,774,024) |
Class I Shares: | ||||
Shares sold | 22,602,745 | $63,977,378 | 31,934,370 | $90,429,441 |
Reinvested dividends and distributions | 5,522,585 | 15,649,072 | 4,069,555 | 11,528,791 |
Shares repurchased | (48,049,415) | (135,760,422) | (60,224,738) | (170,582,178) |
Net Increase/(Decrease) | (19,924,085) | $(56,133,972) | (24,220,813) | $(68,623,946) |
Class N Shares: | ||||
Shares sold | 3,789,294 | $10,692,613 | 4,787,805 | $13,543,586 |
Reinvested dividends and distributions | 339,876 | 958,026 | 292,647 | 824,510 |
Shares repurchased | (9,302,988) | (26,173,893) | (11,670,942) | (32,818,788) |
Net Increase/(Decrease) | (5,173,818) | $(14,523,254) | (6,590,490) | $(18,450,692) |
Class S Shares: | ||||
Shares sold | 6,972 | $19,591 | 9,909 | $27,923 |
Reinvested dividends and distributions | 5,377 | 15,217 | 3,513 | 9,940 |
Shares repurchased | (32,901) | (92,485) | (7,824) | (22,200) |
Net Increase/(Decrease) | (20,552) | $(57,677) | 5,598 | $15,663 |
Class T Shares: | ||||
Shares sold | 5,572,497 | $15,763,874 | 3,509,789 | $9,965,967 |
Reinvested dividends and distributions | 3,418,652 | 9,703,663 | 2,604,951 | 7,386,314 |
Shares repurchased | (22,935,997) | (64,958,548) | (27,082,150) | (76,732,186) |
Net Increase/(Decrease) | (13,944,848) | $(39,491,011) | (20,967,410) | $(59,379,905) |
7.
Purchases and Sales of Investment Securities
For the year ended June 30, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
Purchases of Securities | Proceeds from Sales of Securities | Purchases of Long- Term U.S. Government Obligations | Proceeds from Sales of Long-Term U.S. Government Obligations |
$423,006,351 | $424,869,729 | $353,034,549 | $468,772,754 |
8.
Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to June 30, 2024 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
Janus Investment Fund | 39
Janus Henderson Short Duration Flexible Bond Fund
Report of Independent Registered Public Accounting Firm
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Short Duration Flexible Bond Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Short Duration Flexible Bond Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of June 30, 2024, the related statement of operations for the year ended June 30, 2024, the statement of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2024 and the financial highlights for each of the five years in the period ended June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Denver, Colorado
August 22, 2024
August 22, 2024
We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.
40 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Designation Requirements (unaudited)
Designation Requirements (unaudited)
For federal income tax purposes, the Fund designated the following for the year ended June 30, 2024:
Section 163(j) Interest Dividend | 97% |
Janus Investment Fund | 41
Janus Henderson Short Duration Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees’ fees and expenses.
Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus
42 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 43
Janus Henderson Short Duration Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
44 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
Janus Investment Fund | 45
Janus Henderson Short Duration Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
46 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees
Janus Investment Fund | 47
Janus Henderson Short Duration Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
48 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Janus Investment Fund | 49
Janus Henderson Short Duration Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
50 | June 30, 2024
Janus Henderson Short Duration Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
Janus Investment Fund | 51
Janus Henderson Short Duration Flexible Bond Fund
Additional Information (unaudited)
Additional Information (unaudited)
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
52 | June 30, 2024
This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
Mutual funds distributed by Janus Henderson Distributors US LLC
125-02-93030 08-24
Janus Henderson Small Cap Value Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Common Stocks – 97.7% | |||
Aerospace & Defense – 2.3% | |||
AAR Corp* | 497,463 | $36,165,560 | |
AerSale Corp* | 2,590,034 | 17,923,035 | |
54,088,595 | |||
Auto Components – 1.3% | |||
Adient PLC* | 573,357 | 14,167,652 | |
Dorman Products Inc* | 194,446 | 17,787,920 | |
31,955,572 | |||
Banks – 16.8% | |||
Ameris Bancorp | 1,090,640 | 54,913,724 | |
Cadence Bank | 596,113 | 16,858,076 | |
Columbia Banking System Inc | 636,495 | 12,659,886 | |
Eastern Bankshares Inc | 3,161,275 | 44,194,624 | |
Enterprise Financial Services Corp | 148,631 | 6,080,494 | |
FB Financial Corp | 925,731 | 36,131,281 | |
First Busey Corp | 1,154,589 | 27,952,600 | |
Fulton Financial Corp | 2,998,147 | 50,908,536 | |
Hilltop Holdings Inc | 278,826 | 8,721,677 | |
Nicolet Bankshares Inc | 221,613 | 18,402,743 | |
OFG Bancorp | 662,757 | 24,820,250 | |
Towne Bank/Portsmouth VA | 962,109 | 26,236,712 | |
United Community Banks Inc/GA | 1,531,246 | 38,985,523 | |
Wintrust Financial Corp | 361,862 | 35,665,119 | |
402,531,245 | |||
Beverages – 1.3% | |||
Coca-Cola Consolidated Inc | 28,032 | 30,414,720 | |
Building Products – 1.4% | |||
Gibraltar Industries Inc* | 397,916 | 27,277,142 | |
Janus International Group Inc* | 547,393 | 6,913,573 | |
34,190,715 | |||
Capital Markets – 4.3% | |||
Lazard Inc | 622,572 | 23,769,799 | |
Piper Jaffray Cos | 258,790 | 59,565,694 | |
WisdomTree Investments Inc | 1,933,614 | 19,162,115 | |
102,497,608 | |||
Chemicals – 2.3% | |||
Ashland Global Holdings Inc | 238,883 | 22,572,055 | |
Innospec Inc | 258,551 | 31,954,318 | |
54,526,373 | |||
Commercial Services & Supplies – 2.4% | |||
Boyd Group Services Inc | 220,206 | 41,367,305 | |
Healthcare Services Group Inc* | 1,406,011 | 14,875,596 | |
56,242,901 | |||
Construction & Engineering – 1.2% | |||
Comfort Systems USA Inc | 98,377 | 29,918,413 | |
Construction Materials – 1.3% | |||
Eagle Materials Inc | 139,978 | 30,439,616 | |
Electrical Equipment – 2.0% | |||
Encore Wire Corp | 166,487 | 48,252,927 | |
Electronic Equipment, Instruments & Components – 4.1% | |||
Fabrinet* | 132,947 | 32,544,096 | |
Insight Enterprises Inc* | 184,698 | 36,636,695 | |
Rogers Corp* | 87,144 | 10,510,438 | |
Vishay Intertechnology Inc | 784,147 | 17,486,478 | |
97,177,707 | |||
Energy Equipment & Services – 3.0% | |||
ChampionX Corp | 702,930 | 23,344,305 | |
Oceaneering International Inc* | 1,021,167 | 24,160,811 | |
Weatherford International PLC* | 191,534 | 23,453,339 | |
70,958,455 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 1
Janus Henderson Small Cap Value Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Common Stocks – (continued) | |||
Entertainment – 0.2% | |||
Vivid Seats Inc - Class A* | 838,762 | $4,822,882 | |
Equity Real Estate Investment Trusts (REITs) – 1.0% | |||
Broadstone Net Lease Inc | 1,512,059 | 23,996,376 | |
Food & Staples Retailing – 1.5% | |||
Casey's General Stores Inc | 91,653 | 34,971,119 | |
Food Products – 0.9% | |||
Nomad Foods Ltd | 1,358,607 | 22,389,843 | |
Gas Utilities – 1.1% | |||
Chesapeake Utilities Corp | 257,510 | 27,347,562 | |
Health Care Equipment & Supplies – 3.3% | |||
Enovis Corp* | 515,151 | 23,284,825 | |
Envista Holdings Corp* | 1,145,521 | 19,050,015 | |
Globus Medical Inc* | 543,531 | 37,226,438 | |
79,561,278 | |||
Health Care Providers & Services – 1.5% | |||
Owens & Minor Inc* | 1,805,215 | 24,370,403 | |
Progyny Inc* | 405,392 | 11,598,265 | |
35,968,668 | |||
Health Care Real Estate Investment Trusts (REITs) – 0.7% | |||
Community Healthcare Trust Inc | 716,650 | 16,762,444 | |
Household Durables – 2.5% | |||
M/I Homes Inc* | 254,214 | 31,049,698 | |
Meritage Homes Corp | 171,337 | 27,730,893 | |
58,780,591 | |||
Industrial Real Estate Investment Trusts (REITs) – 2.2% | |||
STAG Industrial Inc | 1,490,251 | 53,738,451 | |
Insurance – 5.1% | |||
Axis Capital Holdings Ltd | 745,933 | 52,700,166 | |
Hanover Insurance Group Inc | 335,145 | 42,040,589 | |
Kemper Corp | 472,148 | 28,012,541 | |
122,753,296 | |||
Life Sciences Tools & Services – 0.4% | |||
Mesa Laboratories Inc | 108,265 | 9,394,154 | |
Machinery – 2.3% | |||
Helios Technologies Inc | 573,547 | 27,386,870 | |
Hillenbrand Inc | 666,711 | 26,681,774 | |
54,068,644 | |||
Marine – 2.4% | |||
Kirby Corp* | 469,869 | 56,257,415 | |
Metals & Mining – 3.4% | |||
Commercial Metals Co | 910,837 | 50,086,926 | |
TimkenSteel Corp* | 1,539,362 | 31,202,868 | |
81,289,794 | |||
Multi-Utilities – 1.2% | |||
Black Hills Corp | 527,256 | 28,672,181 | |
Oil, Gas & Consumable Fuels – 7.3% | |||
Gulfport Energy Corp* | 218,693 | 33,022,643 | |
Magnolia Oil & Gas Corp | 1,689,862 | 42,821,103 | |
Oasis Petroleum Inc | 427,426 | 71,670,792 | |
PBF Energy Inc | 578,234 | 26,610,329 | |
174,124,867 | |||
Pharmaceuticals – 1.2% | |||
Avadel Pharmaceuticals PLC* | 641,398 | 9,018,056 | |
Pacira Pharmaceuticals Inc* | 650,482 | 18,610,290 | |
27,628,346 | |||
Real Estate Management & Development – 1.6% | |||
Cushman & Wakefield PLC* | 3,770,761 | 39,215,914 | |
Retail Real Estate Investment Trusts (REITs) – 0.9% | |||
Phillips Edison & Co Inc | 682,935 | 22,338,804 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
2 | June 30, 2024
Janus Henderson Small Cap Value Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Common Stocks – (continued) | |||
Semiconductor & Semiconductor Equipment – 2.3% | |||
Tower Semiconductor Ltd* | 765,342 | $30,085,594 | |
Ultra Clean Holdings Inc* | 501,674 | 24,582,026 | |
54,667,620 | |||
Software – 1.5% | |||
nCino Inc* | 510,901 | 16,067,836 | |
Sapiens International Corp NV | 581,635 | 19,734,876 | |
35,802,712 | |||
Specialized Real Estate Investment Trusts (REITs) – 1.7% | |||
National Storage Affiliates Trust | 531,262 | 21,898,620 | |
PotlatchDeltic Corp | 448,023 | 17,647,626 | |
39,546,246 | |||
Specialty Retail – 2.4% | |||
Academy Sports & Outdoors Inc | 689,674 | 36,725,141 | |
Boot Barn Holdings Inc* | 160,771 | 20,728,205 | |
57,453,346 | |||
Textiles, Apparel & Luxury Goods – 2.3% | |||
Steven Madden Ltd | 836,531 | 35,385,261 | |
