Janus Henderson Growth And Income Fund NCSRS Certified semi-annual shareholder report (management investment company)

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: 12/31/20

Item 1 - Reports to Shareholders



		SEMIANNUAL REPORT December 31, 2020

	Janus Henderson Absolute Return Income Opportunities Fund

	Janus Investment Fund

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Absolute Return Income Opportunities Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	12
Statement of Assets and Liabilities	14
Statement of Operations	16
Statements of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	23
Additional Information	40
Useful Information About Your Fund Report	52

Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

FUND SNAPSHOT

This benchmark-agnostic fund has the flexibility to invest across global fixed income markets. The Fund has latitude to act on high-conviction ideas and seeks to achieve positive absolute returns in a variety of market environments.

Jason England

co-portfolio manager

Nick Maroutsos

co-portfolio manager

PERFORMANCE OVERVIEW

For the six-month period ended December 31, 2020, Janus Henderson Absolute Return Income Opportunities Fund’s Class I Shares returned 1.60% compared with a 0.06% return for the Fund’s benchmark, the FTSE 3-Month U.S. Treasury Bill Index.

MARKET ENVIRONMENT

Global bond markets gained ground during the period, driven largely by greater appetite for corporate credits as investors grew more sanguine about an eventual exit from the COVID-19 pandemic on the back of positive vaccine developments. Consequently, U.S. Treasuries lost modest ground as rates rose on the back of the assumption that the U.S. economy was closer to the end than the beginning of the pandemic. Global sovereign bonds, on the other hand, proved more resilient as economies in many regions still struggled to grow.

PERFORMANCE DISCUSSION

For the period, the Fund outperformed its benchmark, the FTSE 3-Month U.S. Treasury Bill Index. The strategy seeks to provide long-term positive returns through various market environments by managing portfolio duration, credit risk and volatility. Gains were concentrated in the Fund’s cash-based core of corporate and securitized credits. Detracting from results was a position aimed at capitalizing on regional interest rate differentials. Also modestly weighing on performance was a positioned structured to take advantage of dislocations in foreign currency markets.

We continue to closely monitor markets for signs of additional volatility. With central banks’ commitment to accommodation and scant evidence of inflation, we have maintained the Fund’s overall duration at roughly 2.7 years. We believe this is sufficiently conservative to account for our concerns surrounding long-term growth, corporate profitability and the effects of continued pandemic-related shutdowns.

DERIVATIVES USAGE

The Fund makes use of derivatives, primarily to act as hedges on its cash-based holdings. In certain situations, derivatives may be employed in an attempt to generate excess returns. During the period, the Fund used options, futures, options on futures, credit default swaps (CDS), other swaps and forward exchange contracts. In aggregate, derivatives’ impact on Fund performance was negative. For the period, the derivatives impact detracted from relative performance. Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

OUTLOOK

The past few months have seen several developments with the potential to impact the investment landscape. A change of administration in Washington, control of the legislative branch passing to the Democrats, and in Europe, the finalization of the UK’s exit from the European Union will all have policy and market ramifications. Yet these events are overshadowed by the persistence of the COVID-19 pandemic and the forceful response by major central banks.

Riskier assets have rallied on the approval of multiple vaccines. This signals that we are likely closer to the end than the beginning of the pandemic. As evidenced by missteps in the vaccine rollout, however, we believe the “return to normalcy” may be longer than expected. And once we arrive, investors will learn that “normal” will be different as consumer and business behavior has likely permanently changed.

Despite market optimism, the choppiness that is likely to characterize the exit from the pandemic is already on display. Economic data in the U.S. softened toward the end of the year and the UK has again issued stay-at-home orders to combat a new strain of the virus. The timing could not be worse as UK businesses face the additional burden of complying with a new trade regime


Janus Investment Fund	1

Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

with Europe. Still, the cloud of Brexit uncertainty has cleared, and the worst-case scenario was avoided.

Within the U.S., a change in administration typically means policy shifts that stand to reshape the economic landscape. While that is certainly true for this transition, we believe that any initiatives by the Biden administration will be overshadowed by the massive sway the Federal Reserve (Fed) continues to hold over the country’s economic and financial market prospects.

Fed Chairman Jerome Powell is likely to find a willing partner in maintaining accommodative policy as Janet Yellen, assumes the helm of the Treasury Department. With this nomination, we believe the Fed’s call for more fiscal accommodation will finally be met and the Powell-Yellen alliance could lead to an unprecedented level of cooperation between the Fed and Treasury. Near-term stimulus is likely needed until the economy can safely reopen, but even after that we believe dovish policy will be on order for longer than many expect. This persistent level of economic support is likely behind the recent steepening of the Treasury curve.

We do not view the recent rise in longer-dated Treasury yields as worrisome. The Fed has made it known that it won’t tolerate higher rates. As the economy normalizes, we expect the Fed will accept modestly higher yields, but would move quickly to quell an acceleration in a Treasury sell-off. While Yield-Curve Control remains on the table, we expect that global differentials will keep a lid on yields as foreign investors would reallocate toward Treasuries to capitalize on yield differentials. Similarly, income-focused domestic investors may be drawn toward Treasuries as an alternative to riskier income streams.

Elevated valuations in both Treasuries and riskier assets lead many to question whether bonds would offer their traditional diversification benefits in the event of an equities sell-off. Given that we see many sources of risk, we share those concerns. With not much room to rally, we see little benefit in holding longer-dated Treasuries, especially as bonds are the asset class most at risk of a faster-than-expected economic normalization.

The potential for diversification exists, but investors must likely travel further afield to achieve it. Several developed countries offer sovereign yields similar Treasuries, but due to economic conditions may be quicker to cut policy rates than would the Fed.

Thank you for your investment in the Janus Henderson Absolute Return Income Opportunities Fund.


2	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

Fund At A Glance

December 31, 2020


Fund Profile
30-day Current Yield*	Without Reimbursement	With Reimbursement
Class A Shares NAV		0.10%
Class A Shares MOP		0.09%
Class C Shares**		-0.66%
Class D Shares		0.27%
Class I Shares		0.33%
Class N Shares		0.39%
Class R Shares		-0.34%
Class S Shares		-0.10%
Class T Shares		0.15%
Weighted Average Maturity		1.6 Years
Average Effective Duration***		2.7 Years
* Yield will fluctuate.
** Does not include the 1.00% contingent deferred sales charge.
*** A theoretical measure of price volatility.


Ratings^† Summary - (% of Total Investments)
AAA	12.0%
AA	6.8%
A	18.8%
BBB	50.4%
Other	12.0%
† 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. "Other" includes cash equivalents, equity securities, and certain derivative instruments.

Significant Areas of Investment - (% of Net Assets)


Asset Allocation - (% of Net Assets)
Corporate Bonds	64.2%
Asset-Backed/Commercial Mortgage-Backed Securities	17.3%
Commercial Paper	8.4%
Other		10.1%
		100.0%

Emerging markets comprised 12.1% of total net assets.


Janus Investment Fund	3

Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended December 31, 2020					Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	1.48%	3.43%	1.86%	1.07%	1.24%	0.93%
Class A Shares at MOP	-3.35%	-1.44%	0.87%	0.32%
Class C Shares at NAV	1.11%	2.57%	1.13%	0.34%	2.03%	1.71%
Class C Shares at CDSC	0.11%	1.57%	1.13%	0.34%
Class D Shares	1.57%	3.49%	1.94%	1.15%	1.17%	0.77%
Class I Shares	1.60%	3.56%	2.10%	1.31%	1.00%	0.70%
Class N Shares	1.63%	3.74%	2.16%	1.36%	1.06%	0.63%
Class R Shares	1.25%	2.97%	1.41%	0.62%	2.04%	1.38%
Class S Shares	1.38%	3.23%	1.65%	0.85%	3.45%	1.14%
Class T Shares	1.52%	3.39%	1.91%	1.12%	1.20%	0.88%
FTSE 3-Month U.S. Treasury Bill Index	0.06%	0.58%	1.16%	0.88%
Morningstar Quartile - Class I Shares	-	3rd	4th	4th
Morningstar Ranking - based on total returns for Nontraditional Bond Funds	-	181/320	229/274	187/231

Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).

Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2020.


4	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

Performance

non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.

Returns 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.

Class R Shares commenced operations on February 6, 2015. Performance shown for periods prior to February 6, 2015, reflects the historical performance of the Fund’s Class I Shares, calculated using the fees and expenses of Class R Shares, without the effect of any applicable fee and expense limitations or waivers.

If Class R Shares of the Fund had been available during periods prior to February 6, 2015, the performance shown may have been different. The performance shown for periods following the Fund’s commencement of Class R Shares reflects the fees and expenses of Class R Shares, net of any applicable fee and expense limitations or waivers. Please refer to the Fund’s prospectuses for further details concerning historical performance.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – May 27, 2014

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.


Janus Investment Fund	5

Janus Henderson Absolute Return Income Opportunities Fund (unaudited)

Expense Examples

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based upon the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund’s prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/20)	Ending Account Value (12/31/20)	Expenses Paid During Period (7/1/20 - 12/31/20)†	Beginning Account Value (7/1/20)	Ending Account Value (12/31/20)	Expenses Paid During Period (7/1/20 - 12/31/20)†	Net Annualized Expense Ratio (7/1/20 - 12/31/20)
Class A Shares		$1,000.00	$1,014.80	$4.82	$1,000.00	$1,020.42	$4.84	0.95%
Class C Shares		$1,000.00	$1,011.10	$8.31	$1,000.00	$1,016.94	$8.34	1.64%
Class D Shares		$1,000.00	$1,015.70	$3.96	$1,000.00	$1,021.27	$3.97	0.78%
Class I Shares		$1,000.00	$1,016.00	$3.61	$1,000.00	$1,021.63	$3.62	0.71%
Class N Shares		$1,000.00	$1,016.30	$3.25	$1,000.00	$1,021.98	$3.26	0.64%
Class R Shares		$1,000.00	$1,012.50	$7.10	$1,000.00	$1,018.15	$7.12	1.40%
Class S Shares		$1,000.00	$1,013.80	$5.84	$1,000.00	$1,019.41	$5.85	1.15%
Class T Shares		$1,000.00	$1,015.20	$4.37	$1,000.00	$1,020.87	$4.38	0.86%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


6	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments (unaudited)

December 31, 2020


Principal Amounts				Value
Asset-Backed/Commercial Mortgage-Backed Securities– 17.3%
	FirstMac Mortgage Funding Trust No 4 Series 1-2018,
	30 Day Australian Bank Bill Rate + 1.5000%, 1.5200%, 3/8/49^‡	2,093,533	AUD	$1,609,647
	La Trobe Financial Capital Markets Trust 2017-2,
	30 Day Australian Bank Bill Rate + 1.9000%, 1.9200%, 1/12/49^‡	5,213,739	AUD	4,031,323
	Liberty Series 2018-1 SME,
	30 Day Australian Bank Bill Rate + 2.3500%, 2.3640%, 7/10/50^‡	3,214,837	AUD	2,494,397
	Liberty Series 2018-3,
	30 Day Australian Bank Bill Rate + 2.1000%, 2.1150%, 10/25/50^‡	1,323,983	AUD	1,024,882
	Pepper I-Prime 2017-2 Trust,
	30 Day Australian Bank Bill Rate + 2.0000%, 2.0200%, 12/13/48^‡	2,869,107	AUD	2,214,598
	Pepper Residential Securities Trust NO 18,
	30 Day Australian Bank Bill Rate + 2.1000%, 2.1200%, 8/12/58^‡	1,215,322	AUD	942,424
	RedZed Trust Series 2018-1,
	30 Day Australian Bank Bill Rate + 2.4000%, 2.4200%, 3/9/50^‡	4,200,000	AUD	3,248,149
	RESIMAC Bastille Trust Series 2017-1NC,
	30 Day Australian Bank Bill Rate + 1.8500%, 1.8700%, 12/8/58^‡	198,488	AUD	153,508
	TORRENS Series 2014-2 Trust,
	30 Day Australian Bank Bill Rate + 1.6000%, 1.6200%, 1/12/46^‡	1,990,607	AUD	1,543,082
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $15,859,252)				17,262,010
Corporate Bonds– 64.2%
Banking – 27.4%
	Australia & New Zealand Banking Group Ltd,
	US Treasury Yield Curve Rate 5 Year + 1.2880%, 2.9500%, 7/22/30 (144A)^‡	$2,400,000		2,531,714
	Bendigo & Adelaide Bank Ltd,
	90 Day Australian Bank Bill Rate + 2.4500%, 2.4700%, 11/30/28^‡	2,500,000	AUD	1,966,586
	Commonwealth Bank of Australia,
	90 Day Australian Bank Bill Rate + 2.6500%, 2.6700%, 6/3/26^‡	3,100,000	AUD	2,407,913
	Commonwealth Bank of Australia,
	ICE LIBOR USD 3 Month + 2.0940%, 3.3750%, 10/20/26^‡	1,000,000		1,016,300
	DBS Group Holdings Ltd,
	90 Day Australian Bank Bill Rate + 1.5800%, 1.5941%, 3/16/28^‡	1,300,000	AUD	1,006,152
	Horse Gallop Finance Ltd,
	ICE LIBOR USD 3 Month + 1.1800%, 1.4310%, 6/28/21^‡	2,537,000		2,535,706
	Lloyds Banking Group PLC, 3.9000%, 11/23/23	4,000,000	AUD	3,311,318
	Macquarie Group Ltd,
	90 Day Australian Bank Bill Rate + 1.1500%, 1.1682%, 12/15/22^‡	2,960,000	AUD	2,287,278
	National Australia Bank Ltd,
	90 Day Australian Bank Bill Rate + 2.4000%, 2.4138%, 9/21/26^‡	568,000	AUD	442,878
	National Australia Bank Ltd, AUD SWAP 5 YR + 2.4000%, 4.0000%, 9/21/26^‡	2,743,000	AUD	2,152,980
	Oversea-Chinese Banking Corp Ltd, 4.2500%, 6/19/24	2,000,000		2,188,598
	Standard Chartered PLC,
	90 Day Australian Bank Bill Rate + 1.8500%, 1.8700%, 6/28/25^‡	320,000	AUD	249,162
	Westpac Banking Corp, AUD SWAP 5 YR + 1.9500%, 4.5000%, 3/11/27^‡	3,810,000	AUD	3,016,981
	Westpac Banking Corp, AUD SWAP 5 YR + 2.6500%, 4.8000%, 6/14/28^‡	2,724,000	AUD	2,248,610
				27,362,176
Capital Goods – 0.9%
	CNH Industrial Capital Australia Pty Ltd, 2.1000%, 12/12/22	1,120,000	AUD	868,922
Communications – 2.1%
	American Tower Corp, 3.3750%, 5/15/24	950,000		1,033,223
	Crown Castle International Corp, 3.1500%, 7/15/23	1,000,000		1,063,711
				2,096,934
Consumer Cyclical – 9.9%
	Amazon.com Inc, 0.8000%, 6/3/25	1,100,000		1,115,911
	eBay Inc, 1.9000%, 3/11/25	800,000		840,859
	General Motors Financial Co Inc,
	ICE LIBOR USD 3 Month + 0.8500%, 1.0795%, 4/9/21^‡	1,000,000		1,000,608
	Hyundai Capital America, ICE LIBOR USD 3 Month + 0.9400%, 1.1698%, 7/8/21^‡	2,850,000		2,853,782
	Volkswagen Financial Services Australia Pty Ltd, 3.3000%, 2/28/22	5,190,000	AUD	4,107,038
				9,918,198