Under Armour Inc* | 3,082,682 | 20,561,489 | |
55,946,750 | |||
Trading Companies & Distributors – 3.1% | |||
GATX Corp | 283,838 | 37,568,798 | |
H&E Equipment Services Inc | 545,795 | 24,107,765 | |
MSC Industrial Direct Co Inc | 169,119 | 13,412,828 | |
75,089,391 | |||
Total Common Stocks (cost $1,741,530,303) | 2,335,783,541 | ||
Investment Companies – 0.6% | |||
Exchange-Traded Funds (ETFs) – 0.6% | |||
SPDR S&P Biotech# (cost $14,112,282) | 169,889 | 15,750,409 | |
Repurchase Agreements – 1.5% | |||
ING Financial Markets LLC, Joint repurchase agreement, 5.3000%, dated 6/28/24, maturing 7/1/24 to be repurchased at $15,506,846 collateralized by $17,068,830 in U.S. Treasuries 0.5000% - 4.1250%, 2/15/25 - 11/15/50 with a value of $15,816,995 | $15,500,000 | 15,500,000 | |
Royal Bank of Canada, NY Branch, Joint repurchase agreement, 5.2800%, dated 6/28/24, maturing 7/1/24 to be repurchased at $20,008,800 collateralized by $20,316,620 in U.S. Treasuries 4.2500%, 3/15/27 with a value of $20,408,987 | 20,000,000 | 20,000,000 | |
Total Repurchase Agreements (cost $35,500,000) | 35,500,000 | ||
Investments Purchased with Cash Collateral from Securities Lending – 0.3% | |||
Investment Companies – 0.2% | |||
Janus Henderson Cash Collateral Fund LLC, 5.2795%ºº,£ | 5,812,571 | 5,812,571 | |
Time Deposits – 0.1% | |||
Royal Bank of Canada, 5.3100%, 7/1/24 | $1,453,143 | 1,453,143 | |
Total Investments Purchased with Cash Collateral from Securities Lending (cost $7,265,714) | 7,265,714 | ||
Total Investments (total cost $1,798,408,299) – 100.1% | 2,394,299,664 | ||
Liabilities, net of Cash, Receivables and Other Assets – (0.1)% | (3,309,760) | ||
Net Assets – 100% | $2,390,989,904 | ||
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 3
Janus Henderson Small Cap Value Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Summary of Investments by Country - (Long Positions) (unaudited) | ||
Country | Value | % of Investment Securities |
United States | $2,280,722,046 | 95.3 % |
Israel | 49,820,470 | 2.1 |
Canada | 41,367,305 | 1.7 |
United Kingdom | 22,389,843 | 0.9 |
Total | $2,394,299,664 | 100.0 % |
Schedule of Affiliated Investments - (% of Net Assets) | ||||||||
Affiliate | Affiliated Investments, at Value at 6/30/23 | Purchases | Sales Proceeds | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Affiliated Investments, at Value at 6/30/24 | Ending Shares | Dividend Income |
Common Stocks - N/A | ||||||||
Health Care Equipment & Supplies - N/A | ||||||||
Varex Imaging Corp* | ||||||||
$25,663,464 | $- | $(21,348,911) | $6,408,667 | $(10,723,220) | $- | - | $- | |
Hotels, Restaurants & Leisure - N/A | ||||||||
Century Casinos Inc* | ||||||||
14,376,470 | - | (10,950,478) | (5,168,375) | 1,742,383 | - | - | - | |
Total Common Stocks - N/A | ||||||||
$40,039,934 | $- | $(32,299,389) | $1,240,292 | $(8,980,837) | $- | - | $- | |
Investments Purchased with Cash Collateral from Securities Lending - 0.2% | ||||||||
Investment Companies - 0.2% | ||||||||
Janus Henderson Cash Collateral Fund LLC, 5.2795%ºº | ||||||||
13,164,153 | 81,224,773 | (88,576,355) | - | - | 5,812,571 | 5,812,571 | 89,295 ∆ | |
Total Affiliated Investments - 0.2% | ||||||||
$53,204,087 | $81,224,773 | $(120,875,744) | $1,240,292 | $(8,980,837) | $5,812,571 | 5,812,571 | $89,295 | |
Offsetting of Financial Assets and Derivative Assets | ||||
Counterparty | Gross Amounts of Recognized Assets | Offsetting Asset or Liability(a) | Collateral Pledged(b) | Net Amount |
ING Financial Markets LLC | $15,500,000 | $— | $(15,500,000) | $— |
JPMorgan Chase Bank, National Association | 7,109,281 | — | (7,109,281) | — |
Royal Bank of Canada, NY Branch | 20,000,000 | — | (20,000,000) | — |
Total | $42,609,281 | $— | $(42,609,281) | $— |
(a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
(b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
4 | June 30, 2024
Janus Henderson Small Cap Value Fund
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
LLC | Limited Liability Company |
PLC | Public Limited Company |
SPDR | Standard & Poor's Depositary Receipt |
* | Non-income producing security. |
ºº | Rate shown is the 7-day yield as of June 30, 2024. |
# | Loaned security; a portion of the security is on loan at June 30, 2024. |
£ | The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. |
∆ | Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2024. See Notes to Financial Statements for more information.
Valuation Inputs Summary | |||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | |
Assets | |||
Investments In Securities: | |||
Common Stocks | $2,335,783,541 | $- | $- |
Investment Companies | 15,750,409 | - | - |
Repurchase Agreements | - | 35,500,000 | - |
Investments Purchased with Cash Collateral from Securities Lending | - | 7,265,714 | - |
Total Assets | $2,351,533,950 | $42,765,714 | $- |
Janus Investment Fund | 5
Janus Henderson Small Cap Value Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Assets: | |
Unaffiliated investments, at value (cost $1,757,095,728)(1) | $2,352,987,093 |
Affiliated investments, at value (cost $5,812,571) | 5,812,571 |
Repurchase agreements, at value (cost $35,500,000) | 35,500,000 |
Cash | 86,172 |
Trustees' deferred compensation | 65,863 |
Receivables: | |
Investments sold | 8,126,548 |
Dividends | 2,532,344 |
Fund shares sold | 1,467,831 |
Interest | 15,646 |
Other assets | 15,869 |
Total Assets | 2,406,609,937 |
Liabilities: | |
Collateral for securities loaned (Note 2) | 7,265,714 |
Payables: | |
Investments purchased | 3,330,685 |
Fund shares repurchased | 2,502,569 |
Advisory fees | 1,772,189 |
Transfer agent fees and expenses | 418,829 |
Trustees' deferred compensation fees | 65,863 |
Professional fees | 64,053 |
12b-1 Distribution and shareholder servicing fees | 40,216 |
Trustees' fees and expenses | 13,587 |
Affiliated fund administration fees payable | 4,885 |
Custodian fees | 1,699 |
Accrued expenses and other payables | 139,744 |
Total Liabilities | 15,620,033 |
Commitments and contingent liabilities (Note 3) | |
Net Assets | $2,390,989,904 |
See footnotes at the end of the Statement.
See Notes to Financial Statements.
6 | June 30, 2024
Janus Henderson Small Cap Value Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Net Assets Consist of: | |
Capital (par value and paid-in surplus) | $1,647,275,489 |
Total distributable earnings (loss) | 743,714,415 |
Total Net Assets | $2,390,989,904 |
Net Assets - Class A Shares | $25,690,339 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1,047,609 |
Net Asset Value Per Share(2) | $24.52 |
Maximum Offering Price Per Share(3) | $26.02 |
Net Assets - Class C Shares | $15,075,004 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 673,187 |
Net Asset Value Per Share(2) | $22.39 |
Net Assets - Class D Shares | $94,217,917 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3,897,397 |
Net Asset Value Per Share | $24.17 |
Net Assets - Class I Shares | $1,343,912,267 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 55,281,752 |
Net Asset Value Per Share | $24.31 |
Net Assets - Class L Shares | $85,471,995 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3,399,189 |
Net Asset Value Per Share | $25.14 |
Net Assets - Class N Shares | $468,911,048 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 19,333,757 |
Net Asset Value Per Share | $24.25 |
Net Assets - Class R Shares | $42,208,540 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1,795,944 |
Net Asset Value Per Share | $23.50 |
Net Assets - Class S Shares | $26,321,578 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1,095,491 |
Net Asset Value Per Share | $24.03 |
Net Assets - Class T Shares | $289,181,216 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 11,899,609 |
Net Asset Value Per Share | $24.30 |
(1) | Includes $7,109,281 of securities on loan. See Note 2 in Notes to Financial Statements. |
(2) | Redemption price per share may be reduced for any applicable contingent deferred sales charge. |
(3) | Maximum offering price is computed at 100/94.25 of net asset value. |
See Notes to Financial Statements.
Janus Investment Fund | 7
Janus Henderson Small Cap Value Fund
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Investment Income: | |
Dividends | $39,967,598 |
Interest | 1,965,053 |
Affiliated securities lending income, net | 89,295 |
Unaffiliated securities lending income, net | 25,589 |
Other income | 8,237 |
Foreign tax withheld | (127,710) |
Total Investment Income | 41,928,062 |
Expenses: | |
Advisory fees | 17,012,110 |
12b-1 Distribution and shareholder servicing fees: | |
Class A Shares | 74,994 |
Class C Shares | 155,649 |
Class R Shares | 206,537 |
Class S Shares | 67,453 |
Transfer agent administrative fees and expenses: | |
Class D Shares | 103,056 |
Class L Shares | 160,501 |
Class R Shares | 103,265 |
Class S Shares | 67,443 |
Class T Shares | 732,523 |
Transfer agent networking and omnibus fees: | |
Class A Shares | 85,000 |
Class C Shares | 13,852 |
Class I Shares | 2,137,787 |
Other transfer agent fees and expenses: | |
Class A Shares | 1,542 |
Class C Shares | 766 |
Class D Shares | 16,786 |
Class I Shares | 68,530 |
Class L Shares | 1,810 |
Class N Shares | 21,385 |
Class R Shares | 883 |
Class S Shares | 681 |
Class T Shares | 4,913 |
Shareholder reports expense | 265,675 |
Registration fees | 180,876 |
Professional fees | 85,384 |
Affiliated fund administration fees | 60,210 |
Trustees' fees and expenses | 51,513 |
Custodian fees | 18,726 |
Other expenses | 173,355 |
Total Expenses | 21,873,205 |
Less: Excess Expense Reimbursement and Waivers | (342,490) |
Net Expenses | 21,530,715 |
Net Investment Income/(Loss) | 20,397,347 |
Net Realized Gain/(Loss) on Investments: | |
Investments and foreign currency transactions | 151,287,347 |
Investments in affiliates | 1,240,292 |
Total Net Realized Gain/(Loss) on Investments | 152,527,639 |
Change in Unrealized Net Appreciation/Depreciation: | |
Investments, foreign currency translations and Trustees' deferred compensation | 129,102,402 |
Investments in affiliates | (8,980,837) |
Total Change in Unrealized Net Appreciation/Depreciation | 120,121,565 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $293,046,551 |
See Notes to Financial Statements.