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 (unaudited)

December 31, 2020


Principal Amounts				Value
Corporate Bonds– (continued)
Consumer Non-Cyclical – 1.1%
	Mylan NV, 3.1500%, 6/15/21	$1,050,000		$1,060,146
Electric – 1.3%
	ETSA Utilities Finance Pty Ltd,
	90 Day Australian Bank Bill Rate + 1.0200%, 1.0400%, 8/29/22^‡	1,050,000	AUD	813,334
	Florida Power & Light Co,
	ICE LIBOR USD 3 Month + 0.3800%, 0.6023%, 7/28/23^‡	510,000		510,104
				1,323,438
Financial Institutions – 1.8%
	Liberty Financial Pty Ltd, 5.1000%, 4/9/21	2,350,000	AUD	1,825,715
Government Sponsored – 8.9%
	Bank of China Ltd/Macau,
	ICE LIBOR USD 3 Month + 0.7500%, 0.9738%, 11/20/21^‡	1,150,000		1,150,459
	CNOOC Curtis Funding No 1 Pty Ltd, 4.5000%, 10/3/23	2,600,000		2,820,437
	ICBCIL Finance Co Ltd, 3.6500%, 3/5/22	800,000		821,003
	SGSP Australia Assets Pty Ltd, 3.3000%, 4/9/23	800,000		840,690
	Sinopec Capital 2013 Ltd, 3.1250%, 4/24/23	3,130,000		3,268,183
				8,900,772
Industrial – 0.9%
	Downer Group Finance Pty Ltd, 3.7000%, 4/29/26	1,100,000	AUD	889,852
Insurance – 0.4%
	Insurance Australia Group Ltd,
	90 Day Australian Bank Bill Rate + 2.1000%, 2.1182%, 6/15/44^‡	200,000	AUD	154,265
	Insurance Australia Group Ltd,
	90 Day Australian Bank Bill Rate + 2.3500%, 2.3682%, 6/15/45^‡	350,000	AUD	272,177
				426,442
Real Estate Investment Trusts (REITs) – 1.6%
	Vicinity Centres Trust, 4.0000%, 4/26/27	1,950,000	AUD	1,649,143
Real Estate Management & Development – 0.7%
	QIC Finance Shopping Center Fund Pty Ltd,
	90 Day Australian Bank Bill Rate + 1.2700%, 1.2900%, 8/15/25^‡	880,000	AUD	662,728
Supranational – 0.5%
	Inter-American Development Bank, 5.5000%, 8/23/21	33,100,000	INR	455,664
Technology – 5.3%
	Apple Inc, 1.8000%, 9/11/24	1,000,000		1,049,934
	Broadcom Inc, 2.2500%, 11/15/23	210,000		219,304
	Broadcom Inc, 4.7000%, 4/15/25	550,000		630,165
	Equinix Inc, 1.2500%, 7/15/25	1,100,000		1,121,913
	Hewlett Packard Enterprise Co, 1.4500%, 4/1/24	1,100,000		1,130,103
	PayPal Holdings Inc, 1.3500%, 6/1/23	1,110,000		1,136,474
				5,287,893
Transportation – 1.4%
	Sydney Airport Finance Co Pty Ltd, 3.6250%, 4/28/26 (144A)	1,300,000		1,427,539
Total Corporate Bonds (cost $60,206,484)				64,155,562
Commercial Paper– 8.4%
	CNPC Finance HK Ltd, 0%, 1/8/21 (144A)^◊	1,500,000		1,499,892
	Enable Midstream Partners LP, 0%, 1/5/21 (Section 4(2))^◊	1,430,000		1,429,921
	Energy Transfer Operating LP, 0%, 1/4/21 (Section 4(2))^◊	1,550,000		1,549,931
	Jabil Inc, 0%, 1/7/21 (Section 4(2))^◊	1,500,000		1,499,819
	Plains Midstream Canada LP, 0%, 1/4/21 (Section 4(2))^◊	950,000		949,951
	Vodafone Group PLC, 0%, 1/8/21 (Section 4(2))^◊	1,500,000		1,499,949
Total Commercial Paper (cost $8,429,314)				8,429,463
Total Investments (total cost $84,495,050) – 89.9%				89,847,035
Cash, Receivables and Other Assets, net of Liabilities – 10.1%				10,090,313
Net Assets – 100%				$99,937,348


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments (unaudited)

December 31, 2020


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
Australia	$44,737,615	49.8	%
United States	20,651,523	23.0
China	12,095,680	13.5
United Kingdom	5,060,429	5.6
Germany	4,107,038	4.6
Singapore	3,194,750	3.5



Total	$89,847,035	100.0	%


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank, National Association:
Australian Dollar	2/19/21	(90,430,000)	$	66,138,422		(3,595,919)
Morgan Stanley & Co:
Australian Dollar	2/19/21	27,400,000		(20,312,417)		816,864
Total					$	(2,779,055)

Schedule of Futures


Description	Number of Contracts	Expiration Date		Value and Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin Asset/(Liability)
Futures Purchased:
2 Year US Treasury Note	128	4/5/21	$	28,285,000	$	27,000	$	3,000
Short-Term Euro-BTP	67	3/10/21		9,324,517		(1,250)		-
Total - Futures Purchased						25,750		3,000
Futures Sold:
10-Year US Treasury Note	2	3/31/21		(276,156)		(219)		(219)
Euro-Schatz	75	3/10/21		(10,348,944)		11,377		-
Total - Futures Sold						11,158		(219)
Total					$	36,908	$	2,781


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	9

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments (unaudited)

December 31, 2020


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)		Variation Margin Asset/(Liability)
AUD BBR 3M	0.7425% Fixed Rate	Semiannual	6/10/25	7,700,000	AUD	$	750	$	20,736	$	(3,368)
CAD BA 3M	0.7150% Fixed Rate	Semiannual	7/14/23	14,400,000	CAD		750		6,545		2,369
CAD BA 3M	0.6910% Fixed Rate	Semiannual	7/14/23	14,400,000	CAD		750		3,837		3,097
AUD BBR 3M	0.5560% Fixed Rate	Semiannual	7/24/25	11,300,000	AUD		750		(7,171)		6,807
0.2160% Fixed Rate	AUD BBR 3M	Quarterly	7/24/23	7,500,000	AUD		750		(19,330)		3,460
AUD BBR 3M	0.6625% Fixed Rate	Semiannual	8/6/26	15,000,000	AUD		750		(55,285)		23,346
CAD BA 3M	0.6700% Fixed Rate	Semiannual	8/8/23	14,000,000	CAD		750		(1,053)		3,420
CAD BA 3M	0.7500% Fixed Rate	Semiannual	8/28/23	28,000,000	CAD		750		11,997		1,654
Total						$	6,000	$	(39,724)	$	40,785

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 December 31, 2020.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2020

	Currency Contracts	Interest Rate Contracts	Total
Asset Derivatives:
Forward foreign currency exchange contracts	$ 816,864	$ -	$ 816,864
Variation margin receivable	-	47,153	47,153

Total Asset Derivatives	$ 816,864	$ 47,153	$ 864,017
Liability Derivatives:
Forward foreign currency exchange contracts	$3,595,919	$ -	$3,595,919
Variation margin payable	-	3,587	3,587

Total Liability Derivatives	$3,595,919	$ 3,587	$3,599,506


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Schedule of Investments (unaudited)

December 31, 2020

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended December 31, 2020.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2020

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Currency Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ (17,179)	$ (17,179)
Forward foreign currency exchange contracts	(6,957,845)	-	(6,957,845)
Swap contracts	-	(1,546)	(1,546)

Total	$(6,957,845)	$ (18,725)	$(6,976,570)


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Currency Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ 32,829	$ 32,829
Forward foreign currency exchange contracts	484,151	-	484,151
Swap contracts	-	(49,532)	(49,532)

Total	$ 484,151	$ (16,703)	$ 467,448

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 Market Value of Derivative Instruments During the Period Ended December 31, 2020

	Market Value^(a)
Forward foreign currency exchange contracts, purchased	$ 8,327,164
Forward foreign currency exchange contracts, sold	72,230,556
Futures contracts, purchased	29,608,931
Futures contracts, sold	3,049,222
Interest rate swaps, pay fixed rate/receive floating rate	(10,156)
Interest rate swaps, receive fixed rate/pay floating rate	8,205

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount purchased or sold.


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Schedule of Investments and Other Information (unaudited)


FTSE 3-Month U.S. Treasury Bill Index	FTSE 3-Month U.S. Treasury Bill Index tracks the performance of short-term U.S. government debt securities.


AUD BBR	Australian Bank Bill Swap Rate
CAD BA	Canadian Bankers’ Acceptance Rate
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LP	Limited Partnership
PLC	Public Limited Company

144A

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 period ended December 31, 2020 is $5,459,145, which represents 5.5% of net assets.

4(2)

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 period ended December 31, 2020 is $6,929,571, which represents 6.9% of net assets.


‡	Variable or floating rate security. Rate shown is the current rate as of December 31, 2020. 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.


◊	Zero coupon bond.


12	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Schedule of Investments and Other Information (unaudited)


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 December 31, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

					Level 2 -		Level 3 -
			Level 1 -		Other Significant		Significant
			Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Asset-Backed/Commercial Mortgage-Backed Securities		$	-	$	17,262,010	$	-
Corporate Bonds			-		64,155,562		-
Commercial Paper			-		8,429,463		-
Total Investments in Securities		$	-	$	89,847,035	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		816,864		-
Variation Margin Receivable			3,000		44,153		-
Total Assets		$	3,000	$	90,708,052	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	3,595,919	$	-
Variation Margin Payable			219		3,368		-
Total Liabilities		$	219	$	3,599,287	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


Janus Investment Fund	13

Janus Henderson Absolute Return Income Opportunities Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2020

See footnotes at the end of the Statement.



Assets:
	Investments, at value⁽¹⁾		$	89,847,035
	Cash			499,071
	Deposits with brokers for centrally cleared derivatives			350,000
	Deposits with brokers for futures			170,000
	Forward foreign currency exchange contracts			816,864
	Cash denominated in foreign currency⁽²⁾			11,962,707
	Variation margin receivable			47,153
	Non-interested Trustees' deferred compensation			2,299
	Receivables:
		Interest		518,812
		Fund shares sold		96,381
	Other assets			7,097
Total Assets				104,317,419
Liabilities:
	Forward foreign currency exchange contracts			3,595,919
	Closed foreign currency contracts			89,609
	Variation margin payable			3,587
	Payables:			—
		Fund shares repurchased		161,211
		Registration fees		94,198
		Professional fees		68,156
		Printing fees		60,127
		Non-affiliated fund administration fees payable		27,225
		Investments purchased		18,355
		Transfer agent fees and expenses		15,540
		12b-1 Distribution and shareholder servicing fees		15,063
		Advisory fees		11,549
		Dividends		5,546
		Postage fees		4,252
		Accounting systems fees		3,493
		Non-interested Trustees' deferred compensation fees		2,299
		Custodian fees		2,115
		Affiliated fund administration fees payable		235
		Non-interested Trustees' fees and expenses		189
		Accrued expenses and other payables		201,403
Total Liabilities				4,380,071
Net Assets			$	99,937,348


See Notes to Financial Statements.

14	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	278,850,483
	Total distributable earnings (loss)		(178,913,135)
Total Net Assets		$	99,937,348
Net Assets - Class A Shares		$	16,692,070
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,838,375
Net Asset Value Per Share⁽³⁾		$	9.08
Maximum Offering Price Per Share⁽⁴⁾		$	9.53
Net Assets - Class C Shares		$	11,314,811
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,247,208
Net Asset Value Per Share⁽³⁾		$	9.07
Net Assets - Class D Shares		$	18,909,738
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,080,973
Net Asset Value Per Share		$	9.09
Net Assets - Class I Shares		$	37,339,267
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,115,755
Net Asset Value Per Share		$	9.07
Net Assets - Class N Shares		$	2,337,766
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		257,549
Net Asset Value Per Share		$	9.08
Net Assets - Class R Shares		$	554,458
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		61,049
Net Asset Value Per Share		$	9.08
Net Assets - Class S Shares		$	170,696
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		18,779
Net Asset Value Per Share		$	9.09
Net Assets - Class T Shares		$	12,618,542
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,391,253
Net Asset Value Per Share		$	9.07

(1) Includes cost of $84,495,050.

(2) Includes cost of $11,962,707.

(3) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(4) Maximum offering price is computed at 100/95.25 of net asset value.


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Absolute Return Income Opportunities Fund

Statement of Operations (unaudited)

For the period ended December 31, 2020



Investment Income:
	Interest		$	1,168,326
	Other income			1,226
Total Investment Income				1,169,552
Expenses:
	Advisory fees			348,513
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		21,615
		Class C Shares		59,557
		Class R Shares		1,566
		Class S Shares		210
	Transfer agent administrative fees and expenses:
		Class D Shares		11,592
		Class R Shares		786
		Class S Shares		210
		Class T Shares		17,194
	Transfer agent networking and omnibus fees:
		Class A Shares		4,413
		Class C Shares		5,174
		Class I Shares		13,361
	Other transfer agent fees and expenses:
		Class A Shares		521
		Class C Shares		307
		Class D Shares		1,657
		Class I Shares		750
		Class N Shares		40
		Class R Shares		3
		Class S Shares		4
		Class T Shares		75
	Registration fees			123,041
	Non-affiliated fund administration fees			45,207
	Professional fees			31,514
	Shareholder reports expense			22,228
	Custodian fees			5,814
	Affiliated fund administration fees			1,340
	Non-interested Trustees’ fees and expenses			1,000
	Other expenses			2,120
Total Expenses				719,812
Less: Excess Expense Reimbursement and Waivers				(244,507)
Net Expenses				475,305
Net Investment Income/(Loss)				694,247


See Notes to Financial Statements.

16	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Statement of Operations (unaudited)

For the period ended December 31, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	755,852
	Forward foreign currency exchange contracts		(6,957,845)
	Futures contracts		(17,179)
	Swap contracts		(1,546)
Total Net Realized Gain/(Loss) on Investments			(6,220,718)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		6,624,204
	Forward foreign currency exchange contracts		484,151
	Futures contracts		32,829
	Swap contracts		(49,532)
Total Change in Unrealized Net Appreciation/Depreciation			7,091,652
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	1,565,181


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Absolute Return Income Opportunities Fund

Statements of Changes in Net Assets



			Period ended December 31, 2020 (unaudited)		Year ended June 30, 2020

Operations:
	Net investment income/(loss)		$	694,247	$	2,123,919
	Net realized gain/(loss) on investments			(6,220,718)		5,959,110
	Change in unrealized net appreciation/depreciation			7,091,652		(3,973,565)
Net Increase/(Decrease) in Net Assets Resulting from Operations				1,565,181		4,109,464
Dividends and Distributions to Shareholders:
		Class A Shares		(116,936)		(526,375)
		Class C Shares		(43,976)		(301,833)
		Class D Shares		(152,248)		(327,176)
		Class I Shares		(315,325)		(1,260,089)
		Class N Shares		(21,271)		(71,239)
		Class R Shares		(2,863)		(19,980)
		Class S Shares		(974)		(3,661)
		Class T Shares		(99,095)		(530,882)
Net Decrease from Dividends and Distributions to Shareholders				(752,688)		(3,041,235)
Capital Share Transactions:
		Class A Shares		410,614		(9,432,851)
		Class C Shares		(3,168,289)		(4,750,340)
		Class D Shares		(892,825)		10,139,699
		Class I Shares		193,156		(21,213,315)
		Class N Shares		(215,284)		59,019
		Class R Shares		(104,002)		(302,273)
		Class S Shares		16,550		(8,426)
		Class T Shares		(2,482,130)		(9,083,613)
Net Increase/(Decrease) from Capital Share Transactions				(6,242,210)		(34,592,100)
Net Increase/(Decrease) in Net Assets				(5,429,717)		(33,523,871)
Net Assets:
	Beginning of period			105,367,065		138,890,936
	End of period		$	99,937,348	$	105,367,065


See Notes to Financial Statements.

18	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$9.01	$8.93	$8.88	$9.64	$9.70	$9.71
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.06	0.17	0.18	0.14	0.19	0.18
		Net realized and unrealized gain/(loss)	0.07	0.15	0.16	(0.70)	0.14	0.06
	Total from Investment Operations		0.13	0.32	0.34	(0.56)	0.33	0.24
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.24)	(0.29)	(0.20)	(0.38)	(0.13)
		Return of capital	—	—	—	—	(0.01)	(0.12)
	Total Dividends and Distributions		(0.06)	(0.24)	(0.29)	(0.20)	(0.39)	(0.25)
	Net Asset Value, End of Period		$9.08	$9.01	$8.93	$8.88	$9.64	$9.70
	Total Return*		1.48%	3.64%	3.85%	(5.91)%	3.51%	2.54%
	Net Assets, End of Period (in thousands)		$16,692	$16,158	$25,377	$62,043	$123,769	$85,242
	Average Net Assets for the Period (in thousands)		$16,857	$20,287	$42,125	$107,328	$103,307	$81,615
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.41%	1.24%	1.03%	1.00%	1.01%	1.01%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.95%	0.98%	0.99%	1.00%	1.01%	1.01%
		Ratio of Net Investment Income/(Loss)	1.26%	1.87%	2.01%	1.43%	1.94%	1.90%
	Portfolio Turnover Rate		14%	11%	170%	119%	145%	149%


Class C Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$9.01	$8.92	$8.88	$9.63	$9.69	$9.69
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.03	0.10	0.11	0.07	0.12	0.11
		Net realized and unrealized gain/(loss)	0.06	0.17	0.15	(0.69)	0.14	0.07
	Total from Investment Operations		0.09	0.27	0.26	(0.62)	0.26	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.03)	(0.18)	(0.22)	(0.13)	(0.31)	(0.09)
		Return of capital	—	—	—	—	(0.01)	(0.09)
	Total Dividends and Distributions		(0.03)	(0.18)	(0.22)	(0.13)	(0.32)	(0.18)
	Net Asset Value, End of Period		$9.07	$9.01	$8.92	$8.88	$9.63	$9.69
	Total Return*		1.00%	3.03%	2.96%	(6.49)%	2.75%	1.87%
	Net Assets, End of Period (in thousands)		$11,315	$14,388	$18,983	$45,990	$60,913	$45,452
	Average Net Assets for the Period (in thousands)		$12,861	$15,398	$30,267	$58,477	$54,205	$45,549
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.09%	1.96%	1.81%	1.72%	1.75%	1.76%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.64%	1.68%	1.76%	1.72%	1.75%	1.76%
		Ratio of Net Investment Income/(Loss)	0.57%	1.12%	1.22%	0.69%	1.22%	1.12%
	Portfolio Turnover Rate		14%	11%	170%	119%	145%	149%

* 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


Class D Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$9.01	$8.94	$8.89	$9.64	$9.70	$9.71
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.07	0.16	0.17	0.14	0.19	0.18
		Net realized and unrealized gain/(loss)	0.08	0.17	0.17	(0.68)	0.15	0.06
	Total from Investment Operations		0.15	0.33	0.34	(0.54)	0.34	0.24
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.26)	(0.29)	(0.21)	(0.39)	(0.13)
		Return of capital	—	—	—	—	(0.01)	(0.12)
	Total Dividends and Distributions		(0.07)	(0.26)	(0.29)	(0.21)	(0.40)	(0.25)
	Net Asset Value, End of Period		$9.09	$9.01	$8.94	$8.89	$9.64	$9.70
	Total Return*		1.68%	3.69%	3.95%	(5.73)%	3.55%	2.53%
	Net Assets, End of Period (in thousands)		$18,910	$19,646	$9,437	$12,526	$16,621	$14,162
	Average Net Assets for the Period (in thousands)		$19,488	$13,252	$10,576	$15,676	$15,427	$13,166
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.25%	1.17%	1.04%	0.92%	0.97%	1.01%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.78%	0.80%	0.90%	0.92%	0.97%	1.01%
		Ratio of Net Investment Income/(Loss)	1.44%	1.84%	1.91%	1.50%	2.01%	1.92%
	Portfolio Turnover Rate		14%	11%	170%	119%	145%	149%


Class I Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$9.00	$8.92	$8.88	$9.64	$9.70	$9.70
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.07	0.19	0.23	0.16	0.21	0.21
		Net realized and unrealized gain/(loss)	0.07	0.15	0.12	(0.69)	0.15	0.07
	Total from Investment Operations		0.14	0.34	0.35	(0.53)	0.36	0.28
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.26)	(0.31)	(0.23)	(0.41)	(0.15)
		Return of capital	—	—	—	—	(0.01)	(0.13)
	Total Dividends and Distributions		(0.07)	(0.26)	(0.31)	(0.23)	(0.42)	(0.28)
	Net Asset Value, End of Period		$9.07	$9.00	$8.92	$8.88	$9.64	$9.70
	Total Return*		1.60%	3.88%	3.99%	(5.67)%	3.79%	2.90%
	Net Assets, End of Period (in thousands)		$37,339	$36,831	$57,628	$1,166,188	$1,685,309	$1,168,251
	Average Net Assets for the Period (in thousands)		$38,778	$43,004	$652,474	$1,704,727	$1,409,826	$1,035,919
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.15%	1.00%	0.76%	0.75%	0.74%	0.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.71%	0.73%	0.74%	0.75%	0.74%	0.75%
		Ratio of Net Investment Income/(Loss)	1.50%	2.09%	2.61%	1.67%	2.22%	2.15%
	Portfolio Turnover Rate		14%	11%	170%	119%	145%	149%

* 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	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$9.01	$8.93	$8.89	$9.64	$9.70	$9.70
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.07	0.19	0.27	0.16	0.22	0.21
		Net realized and unrealized gain/(loss)	0.08	0.16	0.08	(0.68)	0.14	0.07
	Total from Investment Operations		0.15	0.35	0.35	(0.52)	0.36	0.28
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.27)	(0.31)	(0.23)	(0.41)	(0.15)
		Return of capital	—	—	—	—	(0.01)	(0.13)
	Total Dividends and Distributions		(0.08)	(0.27)	(0.31)	(0.23)	(0.42)	(0.28)
	Net Asset Value, End of Period		$9.08	$9.01	$8.93	$8.89	$9.64	$9.70
	Total Return*		1.63%	3.94%	4.00%	(5.51)%	3.82%	2.93%
	Net Assets, End of Period (in thousands)		$2,338	$2,534	$2,454	$78,752	$5,444	$3,967
	Average Net Assets for the Period (in thousands)		$2,512	$2,426	$7,437	$31,271	$5,122	$3,265
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.19%	1.06%	0.62%	0.66%	0.71%	0.73%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.64%	0.67%	0.57%	0.66%	0.71%	0.73%
		Ratio of Net Investment Income/(Loss)	1.57%	2.10%	2.79%	1.80%	2.25%	2.22%
	Portfolio Turnover Rate		14%	11%	170%	119%	145%	149%


Class R Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$9.02	$8.94	$8.89	$9.64	$9.70	$9.70
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.04	0.13	0.11	0.09	0.14	0.15
		Net realized and unrealized gain/(loss)	0.06	0.15	0.18	(0.69)	0.15	0.06
	Total from Investment Operations		0.10	0.28	0.29	(0.60)	0.29	0.21
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.04)	(0.20)	(0.24)	(0.15)	(0.34)	(0.11)
		Return of capital	—	—	—	—	(0.01)	(0.10)
	Total Dividends and Distributions		(0.04)	(0.20)	(0.24)	(0.15)	(0.35)	(0.21)
	Net Asset Value, End of Period		$9.08	$9.02	$8.94	$8.89	$9.64	$9.70
	Total Return*		1.14%	3.17%	3.37%	(6.28)%	3.05%	2.15%
	Net Assets, End of Period (in thousands)		$554	$654	$950	$959	$551	$211
	Average Net Assets for the Period (in thousands)		$615	$862	$949	$836	$343	$162
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.32%	2.04%	1.80%	1.52%	1.47%	1.46%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.40%	1.42%	1.46%	1.52%	1.47%	1.46%
		Ratio of Net Investment Income/(Loss)	0.81%	1.40%	1.27%	0.91%	1.42%	1.56%
	Portfolio Turnover Rate		14%	11%	170%	119%	145%	149%

* 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 Absolute Return Income Opportunities Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$9.02	$8.94	$8.89	$9.63	$9.70	$9.70
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.05	0.15	0.18	0.11	0.17	0.17
		Net realized and unrealized gain/(loss)	0.07	0.15	0.13	(0.69)	0.14	0.07
	Total from Investment Operations		0.12	0.30	0.31	(0.58)	0.31	0.24
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.05)	(0.22)	(0.26)	(0.16)	(0.37)	(0.13)
		Return of capital	—	—	—	—	(0.01)	(0.11)
	Total Dividends and Distributions		(0.05)	(0.22)	(0.26)	(0.16)	(0.38)	(0.24)
	Net Asset Value, End of Period		$9.09	$9.02	$8.94	$8.89	$9.63	$9.70
	Total Return*		1.38%	3.44%	3.58%	(6.08)%	3.24%	2.51%
	Net Assets, End of Period (in thousands)		$171	$153	$160	$1,500	$1,071	$541
	Average Net Assets for the Period (in thousands)		$164	$149	$1,251	$949	$716	$463
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.45%	3.45%	1.48%	1.26%	1.21%	1.23%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.15%	1.16%	1.29%	1.22%	1.17%	1.14%
		Ratio of Net Investment Income/(Loss)	1.07%	1.62%	1.97%	1.17%	1.75%	1.79%
	Portfolio Turnover Rate		14%	11%	170%	119%	145%	149%


Class T Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$9.01	$8.92	$8.88	$9.63	$9.69	$9.70
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.06	0.17	0.19	0.14	0.19	0.18
		Net realized and unrealized gain/(loss)	0.07	0.17	0.14	(0.68)	0.15	0.07
	Total from Investment Operations		0.13	0.34	0.33	(0.54)	0.34	0.25
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.25)	(0.29)	(0.21)	(0.39)	(0.14)
		Return of capital	—	—	—	—	(0.01)	(0.12)
	Total Dividends and Distributions		(0.07)	(0.25)	(0.29)	(0.21)	(0.40)	(0.26)
	Net Asset Value, End of Period		$9.07	$9.01	$8.92	$8.88	$9.63	$9.69
	Total Return*		1.41%	3.82%	3.78%	(5.73)%	3.58%	2.60%
	Net Assets, End of Period (in thousands)		$12,619	$15,003	$23,902	$111,015	$217,138	$164,055
	Average Net Assets for the Period (in thousands)		$13,453	$19,046	$51,775	$193,808	$193,689	$173,502
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.34%	1.20%	0.98%	0.93%	0.95%	0.98%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.86%	0.91%	0.93%	0.92%	0.94%	0.94%
		Ratio of Net Investment Income/(Loss)	1.35%	1.92%	2.13%	1.49%	2.02%	1.92%
	Portfolio Turnover Rate		14%	11%	170%	119%	145%	149%

* 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	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

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 45 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.

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 priciples ("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 Funds currently implement 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 Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund will rely 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. Please contact your financial intermediary for additional information.

It is expected that the conversion of Class C Shares to Class A Shares will not result in a taxable event. Please consult your tax adviser for further information.

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 I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.


Janus Investment Fund	23

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, Janus Capital Management LLC (“Janus Capital”), or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Distributors LLC dba Janus Henderson Distributors (“Janus Henderson Distributors”) 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 Janus Capital 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 Janus Capital 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

Securities held by the Fund are valued in accordance with policies and procedures established by and under the supervision of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at the closing prices on the primary market or exchange on which they trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are 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. Securities that are traded on the over-the-counter (“OTC”) markets are generally valued at their closing or latest bid prices as available. Foreign securities and currencies are converted to U.S. dollars using the applicable exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Fund will determine the market value of individual securities held by it by using prices provided by one or more 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 under the Valuation Procedures. Circumstances in which fair value pricing 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 Fund uses systematic fair valuation models provided by independent third parties to value international equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE.

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.


24	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

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 December 31, 2020 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. 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 Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

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 period ended December 31, 2020 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.


26	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

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 Janus Capital's ability to establish and maintain appropriate systems and trading.