8 | June 30, 2024
Janus Henderson Small Cap Value Fund
Statements of Changes in Net Assets
Statements of Changes in Net Assets
Year ended June 30, 2024 | Year ended June 30, 2023 | |
Operations: | ||
Net investment income/(loss) | $20,397,347 | $24,326,823 |
Net realized gain/(loss) on investments | 152,527,639 | 115,126,973 |
Change in unrealized net appreciation/depreciation | 120,121,565 | 180,225,668 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 293,046,551 | 319,679,464 |
Dividends and Distributions to Shareholders: | ||
Class A Shares | (1,224,135) | (1,201,002) |
Class C Shares | (787,935) | (797,503) |
Class D Shares | (4,803,452) | (4,306,275) |
Class I Shares | (71,024,965) | (67,590,940) |
Class L Shares | (4,416,510) | (3,957,051) |
Class N Shares | (26,647,110) | (26,860,645) |
Class R Shares | (1,884,573) | (1,858,291) |
Class S Shares | (1,397,812) | (1,201,026) |
Class T Shares | (15,006,833) | (15,583,510) |
Net Decrease from Dividends and Distributions to Shareholders | (127,193,325) | (123,356,243) |
Capital Share Transactions: | ||
Class A Shares | (3,939,084) | (4,037,263) |
Class C Shares | (3,012,765) | (1,542,913) |
Class D Shares | (1,529,299) | (2,926,076) |
Class I Shares | (122,464,316) | (166,213,635) |
Class L Shares | (1,864,717) | (15,502,175) |
Class N Shares | (88,507,606) | (105,130,829) |
Class R Shares | (2,700,071) | (6,019,543) |
Class S Shares | (2,961,531) | (1,869,761) |
Class T Shares | (38,978,619) | (107,076,257) |
Net Increase/(Decrease) from Capital Share Transactions | (265,958,008) | (410,318,452) |
Net Increase/(Decrease) in Net Assets | (100,104,782) | (213,995,231) |
Net Assets: | ||
Beginning of period | 2,491,094,686 | 2,705,089,917 |
End of period | $2,390,989,904 | $2,491,094,686 |
See Notes to Financial Statements.
Janus Investment Fund | 9
Janus Henderson Small Cap Value Fund
Financial Highlights
Financial Highlights
Class A Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $22.89 | $21.24 | $24.95 | $17.59 | $21.57 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.12 | 0.16 | 0.04 | 0.13 | 0.15 |
Net realized and unrealized gain/(loss) | 2.65 | 2.44 | (3.32) | 7.40 | (4.00) |
Total from Investment Operations | 2.77 | 2.60 | (3.28) | 7.53 | (3.85) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.10) | — | (0.17) | (0.17) | (0.13) |
Distributions (from capital gains) | (1.04) | (0.95) | (0.26) | — | — |
Total Dividends and Distributions | (1.14) | (0.95) | (0.43) | (0.17) | (0.13) |
Net Asset Value, End of Period | $24.52 | $22.89 | $21.24 | $24.95 | $17.59 |
Total Return* | 12.57% | 12.39% | (13.44)% | 42.99% | (17.98)% |
Net Assets, End of Period (in thousands) | $25,690 | $27,930 | $29,651 | $69,385 | $64,025 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.36% | 1.11% | 1.77% | 1.76% | 1.86% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.22% | 0.91% | 1.05% | 1.11% | 1.39% |
Ratio of Net Investment Income/(Loss) | 0.50% | 0.73% | 0.18% | 0.59% | 0.77% |
Portfolio Turnover Rate | 36% | 44% | 44% | 53% | 59% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
10 | June 30, 2024
Janus Henderson Small Cap Value Fund
Financial Highlights
Financial Highlights
Class C Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $21.01 | $19.71 | $23.27 | $16.41 | $20.12 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | (0.01) | — (2) | (0.10) | (0.01) | 0.06 |
Net realized and unrealized gain/(loss) | 2.43 | 2.25 | (3.10) | 6.91 | (3.77) |
Total from Investment Operations | 2.42 | 2.25 | (3.20) | 6.90 | (3.71) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | — | — | (0.10) | (0.04) | — |
Distributions (from capital gains) | (1.04) | (0.95) | (0.26) | — | — |
Total Dividends and Distributions | (1.04) | (0.95) | (0.36) | (0.04) | — |
Net Asset Value, End of Period | $22.39 | $21.01 | $19.71 | $23.27 | $16.41 |
Total Return* | 11.96% | 11.56% | (14.02)% | 42.07% | (18.44)% |
Net Assets, End of Period (in thousands) | $15,075 | $17,032 | $17,440 | $22,889 | $20,967 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.80% | 1.65% | 1.69% | 1.77% | 1.92% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.80% | 1.65% | 1.69% | 1.77% | 1.92% |
Ratio of Net Investment Income/(Loss) | (0.06)% | (0.01)% | (0.45)% | (0.06)% | 0.30% |
Portfolio Turnover Rate | 36% | 44% | 44% | 53% | 59% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
(2) | Less than $0.005 on a per share basis. |
See Notes to Financial Statements.
Janus Investment Fund | 11
Janus Henderson Small Cap Value Fund
Financial Highlights
Financial Highlights
Class D Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $22.61 | $21.08 | $24.75 | $17.44 | $21.38 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.19 | 0.21 | 0.12 | 0.18 | 0.24 |
Net realized and unrealized gain/(loss) | 2.62 | 2.41 | (3.32) | 7.35 | (3.96) |
Total from Investment Operations | 2.81 | 2.62 | (3.20) | 7.53 | (3.72) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.21) | (0.14) | (0.21) | (0.22) | (0.22) |
Distributions (from capital gains) | (1.04) | (0.95) | (0.26) | — | — |
Total Dividends and Distributions | (1.25) | (1.09) | (0.47) | (0.22) | (0.22) |
Net Asset Value, End of Period | $24.17 | $22.61 | $21.08 | $24.75 | $17.44 |
Total Return* | 12.96% | 12.63% | (13.24)% | 43.43% | (17.65)% |
Net Assets, End of Period (in thousands) | $94,218 | $89,434 | $86,052 | $107,471 | $86,650 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.90% | 0.72% | 0.75% | 0.84% | 1.01% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.90% | 0.72% | 0.75% | 0.84% | 1.01% |
Ratio of Net Investment Income/(Loss) | 0.83% | 0.92% | 0.49% | 0.84% | 1.20% |
Portfolio Turnover Rate | 36% | 44% | 44% | 53% | 59% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
12 | June 30, 2024
Janus Henderson Small Cap Value Fund
Financial Highlights
Financial Highlights
Class I Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $22.73 | $21.18 | $24.86 | $17.53 | $21.50 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.20 | 0.21 | 0.12 | 0.19 | 0.24 |
Net realized and unrealized gain/(loss) | 2.63 | 2.43 | (3.33) | 7.37 | (3.97) |
Total from Investment Operations | 2.83 | 2.64 | (3.21) | 7.56 | (3.73) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.21) | (0.14) | (0.21) | (0.23) | (0.24) |
Distributions (from capital gains) | (1.04) | (0.95) | (0.26) | — | — |
Total Dividends and Distributions | (1.25) | (1.09) | (0.47) | (0.23) | (0.24) |
Net Asset Value, End of Period | $24.31 | $22.73 | $21.18 | $24.86 | $17.53 |
Total Return* | 12.96% | 12.65% | (13.21)% | 43.36% | (17.62)% |
Net Assets, End of Period (in thousands) | $1,343,912 | $1,372,677 | $1,436,933 | $2,121,333 | $1,584,586 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.90% | 0.73% | 0.74% | 0.81% | 1.01% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.89% | 0.72% | 0.74% | 0.81% | 1.01% |
Ratio of Net Investment Income/(Loss) | 0.84% | 0.92% | 0.50% | 0.87% | 1.19% |
Portfolio Turnover Rate | 36% | 44% | 44% | 53% | 59% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 13
Janus Henderson Small Cap Value Fund
Financial Highlights
Financial Highlights
Class L Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $23.49 | $21.86 | $25.62 | $18.05 | $22.13 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.23 | 0.25 | 0.16 | 0.22 | 0.28 |
Net realized and unrealized gain/(loss) | 2.72 | 2.51 | (3.43) | 7.60 | (4.10) |
Total from Investment Operations | 2.95 | 2.76 | (3.27) | 7.82 | (3.82) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.26) | (0.18) | (0.23) | (0.25) | (0.26) |
Distributions (from capital gains) | (1.04) | (0.95) | (0.26) | — | — |
Total Dividends and Distributions | (1.30) | (1.13) | (0.49) | (0.25) | (0.26) |
Net Asset Value, End of Period | $25.14 | $23.49 | $21.86 | $25.62 | $18.05 |
Total Return* | 13.10% | 12.80% | (13.07)% | 43.60% | (17.53)% |
Net Assets, End of Period (in thousands) | $85,472 | $81,633 | $90,492 | $120,351 | $97,950 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.94% | 0.77% | 0.81% | 0.88% | 1.06% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.75% | 0.58% | 0.62% | 0.69% | 0.87% |
Ratio of Net Investment Income/(Loss) | 0.97% | 1.06% | 0.63% | 1.00% | 1.36% |
Portfolio Turnover Rate | 36% | 44% | 44% | 53% | 59% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
14 | June 30, 2024
Janus Henderson Small Cap Value Fund
Financial Highlights
Financial Highlights
Class N Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $22.70 | $21.16 | $24.82 | $17.50 | $21.46 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.23 | 0.24 | 0.16 | 0.22 | 0.26 |
Net realized and unrealized gain/(loss) | 2.62 | 2.43 | (3.33) | 7.36 | (3.95) |
Total from Investment Operations | 2.85 | 2.67 | (3.17) | 7.58 | (3.69) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.26) | (0.18) | (0.23) | (0.26) | (0.27) |
Distributions (from capital gains) | (1.04) | (0.95) | (0.26) | — | — |
Total Dividends and Distributions | (1.30) | (1.13) | (0.49) | (0.26) | (0.27) |
Net Asset Value, End of Period | $24.25 | $22.70 | $21.16 | $24.82 | $17.50 |
Total Return* | 13.12% | 12.81% | (13.09)% | 43.57% | (17.48)% |
Net Assets, End of Period (in thousands) | $468,911 | $525,231 | $586,927 | $922,073 | $676,894 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.73% | 0.57% | 0.60% | 0.67% | 0.86% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.73% | 0.57% | 0.60% | 0.67% | 0.86% |
Ratio of Net Investment Income/(Loss) | 1.00% | 1.07% | 0.65% | 1.01% | 1.31% |
Portfolio Turnover Rate | 36% | 44% | 44% | 53% | 59% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 15
Janus Henderson Small Cap Value Fund
Financial Highlights
Financial Highlights
Class R Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $21.94 | $20.47 | $24.12 | $17.03 | $20.84 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.05 | 0.07 | (0.03) | 0.05 | 0.11 |
Net realized and unrealized gain/(loss) | 2.55 | 2.35 | (3.22) | 7.16 | (3.87) |
Total from Investment Operations | 2.60 | 2.42 | (3.25) | 7.21 | (3.76) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | — | — | (0.14) | (0.12) | (0.05) |
Distributions (from capital gains) | (1.04) | (0.95) | (0.26) | — | — |
Total Dividends and Distributions | (1.04) | (0.95) | (0.40) | (0.12) | (0.05) |
Net Asset Value, End of Period | $23.50 | $21.94 | $20.47 | $24.12 | $17.03 |
Total Return* | 12.28% | 11.97% | (13.73)% | 42.49% | (18.11)% |
Net Assets, End of Period (in thousands) | $42,209 | $42,027 | $44,592 | $48,908 | $33,724 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.49% | 1.33% | 1.36% | 1.42% | 1.61% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.49% | 1.33% | 1.36% | 1.42% | 1.61% |
Ratio of Net Investment Income/(Loss) | 0.24% | 0.32% | (0.11)% | 0.25% | 0.57% |
Portfolio Turnover Rate | 36% | 44% | 44% | 53% | 59% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
16 | June 30, 2024
Janus Henderson Small Cap Value Fund
Financial Highlights
Financial Highlights
Class S Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $22.45 | $20.91 | $24.57 | $17.32 | $21.23 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.11 | 0.12 | 0.03 | 0.11 | 0.17 |
Net realized and unrealized gain/(loss) | 2.61 | 2.40 | (3.28) | 7.29 | (3.95) |
Total from Investment Operations | 2.72 | 2.52 | (3.25) | 7.40 | (3.78) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.10) | (0.03) | (0.15) | (0.15) | (0.13) |
Distributions (from capital gains) | (1.04) | (0.95) | (0.26) | — | — |
Total Dividends and Distributions | (1.14) | (0.98) | (0.41) | (0.15) | (0.13) |
Net Asset Value, End of Period | $24.03 | $22.45 | $20.91 | $24.57 | $17.32 |
Total Return* | 12.57% | 12.22% | (13.49)% | 42.91% | (17.96)% |
Net Assets, End of Period (in thousands) | $26,322 | $27,150 | $26,996 | $42,715 | $43,538 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.25% | 1.08% | 1.11% | 1.18% | 1.36% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.25% | 1.08% | 1.11% | 1.18% | 1.36% |
Ratio of Net Investment Income/(Loss) | 0.49% | 0.56% | 0.14% | 0.55% | 0.87% |
Portfolio Turnover Rate | 36% | 44% | 44% | 53% | 59% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 17
Janus Henderson Small Cap Value Fund
Financial Highlights
Financial Highlights
Class T Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $22.70 | $21.14 | $24.82 | $17.49 | $21.44 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.17 | 0.19 | 0.10 | 0.17 | 0.22 |
Net realized and unrealized gain/(loss) | 2.64 | 2.42 | (3.33) | 7.36 | (3.98) |
Total from Investment Operations | 2.81 | 2.61 | (3.23) | 7.53 | (3.76) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.17) | (0.10) | (0.19) | (0.20) | (0.19) |
Distributions (from capital gains) | (1.04) | (0.95) | (0.26) | — | — |
Total Dividends and Distributions | (1.21) | (1.05) | (0.45) | (0.20) | (0.19) |
Net Asset Value, End of Period | $24.30 | $22.70 | $21.14 | $24.82 | $17.49 |
Total Return* | 12.87% | 12.51% | (13.29)% | 43.30% | (17.74)% |
Net Assets, End of Period (in thousands) | $289,181 | $307,982 | $386,007 | $574,472 | $516,634 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.98% | 0.82% | 0.85% | 0.92% | 1.10% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.98% | 0.81% | 0.85% | 0.92% | 1.10% |
Ratio of Net Investment Income/(Loss) | 0.75% | 0.82% | 0.40% | 0.78% | 1.11% |
Portfolio Turnover Rate | 36% | 44% | 44% | 53% | 59% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
18 | June 30, 2024
Janus Henderson Small Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
1.
Organization and Significant Accounting Policies
Janus Henderson Small Cap Value Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 36 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms.
Class L Shares are designed for pension and profit-sharing plans, employee benefit trusts, endowments, foundations and corporations, as well as high net worth individuals and financial intermediaries who are willing to maintain a minimum account balance of $250,000.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct
Janus Investment Fund | 19
Janus Henderson Small Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
Investment Valuation
Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.
Valuation Inputs Summary
FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:
Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.
20 | June 30, 2024
Janus Henderson Small Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.
Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2024 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Janus Investment Fund | 21
Janus Henderson Small Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
Foreign Currency Translations
The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.
Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.
Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2.
Other Investments and Strategies
Market Risk
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more
22 | June 30, 2024
Janus Henderson Small Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
Exchange-Traded Funds
The Fund may invest in exchange-traded funds (“ETFs”) to gain exposure to a particular portion of the market. ETFs are typically open-end investment companies, which may seek to track the performance of a specific index or be actively managed. ETFs are traded on a national securities exchange at market prices that may vary from the net asset value of their underlying investments. Accordingly, there may be times when an ETF trades at a premium or discount. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses. As a result, the cost of investing in the Fund may be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs also involve the risk that an active trading market for an ETF's shares may not develop or be maintained. Similarly, because the value of ETF shares depends on the demand in the market, the Fund may not be able to purchase or sell an ETF at the most optimal time, which could adversely affect the Fund’s performance. In addition, ETFs that track particular indices may be unable to match the performance of such underlying indices due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities. Because the Fund may invest in a broad range of ETFs, such risks may include, but are not limited to, leverage risk, foreign exposure risk, interest rate risk, emerging markets risk, and commodity-linked investments risk. The Fund is also subject to substantially the same risks as those associated with direct exposure to the securities held by the ETF.
Real Estate Investing
The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.
Repurchase Agreements
The Fund and other funds advised by the Adviser or its affiliates may transfer daily uninvested cash balances into one or more joint trading accounts. Assets in the joint trading accounts are invested in money market instruments and the proceeds are allocated to the participating funds on a pro rata basis.
Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.
Counterparties
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.
Janus Investment Fund | 23
Janus Henderson Small Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Securities Lending
Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments’ payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.
Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.
The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).
Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of June 30, 2024, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $7,109,281. Gross amounts of recognized liabilities for securities lending (collateral received) as of June 30, 2024 is $7,265,714, resulting in the net amount due to the counterparty of $156,433.
24 | June 30, 2024
Janus Henderson Small Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.
The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.
All repurchase agreements are transacted under legally enforceable master repurchase agreements that give the Fund, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the counterparty. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest.
3.
Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee rate that may adjust up or down based on the Fund’s performance relative to its benchmark index.
The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (the “Base Fee Rate”), plus or minus (2) a performance-fee adjustment (the “Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets based on the Fund’s relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.
The investment performance of the Fund’s Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund’s Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.72%, and the Fund’s benchmark index used in the calculation is the Russell 2000® Value Index.
No Performance Adjustment is applied unless the difference between the Fund’s investment performance and the cumulative investment record of the Fund’s benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund’s full performance rate of ±5.50%. Because the Performance Adjustment is tied to a Fund’s relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser’s fee even if the Fund’s Shares lose value during the performance measurement period and could decrease the Adviser’s fee even if the Fund’s Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated net of expenses whereas the Fund’s benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund’s benchmark index.
The Fund’s prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the year ended June 30, 2024, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.71%.
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to the management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any
Janus Investment Fund | 25
Janus Henderson Small Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.91% for at least a one-year period commencing on October 27, 2023. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $435,029 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion — $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R Shares, Class S Shares, and Class T Shares.
The Transfer Agent receives an administrative fee based on the average daily net assets Class L Shares of the Fund based on the average proportion of the Fund’s total net assets sold directly and the average proportion of the Fund’s net assets sold through financial intermediaries on a monthly basis. The asset-weighted fee is calculated by applying a blended annual fee rate of 0.12% on average net assets for the proportion of assets sold directly and 0.25% on average net assets for the proportion of assets sold through financial intermediaries. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations. The Transfer Agent has agreed to waive all or a portion of this fee. Such waiver is voluntary and could change or be terminated at any time at the discretion of the Transfer Agent or the Adviser without prior notification to shareholders. Removal of this fee waiver may have a significant impact on Class L Shares’ total expense ratio. If applicable, amounts waived to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
26 | June 30, 2024
Janus Henderson Small Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class L Shares and Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended June 30, 2024, the Distributor retained upfront sales charges of $1,032.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended June 30, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the year ended June 30, 2024.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of June 30, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in
Janus Investment Fund | 27
Janus Henderson Small Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
accordance with the Deferred Plan. Deferred fees of $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2024.
Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended June 30, 2024 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.
4.
Federal Income Tax
The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.
Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
Undistributed Ordinary Income | Undistributed Long-Term Gains | Accumulated Capital Losses | Loss Deferrals | Other Book to Tax Differences | Net Tax Appreciation/ (Depreciation) |
$18,426,794 | $131,649,830 | $- | $- | $(58,187) | $593,695,978 |
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2024 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$1,800,603,686 | $653,739,214 | $(60,043,236) | $593,695,978 |
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.
For the year ended June 30, 2024 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$21,166,317 | $106,027,008 | $- | $- |
For the year ended June 30, 2023 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$15,663,347 | $107,722,896 | $- | $- |
Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $15,829,481 including $13,926,860 of long-term capital gain, for distributions in connection with Fund shares redemption (tax equalization).
28 | June 30, 2024
Janus Henderson Small Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
5.
Capital Share Transactions
Year ended June 30, 2024 | Year ended June 30, 2023 | |||
Shares | Amount | Shares | Amount | |
Class A Shares: | ||||
Shares sold | 187,820 | $4,428,435 | 214,756 | $4,838,998 |
Reinvested dividends and distributions | 42,363 | 951,059 | 42,433 | 935,219 |
Shares repurchased | (402,818) | (9,318,578) | (433,166) | (9,811,480) |
Net Increase/(Decrease) | (172,635) | $(3,939,084) | (175,977) | $(4,037,263) |
Class C Shares: | ||||
Shares sold | 17,026 | $363,884 | 20,591 | $438,387 |
Reinvested dividends and distributions | 37,812 | 778,169 | 38,642 | 784,812 |
Shares repurchased | (192,105) | (4,154,818) | (133,580) | (2,766,112) |
Net Increase/(Decrease) | (137,267) | $(3,012,765) | (74,347) | $(1,542,913) |
Class D Shares: | ||||
Shares sold | 180,335 | $4,196,643 | 119,523 | $2,712,862 |
Reinvested dividends and distributions | 211,346 | 4,670,749 | 193,144 | 4,198,951 |
Shares repurchased | (449,520) | (10,396,691) | (439,242) | (9,837,889) |
Net Increase/(Decrease) | (57,839) | $(1,529,299) | (126,575) | $(2,926,076) |
Class I Shares: | ||||
Shares sold | 5,749,310 | $132,601,905 | 10,105,264 | $228,765,913 |
Reinvested dividends and distributions | 3,160,006 | 70,215,331 | 3,061,205 | 66,887,325 |
Shares repurchased | (14,026,137) | (325,281,552) | (20,608,044) | (461,866,873) |
Net Increase/(Decrease) | (5,116,821) | $(122,464,316) | (7,441,575) | $(166,213,635) |
Class L Shares: | ||||
Shares sold | 90,949 | $2,178,367 | 79,015 | $1,847,850 |
Reinvested dividends and distributions | 160,131 | 3,678,219 | 147,934 | 3,338,863 |
Shares repurchased | (327,799) | (7,721,303) | (891,300) | (20,688,888) |
Net Increase/(Decrease) | (76,719) | $(1,864,717) | (664,351) | $(15,502,175) |
Class N Shares: | ||||
Shares sold | 2,471,642 | $57,284,041 | 4,217,956 | $94,866,352 |
Reinvested dividends and distributions | 1,011,621 | 22,407,396 | 1,023,510 | 22,322,753 |
Shares repurchased | (7,289,174) | (168,199,043) | (9,838,568) | (222,319,934) |
Net Increase/(Decrease) | (3,805,911) | $(88,507,606) | (4,597,102) | $(105,130,829) |
Class R Shares: | ||||
Shares sold | 149,500 | $3,322,086 | 203,076 | $4,484,059 |
Reinvested dividends and distributions | 87,407 | 1,884,489 | 87,817 | 1,858,216 |
Shares repurchased | (356,601) | (7,906,646) | (553,367) | (12,361,818) |
Net Increase/(Decrease) | (119,694) | $(2,700,071) | (262,474) | $(6,019,543) |
Class S Shares: | ||||
Shares sold | 246,901 | $5,503,286 | 258,407 | $5,769,175 |
Reinvested dividends and distributions | 63,495 | 1,397,514 | 55,265 | 1,194,831 |
Shares repurchased | (424,498) | (9,862,331) | (395,421) | (8,833,767) |
Net Increase/(Decrease) | (114,102) | $(2,961,531) | (81,749) | $(1,869,761) |
Class T Shares: | ||||
Shares sold | 622,099 | $14,579,801 | 671,656 | $15,168,690 |
Reinvested dividends and distributions | 659,759 | 14,666,442 | 698,074 | 15,245,927 |
Shares repurchased | (2,949,557) | (68,224,862) | (6,065,045) | (137,490,874) |
Net Increase/(Decrease) | (1,667,699) | $(38,978,619) | (4,695,315) | $(107,076,257) |
Janus Investment Fund | 29
Janus Henderson Small Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
6.