Forward Foreign Currency Exchange Contracts


Janus Investment Fund	27

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

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 shall be 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 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 period, 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 period, 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 on commodities are valued at the settlement price on valuation date on the commodities 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 period, the Fund purchased interest rate futures to increase exposure to interest rate risk.

During the period, the Fund sold interest rate futures to decrease exposure to interest rate risk.

Swaps


28	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

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, 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 period 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 period, 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 period, 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

Additional Investment 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.


Janus Investment Fund	29

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

central banks, took a number of unprecedented steps designed to support the financial markets. For example, the enactment of the Dodd-Frank Act in 2010 provided for widespread regulation of financial institutions, consumer financial products and services, broker-dealers, over-the-counter derivatives, investment advisers, credit rating agencies, and mortgage lending, which expanded federal oversight in the financial sector, including the investment management industry. More recently, in response to the COVID-19 pandemic, the U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets, including reducing interest rates to record-low levels. Extremely low or negative interest rates may become more prevalent or may not work as intended. As there is little precedent for this situation, the impact on various markets that interest rate or other significant policy changes may have is unknown. The withdrawal of this support, a failure of measures put in place in response to such economic uncertainty, or investor perception that such efforts were not sufficient could each negatively affect financial markets generally, and the value and liquidity of specific securities. In addition, policy and legislative changes in the United States and in other countries continue to impact many aspects of financial regulation.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund’s investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund’s ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund’s service providers, including Janus Capital or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

A number of countries in the European Union (the “EU”) have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen, or spread further within the EU. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom voted to exit the EU, commonly known as “Brexit,” which immediately led to significant market volatility around the world, as well as political, economic and legal uncertainty. The United Kingdom formally left the EU on January 31, 2020 and entered into an eleven-month transition period, which expired on December 31, 2020. The negative impact on not only the United Kingdom and European economies could be significant, potentially resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on the United Kingdom and/or Europe for their business activities and revenues. Any further exits from the EU, or an increase in the belief that such exits are likely or possible, would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties.

LIBOR Replacement Risk


30	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

Financing Rate (SOFR), that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. However, global consensus on alternative rates is lacking. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could adversely impact (i) volatility and liquidity in markets that are tied to LIBOR, (ii) the market for, or value of, specific securities or payments linked to those reference rates, (iii) availability or terms of borrowing or refinancing, or (iv) the effectiveness of hedging strategies. For these and other reasons, the elimination of LIBOR or changes to other interest rates may adversely affect the Fund’s performance and/or net asset value. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. Markets are slowly developing in response to these new rates. Uncertainty regarding the process for amending existing contracts or instruments to transition away from LIBOR remains a concern for the Fund. The effect of any changes to, or discontinuation of, LIBOR on the Fund will vary depending, among other things, on (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

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.

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 Janus Capital believes to be creditworthy at the time of the transaction. There is always the risk that Janus Capital’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.

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 Index^SM. 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


Janus Investment Fund	31

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

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.

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.

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 following tables 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 December 31, 2020” table located in the Fund’s Schedule of Investments.


32	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

Morgan Stanley & Co		$	816,864	$	—	$	—	$	816,864

Total		$	816,864	$	—	$	—	$	816,864
Offsetting of Financial Liabilities and Derivative Liabilities

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability^(a)		Pledged^(b)		Net Amount

JPMorgan Chase Bank, National Association		$	3,595,919	$	—	$	—	$	3,595,919

Total		$	3,595,919	$	—	$	—	$	3,595,919
(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.

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.

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.

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.

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


Janus Investment Fund	33

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

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.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital 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 0.66% of average annual net assets before any applicable waivers.

Janus Capital 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 Janus Capital. In this capacity, employees of Kapstream are subject to the oversight and supervision of Janus Capital and may provide portfolio management, research, and related services to the Fund on behalf of Janus Capital. The responsibilities of both Janus Capital and Kapstream under the participating affiliate arrangement are documented in a memorandum of understanding between the two entities.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, 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/administrative 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% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing October 28, 2020. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

Janus Services LLC (“Janus Services”), a wholly-owned subsidiary of Janus Capital, is the Fund’s transfer agent. In addition, Janus Services provides or arranges for the provision of certain other administrative services including, but not limited to, recordkeeping, accounting, order processing, and other shareholder services for the Fund. Janus Services is not compensated for its services related to the shares, except for out-of-pocket costs. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Certain, but not all, intermediaries may charge administrative fees (such as networking and omnibus) 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 Janus Services, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between Janus Services and the Fund, Janus Services may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. Janus Capital and its affiliates benefit from an increase in assets that may result from such relationships. The Funds’ Trustees have set limits on fees that the Funds may incur with respect to administrative fees paid for omnibus or networked accounts. 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 Fund pays an annual administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services, 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%


34	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

The Fund’s actual Class D administrative fee rate was 0.12% for the reporting period.

Janus Services provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, accounting, answering inquiries regarding accounts, transaction processing, transaction confirmations, and the mailing of prospectuses and shareholder reports. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Janus Services 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. Janus Services 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. Janus Services or its affiliates may also pay fees for services provided by intermediaries to the extent the fees charged by intermediaries exceed the 0.25% of net assets charged to Class R Shares, Class S Shares and Class T Shares of the Fund. Janus Services 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. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

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 Janus Capital. For all share classes, Janus Services also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Janus Services is compensated for its services related to the 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, a wholly-owned subsidiary of Janus Capital, 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, of up to 0.50% of the Class R 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 Janus Henderson Distributors 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. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.

Janus Capital serves as administrator to the Fund pursuant to an administration agreement between Janus Capital and the Trust. Under the administration agreement, Janus Capital is obligated to provide or arrange for the provision of 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 Janus Capital seeks reimbursement and such costs are not otherwise waived). In addition, employees of Janus Capital 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 Janus Capital 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 Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital (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 Janus Capital and/or its affiliates, are shared with the Fund. Total compensation of $166,938 was paid to the Chief Compliance Officer and


Janus Investment Fund	35

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

certain compliance staff by the Trust during the period ended December 31, 2020. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

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 December 31, 2020 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested 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 period ended December 31, 2020 are included in “Non-interested 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 $251,025 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2020.

Class A Shares include a 4.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Henderson Distributors and financial intermediaries. During the period ended December 31, 2020, Janus Henderson Distributors retained upfront sales charges of $424.

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 Janus Henderson Distributors during the period ended December 31, 2020.

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 period ended December 31, 2020, redeeming shareholders of Class C Shares paid CDSCs of $122.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by Janus Capital in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the period ended December 31, 2020, the Fund engaged in cross trades amounting to $1,993,249 in purchases and $25,049,753 in sales, resulting in a net realized gain of $841,348. The net realized gain is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.


36	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

5. Federal Income Tax

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, net investment losses, and capital loss carryovers.

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.

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2020, 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, 2020
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(80,039,760)	$(97,733,864)	$ (177,773,624)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2020 are noted below. The primary difference between book and tax appreciation or depreciation of investments are wash sale loss deferrals.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 84,629,652	$ 5,251,319	$ (33,936)	$ 5,217,383

Information on the tax components of derivatives as of December 31, 2020 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 6,000	$ 898,356	$ (3,680,227)	$ (2,781,871)

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.


Janus Investment Fund	37

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

6. Capital Share Transactions



	Period ended December 31, 2020		Year ended June 30, 2020
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	570,536	$ 5,161,683	274,917	$ 2,463,124
Reinvested dividends and distributions	11,221	101,643	43,732	391,616
Shares repurchased	(536,007)	(4,852,712)	(1,367,440)	(12,287,591)
Net Increase/(Decrease)	45,750	$ 410,614	(1,048,791)	$ (9,432,851)
Class C Shares:
Shares sold	37,776	$ 341,612	271,932	$ 2,437,483
Reinvested dividends and distributions	4,386	39,693	30,383	271,797
Shares repurchased	(392,589)	(3,549,594)	(831,985)	(7,459,620)
Net Increase/(Decrease)	(350,427)	$(3,168,289)	(529,670)	$ (4,750,340)
Class D Shares:
Shares sold	502,261	$ 4,544,961	2,352,336	$ 21,165,321
Reinvested dividends and distributions	16,097	145,840	33,907	303,888
Shares repurchased	(616,676)	(5,583,626)	(1,263,119)	(11,329,510)
Net Increase/(Decrease)	(98,318)	$ (892,825)	1,123,124	$ 10,139,699
Class I Shares:
Shares sold	807,135	$ 7,291,661	718,864	$ 6,445,380
Reinvested dividends and distributions	34,028	307,892	137,661	1,232,379
Shares repurchased	(818,723)	(7,406,397)	(3,221,475)	(28,891,074)
Net Increase/(Decrease)	22,440	$ 193,156	(2,364,950)	$(21,213,315)
Class N Shares:
Shares sold	24,198	$ 218,741	92,111	$ 827,109
Reinvested dividends and distributions	2,350	21,271	7,951	71,198
Shares repurchased	(50,315)	(455,296)	(93,587)	(839,288)
Net Increase/(Decrease)	(23,767)	$ (215,284)	6,475	$ 59,019
Class R Shares:
Shares sold	12,784	$ 115,631	10,517	$ 94,340
Reinvested dividends and distributions	316	2,863	2,230	19,980
Shares repurchased	(24,577)	(222,496)	(46,495)	(416,593)
Net Increase/(Decrease)	(11,477)	$ (104,002)	(33,748)	$ (302,273)
Class S Shares:
Shares sold	5,364	$ 48,554	10,984	$ 98,727
Reinvested dividends and distributions	107	974	405	3,632
Shares repurchased	(3,636)	(32,978)	(12,324)	(110,785)
Net Increase/(Decrease)	1,835	$ 16,550	(935)	$ (8,426)
Class T Shares:
Shares sold	64,860	$ 586,605	197,970	$ 1,772,517
Reinvested dividends and distributions	10,505	95,067	57,517	514,870
Shares repurchased	(350,029)	(3,163,802)	(1,267,926)	(11,371,000)
Net Increase/(Decrease)	(274,664)	$(2,482,130)	(1,012,439)	$ (9,083,613)

7. Purchases and Sales of Investment Securities

For the period ended December 31, 2020, 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
$13,707,295	$ 28,220,743	$ -	$ -


38	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Notes to Financial Statements (unaudited)

8. Recent Accounting Pronouncements

The FASB issued Accounting Standards Update 2020-04 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) in March 2020. The new guidance in the ASU provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR or other interbank-offered based reference rates as of the end of 2021. For new and existing contracts, Funds may elect to apply the guidance as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of the ASU’s adoption to the Fund’s financial statements.

9. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2020 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

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund’s website at janushenderson.com/proxyvoting; and (iii) on the SEC’s website at http://www.sec.gov. Additionally, information regarding the Fund’s proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC’s website at http://www.sec.gov.

Full Holdings

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund’s Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC’s website at http://www.sec.gov; (ii) may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (information on the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

The Trustees of Janus Aspen Series, each of whom serves as an “independent” Trustee (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 (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 and the subadvisory agreements for the Janus Henderson Funds that utilize subadvisers.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Capital and the respective subadvisers 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 a meeting held on December 9, 2020, based on the Trustees’ evaluation of the information provided by Janus Capital, the subadvisers, and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between each Janus Henderson Fund and Janus Capital and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and the subadvisers, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund, and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2021 through February 1, 2022, 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 Janus Capital and the subadvisers to the Janus Henderson Funds, taking into account the investment objective, strategies and policies of each Janus


40	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

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 Janus Capital and each subadviser, 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 Janus Capital or the subadvisers, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered Janus Capital’s role as administrator to the Janus Henderson Funds, noting that Janus Capital generally does not receive a fee for its services but is reimbursed for its out-of-pocket costs. The Trustees considered the role of Janus Capital in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with 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 Janus Capital provides a number of different services for the Janus Henderson Funds and fund shareholders, ranging from investment management services to various other servicing functions, and that, in its view, Janus Capital is a capable provider of those services. The independent fee consultant also provided its belief that Janus Capital 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 Janus Capital or the subadviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory and subadvisory 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 Janus Capital and each subadviser 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 funds and 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, the independent fee consultant found that the overall Janus Henderson Funds’ performance has been reasonable: for the 36 months ended September 30, 2020, approximately 75% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2020, approximately 62% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers.

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

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 May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance.

· 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 May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance.


Janus Investment Fund	41

Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

· 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 May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance.

Fixed-Income Funds

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the first Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2020 and the first Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2020 and the first Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2020 and the first Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020.

· 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 May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Short-Term Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the second Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

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 May 31, 2020 and the second Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital 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 bottom Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital 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 second Broadridge quartile for the 36 months ended May 31, 2020 and the first Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· 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 May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020.


42	DECEMBER 31, 2020

Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2020 and the first Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· 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 May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020.

· 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 May 31, 2020 and the second Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Global Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson International Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020.

· 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 May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital 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 bottom Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the second Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.


Janus Investment Fund	43

Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and Perkins had taken or were taking to improve performance.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2020 and the first Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2020 and the first Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2020 and the second Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, and the steps Janus Capital had taken or was taking to improve performance.

Quantitative Equity Funds

· For Janus Henderson Emerging Markets Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2020 and the second Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital and Intech had taken or were taking to improve performance.


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Janus Henderson Absolute Return Income Opportunities Fund

Additional Information (unaudited)

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020.

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020.

· 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 May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance.

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, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory and subadvisory agreement(s).

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 and noted that the rate of management fees (investment advisory fees and any administration fees but excluding out-of-pocket costs) for many of the Janus Henderson Funds, after applicable waivers, was below the average management fee rate of the respective peer group of funds selected by an independent data provider. The Trustees also examined information regarding the subadvisory fees charged for subadvisory services, as applicable, noting that all such fees were paid by Janus Capital out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by Janus Capital to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by Janus Capital. 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 10% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge Expense 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 certain Janus Henderson Funds, 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 in light of performance trends, performance histories, and existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.


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Additional Information (unaudited)

The Trustees considered the methodology used by Janus Capital and each subadviser 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 Janus Capital and each subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by Janus Capital or by a subadviser (for which Janus Capital or the subadviser provides only or primarily portfolio management services). Although in most instances subadvisory and 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 Janus Capital noted that, under the terms of the management agreements with the Janus Henderson Funds, Janus Capital 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, Janus Capital assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, they noted that the independent fee consultant found that: (1) the management fees Janus Capital charges to the Janus Henderson Funds are reasonable in relation to the management fees Janus Capital charges to funds subadvised by Janus Capital and to the fees Janus Capital 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 distinct relative to retail funds; and (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; (4) 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by Janus Capital; and (5) 5 of 8 Janus Henderson Funds have lower management fees than similar separate accounts managed by Janus Capital.