Purchases and Sales of Investment Securities
For the year ended June 30, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
Purchases of Securities | Proceeds from Sales of Securities | Purchases of Long- Term U.S. Government Obligations | Proceeds from Sales of Long-Term U.S. Government Obligations |
$872,203,064 | $1,230,205,473 | $- | $- |
7.
Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to June 30, 2024 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements other than the following:
After the fiscal year ended June 30, 2024, the Fund processed an exchange order with a separate fund advised by the Investment Manager for $909,231,818 in kind.
30 | June 30, 2024
Janus Henderson Small Cap Value Fund
Report of Independent Registered Public Accounting Firm
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Small Cap Value Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Small Cap Value Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of June 30, 2024, the related statement of operations for the year ended June 30, 2024, the statement of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2024 and the financial highlights for each of the five years in the period ended June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Denver, Colorado
August 22, 2024
August 22, 2024
We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.
| 31
Janus Henderson Small Cap Value Fund
Designation Requirements (unaudited)
Designation Requirements (unaudited)
For federal income tax purposes, the Fund designated the following for the year ended June 30, 2024:
Section 163(j) Interest Dividend | 5% |
Capital Gain Distributions | $119,953,868 |
Dividends Received Deduction Percentage | 100% |
Qualified Dividend Income Percentage | 100% |
32 |
Janus Henderson Small Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees’ fees and expenses.
Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus
Janus Investment Fund | 33
Janus Henderson Small Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
34 | June 30, 2024
Janus Henderson Small Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 35
Janus Henderson Small Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
36 | June 30, 2024
Janus Henderson Small Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 37
Janus Henderson Small Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees
38 | June 30, 2024
Janus Henderson Small Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
Janus Investment Fund | 39
Janus Henderson Small Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
40 | June 30, 2024
Janus Henderson Small Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Janus Investment Fund | 41
Janus Henderson Small Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
42 | June 30, 2024
Janus Henderson Small Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
Janus Investment Fund | 43
This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
Mutual funds distributed by Janus Henderson Distributors US LLC
125-02-93034 08-24
ANNUAL FINANCIAL STATEMENTS
June 30, 2024
June 30, 2024
Janus Henderson Small-Mid Cap Value Fund
Janus Investment Fund
Janus Henderson Small-Mid Cap Value Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Common Stocks – 98.9% | |||
Aerospace & Defense – 1.8% | |||
BWX Technologies Inc | 17,689 | $1,680,455 | |
Banks – 13.4% | |||
Columbia Banking System Inc | 81,699 | 1,624,993 | |
Eastern Bankshares Inc | 177,100 | 2,475,858 | |
FB Financial Corp | 57,899 | 2,259,798 | |
Fulton Financial Corp | 125,815 | 2,136,339 | |
OFG Bancorp | 59,714 | 2,236,289 | |
Wintrust Financial Corp | 19,767 | 1,948,236 | |
12,681,513 | |||
Building Products – 5.2% | |||
Fortune Brands Home & Security Inc | 28,106 | 1,825,203 | |
Gibraltar Industries Inc* | 31,505 | 2,159,668 | |
Janus International Group Inc* | 73,506 | 928,381 | |
4,913,252 | |||
Capital Markets – 4.3% | |||
Lazard Inc | 57,831 | 2,207,988 | |
WisdomTree Investments Inc | 186,473 | 1,847,947 | |
4,055,935 | |||
Chemicals – 3.3% | |||
Ashland Global Holdings Inc | 17,734 | 1,675,686 | |
Innospec Inc | 11,440 | 1,413,869 | |
3,089,555 | |||
Containers & Packaging – 3.8% | |||
Ball Corp | 28,035 | 1,682,661 | |
Graphic Packaging Holding Co | 72,401 | 1,897,630 | |
3,580,291 | |||
Electric Utilities – 2.5% | |||
Alliant Energy Corp | 47,206 | 2,402,785 | |
Electronic Equipment, Instruments & Components – 8.9% | |||
Arrow Electronics Inc* | 12,106 | 1,461,920 | |
Fabrinet* | 6,648 | 1,627,364 | |
Insight Enterprises Inc* | 5,594 | 1,109,626 | |
Keysight Technologies Inc* | 13,204 | 1,805,647 | |
Vontier Corp | 62,799 | 2,398,922 | |
8,403,479 | |||
Energy Equipment & Services – 2.0% | |||
Oceaneering International Inc* | 81,474 | 1,927,675 | |
Food & Staples Retailing – 2.8% | |||
Casey's General Stores Inc | 6,892 | 2,629,712 | |
Health Care Equipment & Supplies – 5.0% | |||
Globus Medical Inc* | 40,909 | 2,801,857 | |
Teleflex Inc | 9,359 | 1,968,479 | |
4,770,336 | |||
Health Care Providers & Services – 1.7% | |||
Cardinal Health Inc | 16,907 | 1,662,296 | |
Household Durables – 1.5% | |||
Toll Brothers Inc | 12,283 | 1,414,756 | |
Insurance – 5.1% | |||
Axis Capital Holdings Ltd | 39,825 | 2,813,635 | |
Hartford Financial Services Group Inc | 20,274 | 2,038,348 | |
4,851,983 | |||
Life Sciences Tools & Services – 1.2% | |||
Avantor Inc* | 52,485 | 1,112,682 | |
Machinery – 5.5% | |||
Helios Technologies Inc | 45,727 | 2,183,464 | |
Hillenbrand Inc | 42,079 | 1,684,002 | |
Lincoln Electric Holdings Inc | 7,305 | 1,378,015 | |
5,245,481 |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 1
Janus Henderson Small-Mid Cap Value Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Shares or Principal Amounts | Value | ||
Common Stocks – (continued) | |||
Marine – 2.3% | |||
Kirby Corp* | 18,634 | $2,231,049 | |
Metals & Mining – 2.0% | |||
Commercial Metals Co | 33,738 | 1,855,253 | |
Oil, Gas & Consumable Fuels – 4.2% | |||
HF Sinclair Corp | 34,694 | 1,850,578 | |
Magnolia Oil & Gas Corp | 82,399 | 2,087,991 | |
3,938,569 | |||
Real Estate Management & Development – 2.2% | |||
Cushman & Wakefield PLC* | 204,378 | 2,125,531 | |
Retail Real Estate Investment Trusts (REITs) – 2.6% | |||
Agree Realty Corp | 39,375 | 2,438,887 | |
Semiconductor & Semiconductor Equipment – 4.0% | |||
Microchip Technology Inc | 17,383 | 1,590,544 | |
Tower Semiconductor Ltd* | 56,609 | 2,225,300 | |
3,815,844 | |||
Specialized Real Estate Investment Trusts (REITs) – 4.6% | |||
Lamar Advertising Co | 22,075 | 2,638,625 | |
PotlatchDeltic Corp | 43,108 | 1,698,024 | |
4,336,649 | |||
Specialty Retail – 4.5% | |||
Bath & Body Works Inc | 26,101 | 1,019,244 | |
Boot Barn Holdings Inc* | 11,529 | 1,486,434 | |
Burlington Stores Inc* | 7,325 | 1,758,000 | |
4,263,678 | |||
Textiles, Apparel & Luxury Goods – 1.4% | |||
Steven Madden Ltd | 31,699 | 1,340,868 | |
Trading Companies & Distributors – 3.1% | |||
GATX Corp | 14,123 | 1,869,320 | |
MSC Industrial Direct Co Inc | 13,037 | 1,033,965 | |
2,903,285 | |||
Total Common Stocks (cost $73,401,627) | 93,671,799 | ||
Repurchase Agreements – 1.2% | |||
ING Financial Markets LLC, Joint repurchase agreement, 5.3000%, dated 6/28/24, maturing 7/1/24 to be repurchased at $1,100,486 collateralized by $1,211,336 in U.S. Treasuries 0.5000% - 4.1250%, 2/15/25 - 11/15/50 with a value of $1,122,496 (cost $1,100,000) | $1,100,000 | 1,100,000 | |
Total Investments (total cost $74,501,627) – 100.1% | 94,771,799 | ||
Liabilities, net of Cash, Receivables and Other Assets – (0.1)% | (59,296) | ||
Net Assets – 100% | $94,712,503 |
Summary of Investments by Country - (Long Positions) (unaudited) | ||
Country | Value | % of Investment Securities |
United States | $92,546,499 | 97.7 % |
Israel | 2,225,300 | 2.3 |
Total | $94,771,799 | 100.0 % |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
2 | June 30, 2024
Janus Henderson Small-Mid Cap Value Fund
Schedule of Investments
June 30, 2024
Schedule of Investments
June 30, 2024
Offsetting of Financial Assets and Derivative Assets | ||||
Counterparty | Gross Amounts of Recognized Assets | Offsetting Asset or Liability(a) | Collateral Pledged(b) | Net Amount |
ING Financial Markets LLC | $1,100,000 | $— | $(1,100,000) | $— |
(a) | Represents the amount of assets or liabilities that could be offset with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities. |
(b) | Collateral pledged is limited to the net outstanding amount due to/from an individual counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value. |
See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.
Janus Investment Fund | 3
Janus Henderson Small-Mid Cap Value Fund
Notes to Schedule of Investments and Other Information
Notes to Schedule of Investments and Other Information
LLC | Limited Liability Company |
PLC | Public Limited Company |
* | Non-income producing security. |
The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2024. See Notes to Financial Statements for more information.