The Trustees considered the fees for each Fund for its fiscal year ended in 2019, and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”):

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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· 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 Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

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 for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· 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 Janus Capital has contractually agreed to limit the Fund’s expenses.


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Additional Information (unaudited)

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Short-Term Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

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 for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital 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 for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· 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 total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group 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 one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital 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 for all share classes.

· For Janus Henderson Global Value 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 Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson International 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 Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson International Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


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Additional Information (unaudited)

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 both share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for both share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

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 Dividend & Income Builder 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 Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· 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 Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already 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 certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital had contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already 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 for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Venture Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

Quantitative Equity Funds

· For Janus Henderson Emerging Markets Managed Volatility Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


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Additional Information (unaudited)

· For Janus Henderson International Managed Volatility Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

U.S. Equity Funds

· For Janus Henderson Large 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 Mid Cap Value Fund, the Trustees noted that, 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, 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 Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Small-Mid Cap Value 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 Janus Capital has contractually agreed to limit the Fund’s expenses.

The Trustees reviewed information on the overall profitability to Janus Capital and its affiliates of their relationship 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 Janus Capital from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether Janus Capital and each subadviser receive 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 Janus Capital to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found that (1) the expense allocation methodology and rationales utilized by Janus Capital were reasonable and (2) no clear correlation exists between expense allocations and operating margins. 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 Janus Capital’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 Janus Capital and its affiliates, as well as the fees paid by Janus Capital to the subadvisers of subadvised Janus Henderson Funds, 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 Janus Capital and the subadvisers charge 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 Janus Capital


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Additional Information (unaudited)

and any subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by Janus Capital.

Economies of Scale

The Trustees considered information about the potential for Janus Capital 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 November 2019 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 73% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. They also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of Janus Capital, Janus Capital is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) as the assets of some of the Janus Henderson Funds have declined in the past few years, certain of those Janus Henderson Funds have benefited from having advisory fee rates that have remained constant rather than increasing as assets declined; (3) performance fee structures have been implemented for various Janus Henderson Funds that have caused the effective rate of advisory fees payable by such Janus Henderson Fund to vary depending on the investment performance of the Janus Henderson Fund relative to its benchmark index over the measurement period; and (4) a few Janus Henderson Funds have fee schedules with breakpoints and reduced fee rates above certain asset levels. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by Janus Capital 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.

The Trustees also considered the independent fee consultant’s conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at Janus Capital, Janus Capital’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 (2) by setting lower fixed fees from the start on these Janus Henderson Funds, Janus Capital 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. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at Janus Capital.

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 Janus Capital 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 Janus Capital

The Trustees also considered benefits that accrue to Janus Capital and its affiliates and subadvisers to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of Janus Capital separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of Janus Capital and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered Janus Capital’s past and proposed use of commissions paid by the 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 Janus Capital and/or Janus Capital, and/or a subadviser to a Janus Henderson Fund. The Trustees concluded that Janus Capital’s and the subadvisers’ 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 each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by Janus Capital and its affiliates and subadvisers pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and Janus Capital and the subadvisers may potentially benefit from their


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Additional Information (unaudited)

relationship with each other in other ways. They concluded that Janus Capital 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 Janus Capital and its affiliates. They also concluded that Janus Capital and the subadvisers benefit 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 Janus Capital’s and/or the subadvisers’ receipt of those products and services as well as research products and services acquired through commissions paid by other clients of Janus Capital and/or other clients of the subadvisers. They further concluded that the success of any Janus Henderson Fund could attract other business to Janus Capital, the subadvisers or other Janus Henderson funds, and that the success of Janus Capital and the subadvisers could enhance Janus Capital’s and the subadvisers’ ability to serve the Janus Henderson Funds.


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Useful Information About Your Fund Report (unaudited)

Management Commentary

The Management Commentary in this report includes valuable insight as well as statistical information to help you understand how your Fund’s performance and characteristics stack up against those of comparable indices.

If the Fund invests in foreign securities, this report may include information about country exposure. Country exposure is based primarily on the country of risk. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived.

Please keep in mind that the opinions expressed in the Management Commentary are just that: opinions. They are a reflection based on best judgment at the time this report was compiled, which was December 31, 2020. As the investing environment changes, so could opinions. These views are unique and are not necessarily shared by fellow employees or by Janus Henderson in general.

Performance Overviews

Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of Janus Capital and reflects the Fund’s subsidized expense ratio. Ratios may be higher or lower than those shown in the “Financial Highlights” in this report.

Schedule of Investments

Following the performance overview section is the Fund’s Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Barclays and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


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Useful Information About Your Fund Report (unaudited)

The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled “Net Assets Consist of” breaks down the components of the Fund’s net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the Fund’s net assets for each share class (assets minus liabilities) by the number of shares outstanding.

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

Statements of Changes in Net Assets

These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected. If you compare the Fund’s “Net Decrease from Dividends and Distributions” to “Reinvested Dividends and Distributions,” you will notice that dividends and distributions have little effect on the Fund’s net assets. This is because the majority of the Fund’s investors reinvest their dividends and/or distributions.

The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

Financial Highlights

This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the


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Useful Information About Your Fund Report (unaudited)

total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.


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Notes

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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.
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		SEMIANNUAL REPORT December 31, 2020

	Janus Henderson Adaptive Global Allocation Fund

	Janus Investment Fund

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Adaptive Global Allocation Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	16
Statement of Assets and Liabilities	18
Statement of Operations	20
Statements of Changes in Net Assets	22
Financial Highlights	23
Notes to Financial Statements	27
Additional Information	44
Useful Information About Your Fund Report	56

Janus Henderson Adaptive Global Allocation Fund (unaudited)

FUND SNAPSHOT

This global allocation fund seeks to provide investors total return by dynamically allocating its assets across a portfolio of global equity and fixed income investments, which may involve the use of derivatives. The Fund is designed to actively adapt based on forward-looking views on extreme market movements, both positive and negative, with the goal of minimizing the risk of significant loss in a major downturn while participating in the growth potential of capital markets.

Ashwin Alankar

portfolio manager

PERFORMANCE OVERVIEW

Janus Henderson Adaptive Global Allocation Fund Class I Shares returned 16.87% for the six-month period ended December 31, 2020. This compares with a return of 24.01% for its primary benchmark, the MSCI All Country World Index^SM. The Fund’s secondary benchmark, the Adaptive Global Allocation 60-40 Index, an internally calculated index that comprises the MSCI All Country World Index^SM (60%) and the Bloomberg Barclays Global Aggregate Bond Index (40%), returned 14.82%. Its tertiary benchmark, the Bloomberg Barclays Global Aggregate Bond Index, returned 1.62%.

MARKET ENVIRONMENT

The rally in global financial markets that begin during the nadir of the early-spring COVID-19 lockdowns continued through the second half of the year despite numerous potential sources of volatility. Investors had to navigate additional waves of the pandemic, the final stages of the Brexit saga and a contentious U.S. presidential election. Outweighing these were continued large-scale accommodation from global central banks and government as well as rapid progress on the vaccine front. Led by the tech sector, some U.S. equities indices finished the year in record territory. The expectation of a resumption of global economic activity was perhaps best illustrated by emerging markets leading all regions higher. With interest rates already pegged near 0%, gains in the fixed income market were driven largely by higher prices for corporate credits.

PERFORMANCE DISCUSSION

For the six-month period, the Fund underperformed its primary benchmark, but outperformed its secondary and tertiary benchmarks. Outperformance relative to its secondary benchmark was largely due to an increase in equity exposure from 50% at the start of the period to as high as 70% during the final three months. This allowed the Fund to capture a significant portion of the recent historic rally in global equities. Drivers included the overweight in Asian stocks, particularly Japan, and an underweight to U.S. Treasuries. These positional changes were driven by forward-looking signals of expected upside and downside volatility. The fund benefited from these active allocations as Asian equities were the best-performing region over the period and Treasuries sold off. On the other hand, due to low expected attractiveness to emerging markets, the Fund remained underweight to this asset class, which detracted from gains.

In terms of factor exposures, the Fund benefited from its overweight toward smaller-cap stocks, which – as was inferred in our signals – outperformed larger caps as vaccine and stimulus progress led the market to price in and economic “reopening”. Similarly, the Fund increased exposures to cyclical sectors such as financial, energy, material and industrials.

The Fund is expected to perform well during period of structural shifts in the expectations of risk premiums. In contrast, during periods of fluctuating sentiment, the Fund may underperform. In such an environment, among others, the Fund’s risk management seeks to minimize drawdowns by attempting to minimize tail risks and being long momentum.

In executing the strategy, during the period the Fund utilized derivatives, including futures and forward exchange contracts. For the period covered by this letter, the impact of derivatives on the Fund was negative. Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.


Janus Investment Fund	1

Janus Henderson Adaptive Global Allocation Fund (unaudited)

OUTLOOK

The exuberance in equities and other risk markets continues, but we are beginning to see signs that the road ahead might be bumpier. We are particularly worried about the divergence we have recently seen in the fixed income markets between inflation expectations and real interest rates, which is a measurement of the different between nominal interest rates and inflation. Over the last quarter, U.S. real rates plunged as inflation expectations rose sharply. This would suggest that the fixed income market is pricing in stagflation going forward. Yet, equities found solace in this and churned out a near record quarterly return. This disconnect is not only surprising but worrisome.

We are concerned that equity valuations are driven solely by these low real rates. A simple discounted cash flow model indicates that all of the rise in equities over the past year is attributable to the fall in interest rates. Earnings forecasts for the S&P 500^{^®}Index for 2022 are lower today than they were at the start of 2020, yet the S&P 500 is nearly 20% higher. Valuations are being driven by multiple expansion, not expectations for earnings growth.

This is worrisome because if the fixed income market begins to sense growth is sustainable, real rates should rise and equities could fall along with bonds – diversification failure. And herein lies the irony and risk: Economic recovery could put downward pressure on equity markets, which have thrived on the liquidity that today’s negative real rates provide. And should growth not materialize, and real rates stay low, low earnings expectations may no longer be able to hold up equity valuations.

Thank you for investing in Janus Henderson Adaptive Global Allocation Fund


2	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Fund At A Glance

December 31, 2020


5 Largest Equity Holdings - (% of Net Assets)
Vanguard FTSE Pacific
Other	3.8%
Vanguard FTSE All-World ex-US
Exchange-Traded Funds (ETFs)	3.6%
Vanguard Total International Bond
Exchange-Traded Funds (ETFs)	3.1%
Las Vegas Sands Corp
Hotels, Restaurants & Leisure	2.8%
iShares 20+ Year Treasury Bond
Exchange-Traded Funds (ETFs)	2.5%
	15.8%


Asset Allocation - (% of Net Assets)
Common Stocks	41.4%
Investment Companies	33.6%
Foreign Government Bonds	13.7%
Investments Purchased with Cash Collateral from Securities Lending	6.1%
OTC Purchased Options – Calls	0.9%
Commercial Paper	0.9%
OTC Purchased Options – Puts	0.1%
Other		3.3%
		100.0%

Top Country Allocations - Long Positions - (% of Investment Securities)

As of December 31, 2020

As of June 30, 2020


Janus Investment Fund	3

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended December 31, 2020					Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	16.90%	8.98%	7.34%	5.39%	1.86%	1.10%
Class A Shares at MOP	10.14%	2.71%	6.08%	4.27%
Class C Shares at NAV	17.10%	9.05%	6.91%	4.94%	2.56%	1.78%
Class C Shares at CDSC	16.10%	8.05%	6.91%	4.94%
Class D Shares	17.03%	9.35%	7.52%	5.54%	1.63%	0.88%
Class I Shares	16.87%	9.31%	7.61%	5.65%	1.23%	0.82%
Class N Shares	17.04%	9.37%	7.67%	5.70%	1.34%	0.75%
Class S Shares	17.00%	9.21%	7.37%	5.39%	2.08%	1.25%
Class T Shares	16.94%	9.14%	7.47%	5.50%	1.81%	1.00%
MSCI All Country World Index	24.01%	16.25%	12.26%	9.40%
Adaptive Global Allocation 60/40 Index (Hedged)	14.82%	12.65%	9.39%	7.66%
Bloomberg Barclays Global Aggregate Bond Index (USD Hedged)	1.62%	5.58%	4.49%	4.36%
Morningstar Quartile - Class I Shares	-	2nd	2nd	2nd
Morningstar Ranking - based on total returns for World Allocation Funds	-	191/481	164/416	166/406

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.


4	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Performance

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2020.

Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.

There is a risk that the Fund’s investments will correlate with stocks and bonds to a greater degree than anticipated, and the investment process may not achieve the desired results. The Fund may underperform during up markets and be negatively affected in down markets. Diversification does not assure a profit or eliminate the risk of loss.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – June 23, 2015

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.


Janus Investment Fund	5

Janus Henderson Adaptive Global Allocation Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/20)	Ending Account Value (12/31/20)	Expenses Paid During Period (7/1/20 - 12/31/20)†	Beginning Account Value (7/1/20)	Ending Account Value (12/31/20)	Expenses Paid During Period (7/1/20 - 12/31/20)†	Net Annualized Expense Ratio (7/1/20 - 12/31/20)
Class A Shares		$1,000.00	$1,169.00	$6.01	$1,000.00	$1,019.66	$5.60	1.10%
Class C Shares		$1,000.00	$1,171.00	$4.05	$1,000.00	$1,021.48	$3.77	0.74%
Class D Shares		$1,000.00	$1,170.30	$4.60	$1,000.00	$1,020.97	$4.28	0.84%
Class I Shares		$1,000.00	$1,168.70	$5.25	$1,000.00	$1,020.37	$4.89	0.96%
Class N Shares		$1,000.00	$1,170.40	$3.88	$1,000.00	$1,021.63	$3.62	0.71%
Class S Shares		$1,000.00	$1,170.00	$3.77	$1,000.00	$1,021.73	$3.52	0.69%
Class T Shares		$1,000.00	$1,169.40	$5.25	$1,000.00	$1,020.37	$4.89	0.96%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


6	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares/Principal/ Contract Amounts				Value
Foreign Government Bonds– 13.7%
	Italy Buoni Ordinari del Tesoro, 0%, 1/14/21^◊	2,377,000	EUR	$2,904,402
	Japan Treasury Bill, 0%, 2/15/21^◊	93,150,000	JPY	902,382
	Japan Treasury Bill, 0%, 2/22/21^◊	381,000,000	JPY	3,690,975
Total Foreign Government Bonds (cost $7,438,980)				7,497,759
Common Stocks– 41.4%
Aerospace & Defense – 0.8%
	General Dynamics Corp	844		125,604
	Howmet Aerospace Inc	133		3,796
	L3Harris Technologies Inc	334		63,133
	Lockheed Martin Corp	350		124,243
	Northrop Grumman Corp	422		128,592
				445,368
Airlines – 0.4%
	Delta Air Lines Inc	761		30,600
	Southwest Airlines Co	3,529		164,487
				195,087
Automobiles – 0.8%
	NIO Inc (ADR)*	8,464		412,535
Banks – 4.5%
	Bank of America Corp	8,764		265,637
	Canadian Imperial Bank of Commerce	1,519		129,829
	Citigroup Inc	12,261		756,013
	JPMorgan Chase & Co	6,929		880,468
	US Bancorp	7,331		341,551
	Wells Fargo & Co	2,699		81,456
				2,454,954
Beverages – 0.5%
	Coca-Cola Co	2,490		136,552
	PepsiCo Inc	891		132,135
				268,687
Biotechnology – 1.0%
	AbbVie Inc	613		65,683
	Amgen Inc	578		132,894
	BioNTech SE*^,#	1,524		124,236
	Gilead Sciences Inc	799		46,550
	Moderna Inc*	1,522		159,003
				528,366
Building Products – 0.2%
	Carrier Global Corp	3,374		127,267
Capital Markets – 2.4%
	Bank of New York Mellon Corp	1,643		69,729
	Cboe Global Markets Inc	855		79,618
	Goldman Sachs Group Inc	387		102,056
	Intercontinental Exchange Inc	1,219		140,539
	MarketAxess Holdings Inc	172		98,136
	Morgan Stanley	9,946		681,599
	MSCI Inc	316		141,103
				1,312,780
Chemicals – 0.5%
	Air Products & Chemicals Inc	458		125,135
	PPG Industries Inc	870		125,471
				250,606
Consumer Finance – 0.3%
	American Express Co	729		88,143
	Discover Financial Services	1,060		95,962
				184,105
Diversified Financial Services – 0.4%
	Berkshire Hathaway Inc*	910		211,002


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	7

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares/Principal/ Contract Amounts			Value
Common Stocks– (continued)
Diversified Telecommunication Services – 0.5%
	AT&T Inc	4,478	$128,787
	Verizon Communications Inc	2,142	125,842
			254,629
Electric Utilities – 0.6%
	American Electric Power Co Inc	762	63,452
	Duke Energy Corp	1,386	126,902
	Xcel Energy Inc	1,896	126,406
			316,760
Electrical Equipment – 0.3%
	Abb Ltd (ADR)^#	4,879	136,417
Entertainment – 3.1%
	Netflix Inc*	603	326,060
	Walt Disney Co*	7,590	1,375,156
			1,701,216
Equity Real Estate Investment Trusts (REITs) – 0.6%
	Crown Castle International Corp	773	123,054
	Digital Realty Trust Inc	958	133,651
	Equinix Inc	93	66,419
			323,124
Food & Staples Retailing – 1.1%
	Costco Wholesale Corp	337	126,975
	Walmart Inc	3,396	489,533
			616,508
Food Products – 1.6%
	Archer-Daniels-Midland Co	2,590	130,562
	Campbell Soup Co	1,300	62,855
	General Mills Inc	1,066	62,681
	Hershey Co	870	132,527
	Hormel Foods Corp	1,367	63,716
	Kellogg Co	1,020	63,475
	McCormick & Co Inc/MD	982	93,879
	Mondelez International Inc	2,236	130,739
	Tyson Foods Inc	1,949	125,594
			866,028
Health Care Equipment & Supplies – 0.6%
	Becton Dickinson and Co	549	137,371
	Medtronic PLC	1,777	208,158
			345,529
Health Care Providers & Services – 0.4%
	CVS Health Corp	940	64,202
	UnitedHealth Group Inc	370	129,752
			193,954
Health Care Technology – 0.3%
	Cerner Corp	1,723	135,221
Hotels, Restaurants & Leisure – 3.4%
	Carnival Corp	1,993	43,168
	Domino's Pizza Inc	168	64,421
	Las Vegas Sands Corp	25,340	1,510,091
	MGM Resorts International	4,522	142,488	��
	Norwegian Cruise Line Holdings Ltd*	3,760	95,617
			1,855,785
Household Durables – 1.3%
	Hovnanian Enterprises Inc - Class A*	1,037	34,076
	KB Home	961	32,213
	Lennar Corp	458	34,913
	PulteGroup Inc	917	39,541
	Roku Inc*	1,008	334,676
	Sony Corp (ADR)	1,381	139,619


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares/Principal/ Contract Amounts			Value
Common Stocks– (continued)
Household Durables– (continued)
	Toll Brothers Inc	1,994	$86,679
	TRI Pointe Homes Inc*	1,754	30,256
			731,973
Household Products – 0.2%
	Procter & Gamble Co	936	130,235
Industrial Conglomerates – 0.5%
	3M Co	744	130,044
	Honeywell International Inc	621	132,087
			262,131
Information Technology Services – 1.1%
	International Business Machines Corp	518	65,206
	Visa Inc	2,472	540,701
			605,907
Insurance – 0.5%
	Allstate Corp	1,245	136,863
	Marsh & McLennan Cos Inc	1,119	130,923
			267,786
Interactive Media & Services – 1.4%
	Alphabet Inc - Class C*	174	304,827
	Facebook Inc*	1,648	450,168
			754,995
Internet & Direct Marketing Retail – 0.5%
	Amazon.com Inc*	87	283,353
Machinery – 1.1%
	Caterpillar Inc	1,938	352,755
	Cummins Inc	552	125,359
	Otis Worldwide Corp	1,908	128,885
			606,999
Media – 0.4%
	Charter Communications Inc*	98	64,832
	Comcast Corp	2,566	134,458
			199,290
Metals & Mining – 0.5%
	Barrick Gold Corp	5,540	126,201
	Newmont Goldcorp Corp	2,220	132,956
			259,157
Multiline Retail – 0.1%
	Dollar General Corp	294	61,828
Multi-Utilities – 0.3%
	Consolidated Edison Inc	1,690	122,136
	Dominion Energy Inc	813	61,138
			183,274
Pharmaceuticals – 2.1%
	AstraZeneca PLC (ADR)	2,447	122,326
	Bristol-Myers Squibb Co	2,046	126,913
	GlaxoSmithKline PLC (ADR)	3,465	127,512
	Johnson & Johnson	437	68,775
	Merck & Co Inc	1,580	129,244
	Pfizer Inc	11,881	437,340
	Viatris Inc*	1,073	20,108
	Zoetis Inc	802	132,731
			1,164,949
Real Estate Management & Development – 0.2%
	CBRE Group Inc*	2,103	131,900
Road & Rail �� 0.2%
	Norfolk Southern Corp	536	127,359
Semiconductor & Semiconductor Equipment – 1.2%
	Analog Devices Inc	926	136,798


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	9

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares/Principal/ Contract Amounts			Value
Common Stocks– (continued)
Semiconductor & Semiconductor Equipment– (continued)
	Intel Corp	2,605	$129,781
	NVIDIA Corp	477	249,089
	Texas Instruments Inc	798	130,976
			646,644
Software – 1.5%
	Microsoft Corp	3,115	692,838
	Oracle Corp	2,201	142,383
			835,221
Specialty Retail – 0.7%
	Home Depot Inc	690	183,278
	O'Reilly Automotive Inc*	288	130,340
	Tiffany & Co	495	65,068
			378,686
Technology Hardware, Storage & Peripherals – 1.1%
	Apple Inc	3,526	467,865
	Dell Technologies Inc*	1,867	136,832
			604,697
Textiles, Apparel & Luxury Goods – 2.1%
	NIKE Inc	8,009	1,133,033
Wireless Telecommunication Services – 0.1%
	China Mobile Ltd (ADR)	2,174	62,046
Total Common Stocks (cost $18,821,283)			22,567,391
Investment Companies– 33.6%
Exchange-Traded Funds (ETFs) – 33.6%
	Energy Select Sector SPDR Fund	30,348	1,150,189
	Financial Select Sector SPDR Fund	25,776	759,876
	Industrial Select Sector SPDR Fund	14,060	1,245,013
	iShares 20+ Year Treasury Bond	8,756	1,381,084
	iShares 7-10 Year Treasury Bond	3,564	427,502
	iShares iBoxx $ Investment Grade Corporate Bond	5,303	732,503
	Materials Select Sector SPDR Fund	5,721	414,143
	Nomura - TOPIX	62,239	1,132,439
	SPDR S&P Homebuilders	2,334	134,532
	Vanguard FTSE All-World ex-US^#	33,814	1,973,385
	Vanguard FTSE Emerging Markets	25,625	1,284,069
	Vanguard FTSE Europe	15,938	960,105
	Vanguard FTSE Pacific^#	25,927	2,063,530
	Vanguard High Dividend Yield^#	235	21,505
	Vanguard Industrials Index Fund^#	5,314	903,327
	Vanguard International High Dividend Yield	383	23,279
	Vanguard Long-Term Corporate Bond^#	398	44,206
	Vanguard Mortgage-Backed Securities	8,176	442,076
	Vanguard Small-Cap^#	6,780	1,319,930
	Vanguard Total International Bond	28,386	1,662,000
	Xtrackers Harvest CSI 300 China A-Shares Fund^#	6,415	256,985
Total Investment Companies (cost $16,553,656)			18,331,678
Commercial Paper– 0.9%
	Walgreens Boots Alliance Inc, 0%, 2/3/21 (Section 4(2))^◊((cost $499,850)	$500,000	499,856
Investments Purchased with Cash Collateral from Securities Lending– 6.1%
Investment Companies – 4.9%
	Janus Henderson Cash Collateral Fund LLC, 0.0264%^ºº,£	2,658,649	2,658,649
Time Deposits – 1.2%
	Canadian Imperial Bank of Commerce, 0.0800%, 1/4/21	$664,662	664,662
Total Investments Purchased with Cash Collateral from Securities Lending (cost $3,323,311)			3,323,311


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares/Principal/ Contract Amounts					Value
OTC Purchased Options – Calls– 0.9%
Counterparty/Reference AssetCounterparty/Reference Asset
Goldman Sachs:
	Las Vegas Sands Corp,
	Notional amount $2,634,320, premiums paid $186,378, unrealized appreciation $315,920, exercise price $49.00, expires 2/19/21*		442	$502,298
OTC Purchased Options – Puts– 0.1%
Counterparty/Reference AssetCounterparty/Reference Asset
Citigroup:
		Tesla Inc,
		Notional amount $(776,237), premiums paid $47,025, unrealized depreciation $(44,901), exercise price $550.00, expires 1/15/21*	11		2,124
Goldman Sachs:
		S&P 500 Index,
		Notional amount $(2,629,249), premiums paid $66,570, unrealized depreciation $(2,395), exercise price $3500.00, expires 4/16/21*	7		64,175
Total OTC Purchased Options – Puts (premiums paid $113,595, unrealized depreciation $(47,296))					66,299
Total Investments (total cost $46,937,053) – 96.7%					52,788,592
Cash, Receivables and Other Assets, net of Liabilities – 3.3%					1,782,061
Net Assets – 100%					$54,570,653


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
United States	$42,520,688	80.5	%
Japan	5,865,415	11.1
Italy	2,904,402	5.5
China	731,566	1.4
Canada	256,030	0.5
United Kingdom	249,838	0.5
Switzerland	136,417	0.3
Germany	124,236	0.2



Total	$52,788,592	100.0	%


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2020

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 12/31/20
Investments Purchased with Cash Collateral from Securities Lending - 4.9%
Investment Companies - 4.9%
	Janus Henderson Cash Collateral Fund LLC, 0.0264%^ºº	$	18,349^∆	$	-	$	-	$	2,658,649


		Value at 6/30/20		Purchases		Sales Proceeds		Value at 12/31/20
Investments Purchased with Cash Collateral from Securities Lending - 4.9%
Investment Companies - 4.9%
	Janus Henderson Cash Collateral Fund LLC, 0.0264%^ºº		4,872,468		64,254,566		(66,468,385)		2,658,649


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
HSBC Securities (USA), Inc.:
Australian Dollar	3/4/21	(93,597)	$	70,340	$	(1,842)
British Pound	3/4/21	(73,000)		97,222		(2,628)
Canadian Dollar	3/4/21	(84,000)		66,021		1
Euro	1/14/21	(2,377,000)		2,902,210		(1,954)
Euro	3/4/21	(399,042)		485,550		(2,565)
Japanese Yen	2/16/21	(93,130,000)		900,192		(2,419)
Japanese Yen	2/22/21	(224,500,000)		2,154,533		(21,431)
Japanese Yen	3/4/21	(66,734,000)		640,786		(6,107)
Korean Won	3/4/21	(1,349,000)		1,239		(4)

						(38,949)
Morgan Stanley & Co:
Japanese Yen	2/22/21	(156,500,000)		1,502,134		(14,741)
Total					$	(53,690)


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2020

Schedule of Futures


Description	Number of Contracts	Expiration Date		Value and Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin Asset/(Liability)
Futures Purchased:
10-Year US Treasury Note	16	3/31/21	$	2,209,250	$	2,500	$	1,750
TOPIX Index	11	3/12/21		1,927,983		60,371		5,327
Total - Futures Purchased						62,871		7,077
Futures Sold:
E-Mini Russel 2000	2	3/19/21		(515,420)		(7,341)		(1,760)
S&P 500 E-Mini	23	3/19/21		(4,311,063)		(125,063)		(28,175)
Total - Futures Sold						(132,404)		(29,935)
Total					$	(69,533)	$	(22,858)

Schedule of OTC Written Options

Counterparty/

Reference Asset

Number of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Options

Written,

at Value

Written Call Options:

Citigroup:


Tesla Inc	11	720.00	USD	1/15/21	$	(776,237)	$	31,405	$	4,373	$	(27,032)
								31,405		4,373		(27,032)

Goldman Sachs:


Las Vegas Sands Corp	442	60.00	USD	2/19/21	(2,634,320)	61,438	(104,721)	(166,159)
						61,438	(104,721)	(166,159)
Total - Written Call Options						92,843	(100,348)	(193,191)

Written Put Options:

Citigroup:


Tesla Inc	11	460.00	USD	1/15/21	776,237	15,235	14,787	(448)
						15,235	14,787	(448)

Goldman Sachs:


Las Vegas Sands Corp	442	38.00	USD	2/19/21	2,634,320		110,942		108,745		(2,197)
Las Vegas Sands Corp	110	36.00	USD	2/19/21	655,600		20,790		20,473		(317)
S&P 500 Index	12	2,500.00	USD	4/16/21	4,507,284		13,560		2,484		(11,076)
S&P 500 Index	7	3,050.00	USD	4/16/21	2,629,249		24,780		1,690		(23,090)
							170,072		133,392		(36,680)
Total - Written Put Options							185,307		148,179		(37,128)
Total OTC Written Options						$	278,150	$	47,831	$	(230,319)


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2020

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 December 31, 2020.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2020

	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Asset Derivatives:
Forward foreign currency exchange contracts	$ 1	$ -	$ -	$ 1
Purchased options, at value	-	568,597	-	568,597
Variation margin receivable	-	5,327	1,750	7,077

Total Asset Derivatives	$ 1	$573,924	$ 1,750	$575,675
Liability Derivatives:
Forward foreign currency exchange contracts	$ 53,691	$ -	$ -	$ 53,691
Options written, at value	-	230,319	-	230,319
Variation margin payable	-	29,935	-	29,935

Total Liability Derivatives	$ 53,691	$260,254	$ -	$313,945

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended December 31, 2020.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2020

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$(1,730,637)	$ (3,690)	$(1,734,327)
Forward foreign currency exchange contracts	(68,269)	-	-	(68,269)
Purchased options contracts	-	364,746	-	364,746
Written options contracts	-	191,365	-	191,365

Total	$(68,269)	$(1,174,526)	$ (3,690)	$(1,246,485)


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Currency Contracts	Equity Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ (221,899)	$ (4,531)	$ (226,430)
Forward foreign currency exchange contracts	(57,002)	-	-	(57,002)
Purchased options contracts	-	416,452	-	416,452
Written options contracts	-	(41,558)	-	(41,558)

Total	$(57,002)	$ 152,995	$ (4,531)	$ 91,462

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.