Valuation Inputs Summary | |||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | |
Assets | |||
Investments In Securities: | |||
Common Stocks | $93,671,799 | $- | $- |
Repurchase Agreements | - | 1,100,000 | - |
Total Assets | $93,671,799 | $1,100,000 | $- |
4 | June 30, 2024
Janus Henderson Small-Mid Cap Value Fund
Statement of Assets and Liabilities
June 30, 2024
Statement of Assets and Liabilities
June 30, 2024
Assets: | |
Investments, at value (cost $73,401,627) | $93,671,799 |
Repurchase agreements, at value (cost $1,100,000) | 1,100,000 |
Cash | 42,634 |
Trustees' deferred compensation | 2,610 |
Receivables: | |
Fund shares sold | 192,893 |
Dividends | 74,284 |
Interest | 486 |
Other assets | 312 |
Total Assets | 95,085,018 |
Liabilities: | |
Payables: | |
Fund shares repurchased | 199,504 |
Advisory fees | 68,148 |
Professional fees | 51,762 |
Transfer agent fees and expenses | 9,798 |
Trustees' deferred compensation fees | 2,610 |
12b-1 Distribution and shareholder servicing fees | 929 |
Trustees' fees and expenses | 589 |
Custodian fees | 345 |
Affiliated fund administration fees payable | 223 |
Accrued expenses and other payables | 38,607 |
Total Liabilities | 372,515 |
Commitments and contingent liabilities (Note 3) | |
Net Assets | $94,712,503 |
Net Assets Consist of: | |
Capital (par value and paid-in surplus) | $71,860,112 |
Total distributable earnings (loss) | 22,852,391 |
Total Net Assets | $94,712,503 |
Net Assets - Class A Shares | $2,877,145 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 181,066 |
Net Asset Value Per Share(1) | $15.89 |
Maximum Offering Price Per Share(2) | $16.86 |
Net Assets - Class C Shares | $354,059 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 23,388 |
Net Asset Value Per Share(1) | $15.14 |
Net Assets - Class D Shares | $45,141,172 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2,819,873 |
Net Asset Value Per Share | $16.01 |
Net Assets - Class I Shares | $7,545,459 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 466,303 |
Net Asset Value Per Share | $16.18 |
Net Assets - Class N Shares | $31,468,204 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1,964,958 |
Net Asset Value Per Share | $16.01 |
Net Assets - Class S Shares | $211,304 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 13,411 |
Net Asset Value Per Share | $15.76 |
Net Assets - Class T Shares | $7,115,160 |
Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 444,266 |
Net Asset Value Per Share | $16.02 |
(1) | Redemption price per share may be reduced for any applicable contingent deferred sales charge. |
(2) | Maximum offering price is computed at 100/94.25 of net asset value. |
See Notes to Financial Statements.
Janus Investment Fund | 5
Janus Henderson Small-Mid Cap Value Fund
Statement of Operations
For the year ended June 30, 2024
Statement of Operations
For the year ended June 30, 2024
Investment Income: | |
Dividends | $1,638,274 |
Interest | 139,468 |
Other income | 343 |
Foreign tax withheld | (6,495) |
Total Investment Income | 1,771,590 |
Expenses: | |
Advisory fees | 666,656 |
12b-1 Distribution and shareholder servicing fees: | |
Class A Shares | 6,477 |
Class C Shares | 3,261 |
Class S Shares | 340 |
Transfer agent administrative fees and expenses: | |
Class D Shares | 46,504 |
Class S Shares | 568 |
Class T Shares | 15,859 |
Transfer agent networking and omnibus fees: | |
Class A Shares | 3,215 |
Class C Shares | 349 |
Class I Shares | 6,268 |
Other transfer agent fees and expenses: | |
Class A Shares | 162 |
Class C Shares | 29 |
Class D Shares | 10,143 |
Class I Shares | 413 |
Class N Shares | 2,084 |
Class S Shares | 10 |
Class T Shares | 157 |
Registration fees | 110,767 |
Non-affiliated fund administration fees | 64,451 |
Professional fees | 57,625 |
Shareholder reports expense | 18,081 |
Affiliated fund administration fees | 2,582 |
Custodian fees | 2,385 |
Trustees' fees and expenses | 2,160 |
Other expenses | 15,861 |
Total Expenses | 1,036,407 |
Less: Excess Expense Reimbursement and Waivers | (145,665) |
Net Expenses | 890,742 |
Net Investment Income/(Loss) | 880,848 |
Net Realized Gain/(Loss) on Investments: | |
Investments | 9,801,564 |
Total Net Realized Gain/(Loss) on Investments | 9,801,564 |
Change in Unrealized Net Appreciation/Depreciation: | |
Investments and Trustees' deferred compensation | 7,678,346 |
Total Change in Unrealized Net Appreciation/Depreciation | 7,678,346 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $18,360,758 |
See Notes to Financial Statements.
6 | June 30, 2024
Janus Henderson Small-Mid Cap Value Fund
Statements of Changes in Net Assets
Statements of Changes in Net Assets
Year ended June 30, 2024 | Year ended June 30, 2023 | |
Operations: | ||
Net investment income/(loss) | $880,848 | $1,047,926 |
Net realized gain/(loss) on investments | 9,801,564 | (4,410,567) |
Change in unrealized net appreciation/depreciation | 7,678,346 | 19,496,522 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | 18,360,758 | 16,133,881 |
Dividends and Distributions to Shareholders: | ||
Class A Shares | (17,876) | (6,350) |
Class C Shares | (268) | — |
Class D Shares | (360,330) | (231,444) |
Class I Shares | (63,667) | (37,979) |
Class N Shares | (471,693) | (420,035) |
Class S Shares | (1,747) | — |
Class T Shares | (48,513) | (24,323) |
Net Decrease from Dividends and Distributions to Shareholders | (964,094) | (720,131) |
Capital Share Transactions: | ||
Class A Shares | 3,585 | (266,933) |
Class C Shares | (59,675) | (144,748) |
Class D Shares | (2,620,927) | (5,423,913) |
Class I Shares | (704,308) | (2,305,216) |
Class N Shares | (22,894,802) | (17,553,577) |
Class S Shares | (58,413) | (809,610) |
Class T Shares | (145,254) | (2,245,624) |
Net Increase/(Decrease) from Capital Share Transactions | (26,479,794) | (28,749,621) |
Net Increase/(Decrease) in Net Assets | (9,083,130) | (13,335,871) |
Net Assets: | ||
Beginning of period | 103,795,633 | 117,131,504 |
End of period | $94,712,503 | $103,795,633 |
See Notes to Financial Statements.
Janus Investment Fund | 7
Janus Henderson Small-Mid Cap Value Fund
Financial Highlights
Financial Highlights
Class A Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $13.45 | $11.72 | $13.98 | $10.17 | $13.17 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.08 | 0.08 | 0.06 | 0.10 | 0.10 |
Net realized and unrealized gain/(loss) | 2.46 | 1.69 | (1.93) | 3.78 | (1.71) |
Total from Investment Operations | 2.54 | 1.77 | (1.87) | 3.88 | (1.61) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.10) | (0.04) | (0.05) | (0.07) | (0.11) |
Distributions (from capital gains) | — | — | (0.34) | — | (1.28) |
Total Dividends and Distributions | (0.10) | (0.04) | (0.39) | (0.07) | (1.39) |
Net Asset Value, End of Period | $15.89 | $13.45 | $11.72 | $13.98 | $10.17 |
Total Return* | 18.99% | 15.09% | (13.78)% | 38.27% | (14.37)% |
Net Assets, End of Period (in thousands) | $2,877 | $2,424 | $2,387 | $3,279 | $3,039 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.37% | 1.28% | 1.28% | 1.35% | 1.78% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.15% | 1.07% | 1.12% | 1.07% | 1.34% |
Ratio of Net Investment Income/(Loss) | 0.57% | 0.62% | 0.42% | 0.81% | 0.88% |
Portfolio Turnover Rate | 63% | 62% | 80% | 99% | 152% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
8 | June 30, 2024
Janus Henderson Small-Mid Cap Value Fund
Financial Highlights
Financial Highlights
Class C Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $12.81 | $11.22 | $13.45 | $9.80 | $12.74 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | (0.01) | (0.02) | (0.04) | 0.02 | 0.01 |
Net realized and unrealized gain/(loss) | 2.35 | 1.61 | (1.85) | 3.63 | (1.66) |
Total from Investment Operations | 2.34 | 1.59 | (1.89) | 3.65 | (1.65) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.01) | — | — | — | (0.01) |
Distributions (from capital gains) | — | — | (0.34) | — | (1.28) |
Total Dividends and Distributions | (0.01) | — | (0.34) | — | (1.29) |
Net Asset Value, End of Period | $15.14 | $12.81 | $11.22 | $13.45 | $9.80 |
Total Return* | 18.28% | 14.17% | (14.41)% | 37.24% | (15.04)% |
Net Assets, End of Period (in thousands) | $354 | $354 | $450 | $515 | $353 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 2.74% | 2.72% | 2.51% | 2.70% | 3.23% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.79% | 1.84% | 1.84% | 1.81% | 2.14% |
Ratio of Net Investment Income/(Loss) | (0.07)% | (0.15)% | (0.33)% | 0.14% | 0.12% |
Portfolio Turnover Rate | 63% | 62% | 80% | 99% | 152% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 9
Janus Henderson Small-Mid Cap Value Fund
Financial Highlights
Financial Highlights
Class D Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $13.54 | $11.81 | $14.08 | $10.24 | $13.24 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.12 | 0.11 | 0.08 | 0.10 | 0.13 |
Net realized and unrealized gain/(loss) | 2.48 | 1.69 | (1.93) | 3.83 | (1.72) |
Total from Investment Operations | 2.60 | 1.80 | (1.85) | 3.93 | (1.59) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.13) | (0.07) | (0.08) | (0.09) | (0.13) |
Distributions (from capital gains) | — | — | (0.34) | — | (1.28) |
Total Dividends and Distributions | (0.13) | (0.07) | (0.42) | (0.09) | (1.41) |
Net Asset Value, End of Period | $16.01 | $13.54 | $11.81 | $14.08 | $10.24 |
Total Return* | 19.34% | 15.28% | (13.54)% | 38.52% | (14.20)% |
Net Assets, End of Period (in thousands) | $45,141 | $40,871 | $40,878 | $66,854 | $21,708 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.05% | 0.94% | 0.95% | 1.06% | 1.51% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.91% | 0.83% | 0.87% | 0.89% | 1.17% |
Ratio of Net Investment Income/(Loss) | 0.81% | 0.86% | 0.62% | 0.78% | 1.06% |
Portfolio Turnover Rate | 63% | 62% | 80% | 99% | 152% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
10 | June 30, 2024
Janus Henderson Small-Mid Cap Value Fund
Financial Highlights
Financial Highlights
Class I Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $13.69 | $11.93 | $14.22 | $10.34 | $13.36 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.12 | 0.11 | 0.09 | 0.13 | 0.11 |
Net realized and unrealized gain/(loss) | 2.50 | 1.72 | (1.96) | 3.84 | (1.72) |
Total from Investment Operations | 2.62 | 1.83 | (1.87) | 3.97 | (1.61) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.13) | (0.07) | (0.08) | (0.09) | (0.13) |
Distributions (from capital gains) | — | — | (0.34) | — | (1.28) |
Total Dividends and Distributions | (0.13) | (0.07) | (0.42) | (0.09) | (1.41) |
Net Asset Value, End of Period | $16.18 | $13.69 | $11.93 | $14.22 | $10.34 |
Total Return* | 19.32% | 15.40% | (13.56)% | 38.58% | (14.19)% |
Net Assets, End of Period (in thousands) | $7,545 | $7,074 | $8,309 | $14,659 | $9,848 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.01% | 0.90% | 0.91% | 1.10% | 1.47% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.86% | 0.79% | 0.82% | 0.89% | 1.13% |
Ratio of Net Investment Income/(Loss) | 0.85% | 0.88% | 0.67% | 1.02% | 0.93% |
Portfolio Turnover Rate | 63% | 62% | 80% | 99% | 152% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 11
Janus Henderson Small-Mid Cap Value Fund
Financial Highlights
Financial Highlights
Class N Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $13.55 | $11.81 | $14.09 | $10.24 | $13.24 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.13 | 0.13 | 0.11 | 0.11 | 0.15 |
Net realized and unrealized gain/(loss) | 2.48 | 1.70 | (1.95) | 3.84 | (1.72) |
Total from Investment Operations | 2.61 | 1.83 | (1.84) | 3.95 | (1.57) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.15) | (0.09) | (0.10) | (0.10) | (0.15) |
Distributions (from capital gains) | — | — | (0.34) | — | (1.28) |
Total Dividends and Distributions | (0.15) | (0.09) | (0.44) | (0.10) | (1.43) |
Net Asset Value, End of Period | $16.01 | $13.55 | $11.81 | $14.09 | $10.24 |
Total Return* | 19.42% | 15.54% | (13.48)% | 38.72% | (14.09)% |
Net Assets, End of Period (in thousands) | $31,468 | $46,653 | $56,752 | $70,581 | $1,806 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 0.88% | 0.77% | 0.80% | 0.88% | 1.48% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.77% | 0.69% | 0.74% | 0.76% | 1.03% |
Ratio of Net Investment Income/(Loss) | 0.93% | 1.02% | 0.79% | 0.83% | 1.24% |
Portfolio Turnover Rate | 63% | 62% | 80% | 99% | 152% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
12 | June 30, 2024
Janus Henderson Small-Mid Cap Value Fund
Financial Highlights
Financial Highlights
Class S Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $13.34 | $11.60 | $13.84 | $10.06 | $13.07 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.09 | 0.07 | 0.04 | 0.08 | 0.08 |
Net realized and unrealized gain/(loss) | 2.43 | 1.67 | (1.91) | 3.75 | (1.69) |