14	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Schedule of Investments (unaudited)

December 31, 2020


Average Ending Monthly Market Value of Derivative Instruments During the Period Ended December 31, 2020

	Market Value^(a)
Forward foreign currency exchange contracts, sold	$ 2,618,811
Futures contracts, purchased	4,180,504
Futures contracts, sold	10,107,476
Purchased options contracts, call	643,616
Purchased options contracts, put	181,644
Written options contracts, call	262,260
Written options contracts, put	244,834

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount sold.


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Adaptive Global Allocation Fund

Notes to Schedule of Investments and Other Information (unaudited)


Adaptive Global Allocation 60/40 Index (Hedged)	Adaptive Global Allocation 60/40 Index (Hedged) is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World Index^SM (60%) and the Bloomberg Barclays Global Aggregate Bond Index (USD Hedged) (40%).
Bloomberg Barclays Global Aggregate Bond Index (USD Hedged)	Bloomberg Barclays Global Aggregate Bond Index (USD Hedged) is a broad-based measure of the global investment grade fixed-rate debt markets.
MSCI All Country World Index^SM	MSCI All Country World Index^SM reflects the equity market performance of global developed and emerging markets.


ADR	American Depositary Receipt
LLC	Limited Liability Company
OTC	Over-the-Counter
PLC	Public Limited Company
SPDR	Standard & Poor's Depositary Receipt

4(2)


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of December 31, 2020.


#	Loaned security; a portion of the security is on loan at December 31, 2020.


◊	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.


∆	Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.


16	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Notes to Schedule of Investments and Other Information (unaudited)


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 December 31, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

					Level 2 -		Level 3 -
			Level 1 -		Other Significant		Significant
			Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Foreign Government Bonds		$	-	$	7,497,759	$	-
Common Stocks			22,567,391		-		-
Investment Companies			17,199,239		1,132,439		-
Commercial Paper			-		499,856		-
Investments Purchased with Cash Collateral from Securities Lending			-		3,323,311		-
OTC Purchased Options – Calls			-		502,298		-
OTC Purchased Options – Puts			-		66,299		-
Total Investments in Securities		$	39,766,630	$	13,021,962	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		1		-
Variation Margin Receivable			7,077		-		-
Total Assets		$	39,773,707	$	13,021,963	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	53,691	$	-
Options Written, at Value			-		230,319		-
Variation Margin Payable			29,935		-		-
Total Liabilities		$	29,935	$	284,010	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


Janus Investment Fund	17

Janus Henderson Adaptive Global Allocation Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2020

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	49,561,346
	Affiliated investments, at value⁽³⁾			2,658,649
	Purchased options, at value⁽⁴⁾			568,597
	Cash			3,700,250
	Deposits with brokers for futures			2,000,000
	Forward foreign currency exchange contracts			1
	Cash denominated in foreign currency⁽⁵⁾			53,772
	Variation margin receivable			7,077
	Non-interested Trustees' deferred compensation			1,256
	Receivables:
		Fund shares sold		6,987,356
		Investments sold		1,709,693
		Dividends		13,547
		Foreign tax reclaims		2,804
	Other assets			37,708
Total Assets				67,302,056
Liabilities:
	Collateral for securities loaned (Note 3)			3,323,311
	Forward foreign currency exchange contracts			53,691
	Options written, at value⁽⁶⁾			230,319
	Variation margin payable			29,935
	Payables:			—
		Fund shares repurchased		7,003,388
		Investments purchased		1,967,995
		Professional fees		39,111
		Advisory fees		31,229
		Transfer agent fees and expenses		2,439
		12b-1 Distribution and shareholder servicing fees		2,334
		Custodian fees		2,000
		Non-interested Trustees' deferred compensation fees		1,256
		Affiliated fund administration fees payable		125
		Non-interested Trustees' fees and expenses		70
		Accrued expenses and other payables		44,200
Total Liabilities				12,731,403
Net Assets			$	54,570,653


See Notes to Financial Statements.

18	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	47,928,591
	Total distributable earnings (loss)		6,642,062
Total Net Assets		$	54,570,653
Net Assets - Class A Shares		$	132,154
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		11,907
Net Asset Value Per Share⁽⁷⁾		$	11.10
Maximum Offering Price Per Share⁽⁸⁾		$	11.78
Net Assets - Class C Shares		$	2,133,301
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		192,199
Net Asset Value Per Share⁽⁷⁾		$	11.10
Net Assets - Class D Shares		$	3,348,979
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		300,068
Net Asset Value Per Share		$	11.16
Net Assets - Class I Shares		$	288,788
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		25,917
Net Asset Value Per Share		$	11.14
Net Assets - Class N Shares		$	45,789,388
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,099,319
Net Asset Value Per Share		$	11.17
Net Assets - Class S Shares		$	1,479,068
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		132,601
Net Asset Value Per Share		$	11.15
Net Assets - Class T Shares		$	1,398,975
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		125,569
Net Asset Value Per Share		$	11.14

(1) Includes cost of $43,978,431.

(2) Includes $3,254,035 of securities on loan. See Note 3 in Notes to Financial Statements.

(3) Includes cost of $2,658,649.

(4) Premiums paid of $299,973.

(5) Includes cost of $53,772.

(6) Premiums received $278,150.

(7) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(8) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Adaptive Global Allocation Fund

Statement of Operations (unaudited)

For the period ended December 31, 2020



Investment Income:
	Dividends		$	398,709
	Affiliated securities lending income, net			18,349
	Interest			4,541
	Unaffiliated securities lending income, net			359
	Other income			40
	Foreign tax withheld			(3,938)
Total Investment Income				418,060
Expenses:
	Advisory fees			195,330
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		111
		Class C Shares		115
		Class S Shares		—
	Transfer agent administrative fees and expenses:
		Class D Shares		1,872
		Class S Shares		1,744
		Class T Shares		1,631
	Transfer agent networking and omnibus fees:
		Class A Shares		132
		Class C Shares		173
		Class I Shares		357
	Other transfer agent fees and expenses:
		Class A Shares		6
		Class C Shares		52
		Class D Shares		230
		Class I Shares		18
		Class N Shares		617
		Class S Shares		8
		Class T Shares		8
	Non-affiliated fund administration fees			50,428
	Registration fees			39,103
	Professional fees			29,955
	Custodian fees			6,839
	Affiliated fund administration fees			650
	Non-interested Trustees’ fees and expenses			432
	Shareholder reports expense			392
	Other expenses			600
Total Expenses				330,803
Less: Excess Expense Reimbursement and Waivers				(145,357)
Net Expenses				185,446
Net Investment Income/(Loss)				232,614


See Notes to Financial Statements.

20	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Statement of Operations (unaudited)

For the period ended December 31, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	5,382,072
	Purchased options contracts		364,746
	Forward foreign currency exchange contracts		(68,269)
	Futures contracts		(1,734,327)
	Short sales		(42,340)
	Written options contracts		191,365
Total Net Realized Gain/(Loss) on Investments			4,093,247
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		3,664,111
	Purchased options contracts		416,452
	Forward foreign currency exchange contracts		(57,002)
	Futures contracts		(226,430)
	Short sales		(30,177)
	Written options contracts		(41,558)
Total Change in Unrealized Net Appreciation/Depreciation			3,725,396
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	8,051,257


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Adaptive Global Allocation Fund

Statements of Changes in Net Assets



			Period ended December 31, 2020 (unaudited)		Year ended June 30, 2020

Operations:
	Net investment income/(loss)		$	232,614	$	838,634
	Net realized gain/(loss) on investments			4,093,247		(577,922)
	Change in unrealized net appreciation/depreciation			3,725,396		(1,305,715)
Net Increase/(Decrease) in Net Assets Resulting from Operations				8,051,257		(1,045,003)
Dividends and Distributions to Shareholders:
		Class A Shares		(3,723)		(18,590)
		Class C Shares		(61,262)		(34,187)
		Class D Shares		(96,799)		(61,068)
		Class I Shares		(8,771)		(239,483)
		Class N Shares		(1,379,542)		(1,058,964)
		Class S Shares		(43,566)		(28,724)
		Class T Shares		(38,955)		(29,913)
Net Decrease from Dividends and Distributions to Shareholders				(1,632,618)		(1,470,929)
Capital Share Transactions:
		Class A Shares		37,331		(2,393,604)
		Class C Shares		252,215		(50,870)
		Class D Shares		(81,344)		357,222
		Class I Shares		(90,668)		(14,905,185)
		Class N Shares		(384,899)		(3,017,882)
		Class S Shares		44,886		28,694
		Class T Shares		89,114		(98,974)
Net Increase/(Decrease) from Capital Share Transactions				(133,365)		(20,080,599)
Net Increase/(Decrease) in Net Assets				6,285,274		(22,596,531)
Net Assets:
	Beginning of period			48,285,379		70,881,910
	End of period		$	54,570,653	$	48,285,379


See Notes to Financial Statements.

22	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$9.78	$10.32	$10.43	$10.55	$9.49	$9.69
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.03	0.12	0.22	0.13	0.09	0.05
		Net realized and unrealized gain/(loss)	1.61	(0.43)	0.17	0.55	1.06	(0.23)
	Total from Investment Operations		1.64	(0.31)	0.39	0.68	1.15	(0.18)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.22)	(0.09)	(0.18)	(0.09)	(0.02)
		Distributions (from capital gains)	(0.15)	(0.01)	(0.41)	(0.62)	—	—
	Total Dividends and Distributions		(0.32)	(0.23)	(0.50)	(0.80)	(0.09)	(0.02)
	Net Asset Value, End of Period		$11.10	$9.78	$10.32	$10.43	$10.55	$9.49
	Total Return*		16.78%	(3.14)%	4.22%	6.27%	12.17%	(1.85)%
	Net Assets, End of Period (in thousands)		$132	$84	$2,567	$766	$743	$571
	Average Net Assets for the Period (in thousands)		$99	$1,208	$2,179	$777	$609	$530
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	4.83%	1.73%	1.69%	1.63%	1.52%	1.54%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.10%	1.02%	0.96%	1.01%	1.07%	1.09%
		Ratio of Net Investment Income/(Loss)	0.57%	1.17%	2.14%	1.24%	0.86%	0.55%
	Portfolio Turnover Rate		210%	228%	268%	440%	302%⁽²⁾	122%


Class C Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$9.76	$10.30	$10.35	$10.48	$9.44	$9.69
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.05	0.09	0.17	0.06	0.01	(0.01)
		Net realized and unrealized gain/(loss)	1.62	(0.41)	0.20	0.54	1.05	(0.23)
	Total from Investment Operations		1.67	(0.32)	0.37	0.60	1.06	(0.24)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.21)	(0.01)	(0.11)	(0.02)	(0.01)
		Distributions (from capital gains)	(0.15)	(0.01)	(0.41)	(0.62)	—	—
	Total Dividends and Distributions		(0.33)	(0.22)	(0.42)	(0.73)	(0.02)	(0.01)
	Net Asset Value, End of Period		$11.10	$9.76	$10.30	$10.35	$10.48	$9.44
	Total Return*		17.10%	(3.30)%	3.96%	5.58%	11.21%	(2.52)%
	Net Assets, End of Period (in thousands)		$2,133	$1,644	$1,778	$1,603	$1,225	$1,046
	Average Net Assets for the Period (in thousands)		$1,867	$1,644	$1,695	$1,448	$1,112	$827
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.41%	1.92%	1.88%	2.34%	2.27%	2.29%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.74%	1.21%	1.14%	1.75%	1.83%	1.84%
		Ratio of Net Investment Income/(Loss)	0.91%	0.91%	1.71%	0.54%	0.05%	(0.06)%
	Portfolio Turnover Rate		210%	228%	268%	440%	302%⁽²⁾	122%

* 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) The increase in the portfolio turnover rate was due to a restructuring of the Fund’s portfolio as a result of a change in its principal investment strategies.