Total from Investment Operations | 2.52 | 1.74 | (1.87) | 3.83 | (1.61) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.10) | — | (0.03) | (0.05) | (0.12) |
Distributions (from capital gains) | — | — | (0.34) | — | (1.28) |
Total Dividends and Distributions | (0.10) | — | (0.37) | (0.05) | (1.40) |
Net Asset Value, End of Period | $15.76 | $13.34 | $11.60 | $13.84 | $10.06 |
Total Return* | 19.04% | 15.00% | (13.85)% | 38.16% | (14.51)% |
Net Assets, End of Period (in thousands) | $211 | $229 | $939 | $1,136 | $1,004 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 2.58% | 1.84% | 1.54% | 1.71% | 2.16% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.11% | 1.13% | 1.20% | 1.23% | 1.51% |
Ratio of Net Investment Income/(Loss) | 0.62% | 0.51% | 0.31% | 0.68% | 0.71% |
Portfolio Turnover Rate | 63% | 62% | 80% | 99% | 152% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
Janus Investment Fund | 13
Janus Henderson Small-Mid Cap Value Fund
Financial Highlights
Financial Highlights
Class T Shares | |||||
For a share outstanding during the year ended June 30 | 2024 | 2023 | 2022 | 2021 | 2020 |
Net Asset Value, Beginning of Period | $13.55 | $11.81 | $14.07 | $10.21 | $13.22 |
Income/(Loss) from Investment Operations: | |||||
Net investment income/(loss)(1) | 0.10 | 0.10 | 0.06 | 0.06 | 0.14 |
Net realized and unrealized gain/(loss) | 2.48 | 1.69 | (1.93) | 3.86 | (1.76) |
Total from Investment Operations | 2.58 | 1.79 | (1.87) | 3.92 | (1.62) |
Less Dividends and Distributions: | |||||
Dividends (from net investment income) | (0.11) | (0.05) | (0.05) | (0.06) | (0.11) |
Distributions (from capital gains) | — | — | (0.34) | — | (1.28) |
Total Dividends and Distributions | (0.11) | (0.05) | (0.39) | (0.06) | (1.39) |
Net Asset Value, End of Period | $16.02 | $13.55 | $11.81 | $14.07 | $10.21 |
Total Return* | 19.20% | 15.18% | (13.67)% | 38.50% | (14.40)% |
Net Assets, End of Period (in thousands) | $7,115 | $6,190 | $7,416 | $18,663 | $38,649 |
Ratios to Average Net Assets**: | |||||
Ratio of Gross Expenses | 1.17% | 1.06% | 1.07% | 1.18% | 1.55% |
Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.02% | 0.94% | 0.99% | 1.02% | 1.27% |
Ratio of Net Investment Income/(Loss) | 0.70% | 0.74% | 0.46% | 0.49% | 1.08% |
Portfolio Turnover Rate | 63% | 62% | 80% | 99% | 152% |
* | Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. |
** | Annualized for periods of less than one full year. |
(1) | Per share amounts are calculated based on average shares outstanding during the year or period. |
See Notes to Financial Statements.
14 | June 30, 2024
Janus Henderson Small-Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
1.
Organization and Significant Accounting Policies
Janus Henderson Small-Mid Cap Value Fund (the “Fund”) is a series of Janus Investment Fund (the “Trust”), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. The Trust offers 36 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the “Adviser”) to the Fund.
The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of shares.
Shareholders, including individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund’s shares and can be considered to “control” the Fund when that ownership exceeds 25% of the Fund’s assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US GAAP")).
Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.
Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.
Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.
The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.
Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.
Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms.
Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the “Distributor”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.
Janus Investment Fund | 15
Janus Henderson Small-Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.
Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.
The following accounting policies have been followed by the Fund and are in conformity with US GAAP.
Investment Valuation
Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.
Valuation Inputs Summary
FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:
Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.
Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
16 | June 30, 2024
Janus Henderson Small-Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.
Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.
The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of June 30, 2024 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments and Other Information.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on the accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets.
Expenses
The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the operations of such class.
Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund’s maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss from such claims is considered remote.
Dividends and Distributions
The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as
Janus Investment Fund | 17
Janus Henderson Small-Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
“equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.
The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.
Federal Income Taxes
The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
2.
Other Investments and Strategies
Market Risk
The value of the Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, war, conflicts, including related sanctions, social unrest, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.
• COVID-19 Pandemic. The effects of COVID-19 have contributed to increased volatility in global financial markets and have affected and may continue to affect certain countries, regions, issuers, industries and market sectors more dramatically than others. These conditions and events could have a significant impact on the Fund and its investments, the Fund’s ability to meet redemption requests, and the processes and operations of the Fund’s service providers, including the Adviser.
• Armed Conflict. Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global economic environment and the markets for certain securities and commodities.
Real Estate Investing
The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.
18 | June 30, 2024
Janus Henderson Small-Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
Repurchase Agreements
The Fund and other funds advised by the Adviser or its affiliates may transfer daily uninvested cash balances into one or more joint trading accounts. Assets in the joint trading accounts are invested in money market instruments and the proceeds are allocated to the participating funds on a pro rata basis.
Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.
Counterparties
Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund’s exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.
The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.
Offsetting Assets and Liabilities
The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.
The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the Fund's Schedule of Investments.
All repurchase agreements are transacted under legally enforceable master repurchase agreements that give the Fund, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the counterparty. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. Repurchase agreements held by the Fund are fully collateralized, and such collateral is in the possession of the Fund’s custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest.
3.
Investment Advisory Agreements and Other Transactions with Affiliates
The Fund pays the Adviser an investment advisory fee rate that may adjust up or down based on the Fund’s performance relative to its benchmark index.
The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (the “Base Fee Rate”), plus or minus (2) a performance-fee adjustment (the “Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets based
Janus Investment Fund | 19
Janus Henderson Small-Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
on the Fund’s relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.
The investment performance of the Fund’s Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund’s Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.70%, and the Fund’s benchmark index used in the calculation is the Russell 2500TM Value Index.
No Performance Adjustment is applied unless the difference between the Fund’s investment performance and the cumulative investment record of the Fund’s benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund’s full performance rate of ±5.00%. Because the Performance Adjustment is tied to a Fund’s relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser’s fee even if the Fund’s Shares lose value during the performance measurement period and could decrease the Adviser’s fee even if the Fund’s Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated net of expenses whereas the Fund’s benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund’s benchmark index.
The Fund’s prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the year ended June 30, 2024, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.65%.
The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to the management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.82% for at least a one-year period commencing on October 27, 2023. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.
The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser (or any subadvisor, as applicable) provides to the Fund. These amounts are disclosed as “Affiliated fund administration fees” on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund’s Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $435,029 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended June 30, 2024. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.
Janus Henderson Services US LLC (the “Transfer Agent”), a wholly-owned subsidiary of the Adviser, is the Fund’s transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction
20 | June 30, 2024
Janus Henderson Small-Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.
Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net assets of Class D Shares as detailed below.
Average Daily Net Assets of Class D Shares of the Janus Henderson funds | Administrative Services Fee |
Under $40 billion | 0.12% |
$40 billion — $49.9 billion | 0.10% |
Over $49.9 billion | 0.08% |
During the reporting period, the administrative services fee rate was 0.11%.
The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.
Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.
Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as “Transfer agent networking and omnibus fees” on the Statement of Operations.
The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.
Under distribution and shareholder servicing plans (the “Plans”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as “12b-1 Distribution and shareholder servicing fees” on the Statement of Operations.
Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the year ended June 30, 2024, the Distributor retained upfront sales charges of $772.
A contingent deferred sales charge (“CDSC”) of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of
Janus Investment Fund | 21
Janus Henderson Small-Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the year ended June 30, 2024.
A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the year ended June 30, 2024.
The Board of Trustees has adopted a deferred compensation plan (the “Deferred Plan”) for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of June 30, 2024 on the Statement of Assets and Liabilities in the asset, “Trustees’ deferred compensation,” and liability, “Trustees’ deferred compensation fees.” Additionally, the recorded unrealized appreciation/(depreciation) is included in “Total distributable earnings (loss)” on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended June 30, 2024 are included in “Trustees’ fees and expenses” on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $196,900 were paid by the Trust to the Trustees under the Deferred Plan during the year ended June 30, 2024.
As of June 30, 2024, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the Adviser, as indicated in the table below:
Class | % of Class Owned | % of Fund Owned |
Class A Shares | - % | - % |
Class C Shares | - | - |
Class D Shares | - | - |
Class I Shares | - | - |
Class N Shares | 8 | 3 |
Class S Shares | 49 | - * |
Class T Shares | - | - |
*Less than 0.50% |
4.
Federal Income Tax
The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.
Other book to tax differences primarily consist of deferred compensation. The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal income tax purposes pursuant to Section 988 of the Internal Revenue Code.
Undistributed Ordinary Income | Undistributed Long-Term Gains | Accumulated Capital Losses | Loss Deferrals | Other Book to Tax Differences | Net Tax Appreciation/ (Depreciation) |
$162,884 | $2,709,331 | $- | $- | $(2,610) | $19,982,786 |
During the year ended June 30, 2024, capital loss carryovers of $6,090,278 were utilized by the Fund .
22 | June 30, 2024
Janus Henderson Small-Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of June 30, 2024 are noted below. The primary difference between book and tax appreciation or depreciation of investments is wash sale loss deferrals.
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Tax Appreciation/ (Depreciation) |
$74,789,013 | $21,218,721 | $(1,235,935) | $19,982,786 |
Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, and capital loss carryovers. Certain permanent differences such as tax returns of capital and net investment losses noted below have been reclassified to capital.
For the year ended June 30, 2024 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$964,094 | $- | $- | $- |
For the year ended June 30, 2023 | |||
Distributions | |||
From Ordinary Income | From Long-Term Capital Gains | Tax Return of Capital | Net Investment Loss |
$720,131 | $- | $- | $- |
Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $664,165, including $521,898 of long-term capital gain, for distributions in connection with Fund shares redemption (tax equalization).
Janus Investment Fund | 23
Janus Henderson Small-Mid Cap Value Fund
Notes to Financial Statements
Notes to Financial Statements
5.
Capital Share Transactions
Year ended June 30, 2024 | Year ended June 30, 2023 | |||
Shares | Amount | Shares | Amount | |
Class A Shares: | ||||
Shares sold | 16,859 | $240,911 | 12,537 | $163,797 |
Reinvested dividends and distributions | 1,307 | 17,876 | 505 | 6,350 |
Shares repurchased | (17,377) | (255,202) | (36,384) | (437,080) |
Net Increase/(Decrease) | 789 | $3,585 | (23,342) | $(266,933) |
Class C Shares: | ||||
Shares sold | 2,038 | $27,684 | 3,611 | $43,236 |
Reinvested dividends and distributions | 20 | 268 | - | - |
Shares repurchased | (6,287) | (87,627) | (16,104) | (187,984) |
Net Increase/(Decrease) | (4,229) | $(59,675) | (12,493) | $(144,748) |
Class D Shares: | ||||
Shares sold | 346,180 | $5,071,849 | 508,073 | $6,729,242 |
Reinvested dividends and distributions | 25,232 | 347,189 | 17,788 | 224,835 |
Shares repurchased | (569,146) | (8,039,965) | (970,215) | (12,377,990) |
Net Increase/(Decrease) | (197,734) | $(2,620,927) | (444,354) | $(5,423,913) |
Class I Shares: | ||||
Shares sold | 38,819 | $586,259 | 87,999 | $1,156,764 |
Reinvested dividends and distributions | 4,580 | 63,667 | 2,974 | 37,979 |
Shares repurchased | (93,882) | (1,354,234) | (270,652) | (3,499,959) |
Net Increase/(Decrease) | (50,483) | $(704,308) | (179,679) | $(2,305,216) |
Class N Shares: | ||||
Shares sold | 281,067 | $4,112,470 | 1,273,572 | $16,309,966 |
Reinvested dividends and distributions | 34,280 | 471,693 | 33,231 | 420,035 |
Shares repurchased | (1,792,831) | (27,478,965) | (2,667,885) | (34,283,578) |
Net Increase/(Decrease) | (1,477,484) | $(22,894,802) | (1,361,082) | $(17,553,577) |
Class S Shares: | ||||
Shares sold | 16 | $224 | 11,491 | $143,916 |
Reinvested dividends and distributions | 129 | 1,747 | - | - |
Shares repurchased | (3,902) | (60,384) | (75,338) | (953,526) |
Net Increase/(Decrease) | (3,757) | $(58,413) | (63,847) | $(809,610) |
Class T Shares: | ||||
Shares sold | 53,442 | $770,992 | 204,265 | $2,619,557 |
Reinvested dividends and distributions | 3,523 | 48,513 | 1,923 | 24,323 |
Shares repurchased | (69,493) | (964,759) | (377,553) | (4,889,504) |
Net Increase/(Decrease) | (12,528) | $(145,254) | (171,365) | $(2,245,624) |
6.
Purchases and Sales of Investment Securities
For the year ended June 30, 2024, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as applicable) was as follows:
Purchases of Securities | Proceeds from Sales of Securities | Purchases of Long- Term U.S. Government Obligations | Proceeds from Sales of Long-Term U.S. Government Obligations |
$63,764,278 | $88,186,580 | $- | $- |
7.
Subsequent Event
Management has evaluated whether any events or transactions occurred subsequent to June 30, 2024 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.
24 | June 30, 2024
Janus Henderson Small-Mid Cap Value Fund
Report of Independent Registered Public Accounting Firm
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Small-Mid Cap Value Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Small-Mid Cap Value Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the “Fund”) as of June 30, 2024, the related statement of operations for the year ended June 30, 2024, the statement of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2024 and the financial highlights for each of the five years in the period ended June 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian and broker. We believe that our audits provide a reasonable basis for our opinion.
Denver, Colorado
August 22, 2024
August 22, 2024
We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.
Janus Investment Fund | 25
Janus Henderson Small-Mid Cap Value Fund
Designation Requirements (unaudited)
Designation Requirements (unaudited)
For federal income tax purposes, the Fund designated the following for the year ended June 30, 2024:
Section 163(j) Interest Dividend | 12% |
Capital Gain Distributions | $521,898 |
Dividends Received Deduction Percentage | 100% |
Qualified Dividend Income Percentage | 100% |
26 | June 30, 2024
Janus Henderson Small-Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees’ fees and expenses.
Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD
The Trustees of Janus Aspen Series and Janus Investment Fund, each of whom serves as an “independent” Trustee (collectively, the “Trustees”), oversee the management of each portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each fund of Janus Investment Fund (each, a “Fund,” and collectively, the “Funds” and together with the VIT Portfolios, the “Janus Henderson Funds,” and each, a “Janus Henderson Fund”). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.
In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the “Adviser”) in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.
At meetings held on November 3, 2023 and December 14-15, 2023, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2024 through February 1, 2025, subject to earlier termination as provided for in each agreement.
In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. However, the material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant’s conclusions and opinions that arose during, and were included as part of, the Trustees’ consideration of the agreements. “Management fees,” as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.
Nature, Extent and Quality of Services
The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser’s role as administrator to the Janus
Janus Investment Fund | 27
Janus Henderson Small-Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.
In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.
The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.
Performance of the Funds
The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including periodic meetings with each Janus Henderson Fund’s portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund’s performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2023, approximately 44% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2023, approximately 50% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds’ average 2023 performance has been reasonable, noting that: (i) for the 12 months ended September 30, 2023, approximately 43% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; (ii) for the 36 months ended September 30, 2023, approximately 45% of the Janus Henderson Funds were in the top two quartiles of performance as reported by Morningstar; and (iii) for the 5- and 10-year periods ended September 30, 2023, approximately 63% and 66% of the Janus Henderson Funds were in the top two quartiles of performance, respectively, as reported by Morningstar.
The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
28 | June 30, 2024
Janus Henderson Small-Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Developed World Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson European Focus Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 29
Janus Henderson Small-Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
30 | June 30, 2024
Janus Henderson Small-Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the third Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended June 30, 2023 and the first Broadridge quartile for the 12 months ended June 30, 2023.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, the steps the Adviser had taken or was taking to improve performance, and that the performance trend is improving.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the bottom Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.
Janus Investment Fund | 31
Janus Henderson Small-Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the evaluated performance period ended June 30, 2023. The Trustees noted that the 12- and 36-month end performance periods ended June 30, 2023 were not yet available.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended June 30, 2023 and the second Broadridge quartile for the 12 months ended June 30, 2023. The Trustees noted the reasons for the Fund’s underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance, and that the performance trend was improving.
In consideration of each Janus Henderson Fund’s performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory agreement.
Costs of Services Provided
The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 6% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.
For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, changes in portfolio management, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.
The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.
The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered that the Adviser noted that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds’ other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted that the independent fee consultant referenced its past analyses from 2022, which found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to funds subadvised by the Adviser and to the fees the Adviser charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) 9 of 11 Janus Henderson Funds had lower management fees than similar funds subadvised by the Adviser. As part of their review of the 2022 independent consultant findings, the Trustees
32 | June 30, 2024
Janus Henderson Small-Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
noted that for the two Janus Henderson Funds that did not have lower management fees than similar funds subadvised by the Adviser, management fees for each were under the average of its 15(c) peer group.
The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2022 (except for Janus Henderson U.S. Dividend Income Fund, for which the period end was March 31, 2023) and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”) as reflected in the comparative information provided by Broadridge:
Asset Allocation Funds
• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
Fixed-Income Funds
• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Developed World Bond Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
Janus Investment Fund | 33
Janus Henderson Small-Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
Global and International Equity Funds
• For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson European Focus Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Equity Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Real Estate Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses.
• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.
Money Market Funds
• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
34 | June 30, 2024
Janus Henderson Small-Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
Multi-Asset Funds
• For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Balanced Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
U.S. Equity Funds
• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for all share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses as shown were below the applicable fee limit.
• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Triton Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
• For Janus Henderson Venture Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.
Janus Investment Fund | 35
Janus Henderson Small-Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager’s capital structure and cost of capital.
Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. The Trustees noted that the Adviser reported no changes to its allocation methodology for the 2023 15(c) process; however, at the Trustees’ request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant’s analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund’s investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser’s estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board’s approval of the reasonableness of any Janus Henderson Fund’s investment management fees.
The Trustees concluded that the management fees payable by each Janus Henderson Fund to the Adviser were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund’s total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.
Economies of Scale
The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant’s 2023 report: (1) past analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 28% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have low flat-rate fees (the “Low Flat-Rate Fee Funds”) versus peers where investors pay low fixed fees when the Janus Henderson Fund is small/midsized and higher fees when the Janus Henderson Fund grows in assets.
36 | June 30, 2024
Janus Henderson Small-Mid Cap Value Fund
Additional Information (unaudited)
Additional Information (unaudited)
With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2023 report that (1) 70% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser’s general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Low Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.
The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.
Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.
Other Benefits to the Adviser
The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser’s past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser’s use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser’s ability to serve the Janus Henderson Funds.
Janus Investment Fund | 37
This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
Mutual funds distributed by Janus Henderson Distributors US LLC
125-02-93033 08-24
Item 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13 - Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15 - Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.
Item 16 - Controls and Procedures
(a) The Registrant's Principal Executive Officer and Principal Financial Officer have evaluated the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) within 90 days of this filing and have concluded that the Registrant's disclosure controls and procedures were effective, as of that date.
(b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
(a) Not applicable.
(b) Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.
(b) Not applicable.
Item 19 - Exhibits
(a)(1) Not applicable because the Registrant has posted its Code of Ethics (as defined in Item 2(b) of Form N-CSR) on its website pursuant to paragraph (f)(2) of Item 2 of Form N-CSR.
(a)(2) Not applicable.
(a)(3) Separate certifications for the Registrant's Principal Executive Officer and Principal Financial Officer, as required under Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached as Ex99CERT.
(b) A certification for the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached as Ex99.906CERT.