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$9.82	$10.33	$10.43	$10.54	$9.49	$9.70
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.04	0.12	0.20	0.15	0.09	0.06
		Net realized and unrealized gain/(loss)	1.64	(0.40)	0.20	0.55	1.05	(0.25)
	Total from Investment Operations		1.68	(0.28)	0.40	0.70	1.14	(0.19)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.22)	(0.09)	(0.19)	(0.09)	(0.02)
		Distributions (from capital gains)	(0.15)	(0.01)	(0.41)	(0.62)	—	—
	Total Dividends and Distributions		(0.34)	(0.23)	(0.50)	(0.81)	(0.09)	(0.02)
	Net Asset Value, End of Period		$11.16	$9.82	$10.33	$10.43	$10.54	$9.49
	Total Return*		17.03%	(2.90)%	4.31%	6.51%	12.13%	(1.93)%
	Net Assets, End of Period (in thousands)		$3,349	$3,030	$2,813	$2,480	$1,619	$1,285
	Average Net Assets for the Period (in thousands)		$3,143	$2,844	$2,564	$2,139	$1,435	$973
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.47%	1.54%	1.43%	1.84%	2.01%	2.59%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.84%	0.87%	0.85%	0.86%	0.96%	1.10%
		Ratio of Net Investment Income/(Loss)	0.79%	1.24%	1.97%	1.39%	0.94%	0.69%
	Portfolio Turnover Rate		210%	228%	268%	440%	302%⁽²⁾	122%


Class I Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$9.84	$10.35	$10.46	$10.57	$9.51	$9.69
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.02	0.18	0.21	0.19	0.17	0.09
		Net realized and unrealized gain/(loss)	1.63	(0.44)	0.19	0.52	1.00	(0.24)
	Total from Investment Operations		1.65	(0.26)	0.40	0.71	1.17	(0.15)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.20)	(0.24)	(0.10)	(0.20)	(0.11)	(0.03)
		Distributions (from capital gains)	(0.15)	(0.01)	(0.41)	(0.62)	—	—
	Total Dividends and Distributions		(0.35)	(0.25)	(0.51)	(0.82)	(0.11)	(0.03)
	Net Asset Value, End of Period		$11.14	$9.84	$10.35	$10.46	$10.57	$9.51
	Total Return*		16.75%	(2.68)%	4.33%	6.57%	12.42%	(1.55)%
	Net Assets, End of Period (in thousands)		$289	$342	$15,008	$9,959	$4,596	$1,090
	Average Net Assets for the Period (in thousands)		$293	$7,161	$14,537	$4,830	$1,802	$854
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.53%	1.14%	1.35%	1.38%	1.40%	1.28%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.96%	0.76%	0.77%	0.79%	0.80%	0.83%
		Ratio of Net Investment Income/(Loss)	0.45%	1.76%	2.12%	1.75%	1.69%	0.94%
	Portfolio Turnover Rate		210%	228%	268%	440%	302%⁽²⁾	122%

* 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) The increase in the portfolio turnover rate was due to a restructuring of the Fund’s portfolio as a result of a change in its principal investment strategies.


See Notes to Financial Statements.

24	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$9.84	$10.35	$10.46	$10.56	$9.51	$9.70
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.05	0.14	0.21	0.16	0.10	0.07
		Net realized and unrealized gain/(loss)	1.63	(0.41)	0.20	0.56	1.06	(0.23)
	Total from Investment Operations		1.68	(0.27)	0.41	0.72	1.16	(0.16)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.20)	(0.23)	(0.11)	(0.20)	(0.11)	(0.03)
		Distributions (from capital gains)	(0.15)	(0.01)	(0.41)	(0.62)	—	—
	Total Dividends and Distributions		(0.35)	(0.24)	(0.52)	(0.82)	(0.11)	(0.03)
	Net Asset Value, End of Period		$11.17	$9.84	$10.35	$10.46	$10.56	$9.51
	Total Return*		17.04%	(2.74)%	4.36%	6.72%	12.43%	(1.65)%
	Net Assets, End of Period (in thousands)		$45,789	$40,773	$46,087	$51,921	$48,806	$48,423
	Average Net Assets for the Period (in thousands)		$42,767	$44,038	$49,849	$52,068	$48,134	$49,786
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.23%	1.25%	1.26%	1.27%	1.24%	1.27%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.71%	0.73%	0.70%	0.73%	0.81%	0.83%
		Ratio of Net Investment Income/(Loss)	0.93%	1.40%	2.10%	1.52%	1.03%	0.73%
	Portfolio Turnover Rate		210%	228%	268%	440%	302%⁽²⁾	122%


Class S Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$9.82	$10.35	$10.42	$10.53	$9.48	$9.69
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.05	0.12	0.20	0.12	0.07	0.05
		Net realized and unrealized gain/(loss)	1.62	(0.42)	0.20	0.55	1.06	(0.24)
	Total from Investment Operations		1.67	(0.30)	0.40	0.67	1.13	(0.19)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.22)	(0.06)	(0.16)	(0.08)	(0.02)
		Distributions (from capital gains)	(0.15)	(0.01)	(0.41)	(0.62)	—	—
	Total Dividends and Distributions		(0.34)	(0.23)	(0.47)	(0.78)	(0.08)	(0.02)
	Net Asset Value, End of Period		$11.15	$9.82	$10.35	$10.42	$10.53	$9.48
	Total Return*		17.00%	(3.05)%	4.33%	6.24%	11.95%	(1.99)%
	Net Assets, End of Period (in thousands)		$1,479	$1,263	$1,303	$1,256	$1,183	$1,057
	Average Net Assets for the Period (in thousands)		$1,360	$1,284	$1,258	$1,267	$1,110	$831
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.60%	1.82%	1.79%	1.83%	1.75%	1.78%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.69%	0.97%	0.89%	1.11%	1.17%	1.24%
		Ratio of Net Investment Income/(Loss)	0.95%	1.15%	1.92%	1.14%	0.70%	0.53%
	Portfolio Turnover Rate		210%	228%	268%	440%	302%⁽²⁾	122%

* 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) The increase in the portfolio turnover rate was due to a restructuring of the Fund’s portfolio as a result of a change in its principal investment strategies.


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson Adaptive Global Allocation Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$9.80	$10.33	$10.43	$10.55	$9.50	$9.69
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.04	0.12	0.19	0.14	0.09	0.07
		Net realized and unrealized gain/(loss)	1.62	(0.41)	0.20	0.55	1.06	(0.24)
	Total from Investment Operations		1.66	(0.29)	0.39	0.69	1.15	(0.17)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.23)	(0.08)	(0.19)	(0.10)	(0.02)
		Distributions (from capital gains)	(0.15)	(0.01)	(0.41)	(0.62)	—	—
	Total Dividends and Distributions		(0.32)	(0.24)	(0.49)	(0.81)	(0.10)	(0.02)
	Net Asset Value, End of Period		$11.14	$9.80	$10.33	$10.43	$10.55	$9.50
	Total Return*		16.94%	(3.00)%	4.23%	6.40%	12.17%	(1.72)%
	Net Assets, End of Period (in thousands)		$1,399	$1,149	$1,327	$2,557	$2,291	$1,085
	Average Net Assets for the Period (in thousands)		$1,272	$1,261	$2,521	$2,635	$1,204	$856
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.71%	1.72%	1.62%	1.54%	1.51%	1.53%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.96%	0.94%	0.90%	0.92%	0.94%	1.00%
		Ratio of Net Investment Income/(Loss)	0.68%	1.20%	1.90%	1.30%	0.95%	0.77%
	Portfolio Turnover Rate		210%	228%	268%	440%	302%⁽²⁾	122%

* 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) The increase in the portfolio turnover rate was due to a restructuring of the Fund’s portfolio as a result of a change in its principal investment strategies.


See Notes to Financial Statements.

26	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Adaptive Global Allocation 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 45 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 nondiversified, as defined in the 1940 Act.

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.

It is expected that the conversion of Class C Shares to Class A Shares will not result in a taxable event. Please consult your tax adviser for further information.

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, Janus Capital Management LLC (“Janus Capital”), or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Distributors LLC dba Janus Henderson Distributors (“Janus Henderson Distributors”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.


Janus Investment Fund	27

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

The following accounting policies have been followed by the Fund and are in conformity with United States of America generally accepted accounting principles ("US GAAP").

Investment Valuation

Valuation Inputs Summary

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.


28	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

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.

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.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations


Janus Investment Fund	29

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

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.

Federal Income Taxes

2. Derivative Instruments

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:


30	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

· 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.

· 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.

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 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.


Janus Investment Fund	31

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

During the period, 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 take a negative outlook on the related currency. These forward contracts seek to increase exposure to currency risk.

Futures Contracts

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.

During the period, the Fund purchased interest rate futures to increase exposure to interest rate risk.

During the period, the Fund sold interest rate futures to decrease exposure to interest rate risk.

During the period, the Fund purchased futures on equity indices to increase exposure to equity risk.

During the period, the Fund sold futures on equity indices to decrease exposure to equity risk.

Options Contracts

An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price on or before a specified date. The purchaser pays a premium to the seller for this right. The seller has the corresponding obligation to sell or buy a financial instrument if the purchaser (owner) "exercises" the option. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option are adjusted by the amount of premium received or paid. Upon expiration, or closing of the option transaction, a realized gain or loss is reported on the Statement of Operations (if applicable). The difference between the premium paid/received and the market value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation


32	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

is reported on the Statement of Operations (if applicable). Option contracts are typically valued using an approved vendor’s option valuation model. To the extent reliable market quotations are available, option contracts are valued using market quotations. In cases when an approved vendor cannot provide coverage for an option and there is no reliable market quotation, a broker quotation or an internal valuation using the Black-Scholes model, the Cox-Rubinstein Binomial Option Pricing Model, or other appropriate option pricing model is used. Certain options 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 as “Variation margin receivable” or “Variation margin payable” (if applicable).

The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. A lack of correlation between the value of an instrument underlying an option and the asset being hedged, or unexpected adverse price movements, could render the Fund’s hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. The Fund may be subject to counterparty risk, interest rate risk, liquidity risk, equity risk, commodity risk, and currency risk in the normal course of pursuing its investment objective through its investments in options contracts.

Options traded on an exchange are regulated and the terms of the options are standardized. Options traded OTC expose the Fund to counterparty risk in the event that the counterparty does not perform. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.

The Fund may purchase put options to hedge against a decline in the value of its portfolio. By using put options in this way, the Fund will reduce any profit it might otherwise have realized in the underlying security by the amount of the premium paid for the put option and by transaction costs. The Fund may purchase call options to hedge against an increase in the price of securities that it may buy in the future. The premium paid for the call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises sufficiently, the option may expire worthless to the Fund. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Options purchased are reported in the Schedule of Investments (if applicable).

During the period, the Fund purchased call options on various equity indices for the purpose of increasing exposure to broad equity risk.

During the period, the Fund purchased call options on various stocks and ETFs for the purpose of increasing exposure to individual equity risk.

During the period, the Fund purchased put options on various equity indices for the purpose of decreasing exposure to broad equity risk.

During the period, the Fund purchased put options on various ETFs for the purpose of decreasing exposure to individual equity risk.

In writing an option, the Fund bears the risk of an unfavorable change in the price of the security underlying the written option. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options written are reported as a liability on the Statement of Assets and Liabilities as “Options written, at value” (if applicable). The risk in writing call options is that the Fund gives up the opportunity for profit if the market price of the security increases and the options are exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the security decreases and the options are exercised. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Exercise of an option written by the Fund could result in the Fund buying or selling a security at a price different from the current market value.

During the period, the Fund wrote call options on various equity indices for the purpose of decreasing exposure to broad equity risk.

During the period, the Fund wrote call options on various stocks and ETFs for the purpose of decreasing exposure to individual equity risk and/or generating income.


Janus Investment Fund	33

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

During the period, the Fund wrote put options on various equity indices for the purpose of increasing exposure to broad equity risk.

During the period, the Fund wrote put options on various stocks and ETFs for the purpose of increasing exposure to individual equity risk and/or generating income.

3. Other Investments and Strategies

Additional Investment Risk

In the aftermath of the 2007-2008 financial crisis, the financial sector experienced reduced liquidity in credit and other fixed-income markets, and an unusually high degree of volatility, both domestically and internationally. In response to the crisis, the United States and certain foreign governments, along with the U.S. Federal Reserve and certain foreign central banks, took a number of unprecedented steps designed to support the financial markets. For example, the enactment of the Dodd-Frank Act in 2010 provided for widespread regulation of financial institutions, consumer financial products and services, broker-dealers, over-the-counter derivatives, investment advisers, credit rating agencies, and mortgage lending, which expanded federal oversight in the financial sector, including the investment management industry. More recently, in response to the COVID-19 pandemic, the U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets, including reducing interest rates to record-low levels. Extremely low or negative interest rates may become more prevalent or may not work as intended. As there is little precedent for this situation, the impact on various markets that interest rate or other significant policy changes may have is unknown. The withdrawal of this support, a failure of measures put in place in response to such economic uncertainty, or investor perception that such efforts were not sufficient could each negatively affect financial markets generally, and the value and liquidity of specific securities. In addition, policy and legislative changes in the United States and in other countries continue to impact many aspects of financial regulation.


34	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

further exits from the EU, or an increase in the belief that such exits are likely or possible, would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties.

Counterparties

Exchange-Traded and Mutual Funds

The Fund may invest in exchange-traded funds (“ETFs”) and mutual funds 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 or mutual fund, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's or mutual fund’s expenses. As a result, the cost of investing in the Fund may be higher than the cost of investing directly in ETFs or mutual funds 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 and mutual funds, such risks may include, but are not limited to, leverage risk, foreign exposure risk, interest rate risk, emerging markets risk, fixed-income risk, and commodity-linked investments risk. The Fund is also subject to the risks associated with the securities in which the ETF or mutual fund invests.

Offsetting Assets and Liabilities


Janus Investment Fund	35

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

Citigroup		$	2,124	$	(2,124)	$	—	$	—
Goldman Sachs			566,473		(202,839)		—		363,634
HSBC Securities (USA), Inc.			1		(1)		—		—
JPMorgan Chase Bank, National Association			3,254,035		—		(3,254,035)		—

Total		$	3,822,633	$	(204,964)	$	(3,254,035)	$	363,634
Offsetting of Financial Liabilities and Derivative Liabilities

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability^(a)		Pledged^(b)		Net Amount

Citigroup		$	27,480	$	(2,124)	$	—	$	25,356
Goldman Sachs			202,839		(202,839)		—		—
HSBC Securities (USA), Inc.			38,950		(1)		—		38,949
Morgan Stanley & Co			14,741		—		—		14,741

Total		$	284,010	$	(204,964)	$	—	$	79,046
(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.

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. Securities on loan 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”). See “Securities Lending” in the “Notes to Financial Statements” for additional information.


36	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

particular counterparty. The collateral amounts are subject to minimum exposure requirements and initial margin requirements. Collateral amounts are monitored and subsequently adjusted up or down as valuations fluctuate by at least the minimum exposure requirement. Collateral may reduce the risk of loss.

Real Estate Investing

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. 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, Janus Capital 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 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, Janus Capital 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. Janus Capital currently intends to primarily invest the cash collateral in a cash management vehicle for which Janus Capital 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, Janus Capital 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, Janus Capital 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.

The cash collateral invested by Janus Capital 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 December 31, 2020, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $3,254,035. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2020 is $3,323,311, resulting in the net amount due to the counterparty of $69,276.


Janus Investment Fund	37

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

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.

4. Investment Advisory Agreements and Other Transactions with Affiliates


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $2 Billion	0.75
Next $2 Billion	0.72
Over $4 Billion	0.70

The Fund’s actual investment advisory fee rate for the reporting period was 0.76% of average annual net assets before any applicable waivers.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, 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/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.66% of the Fund’s average daily net assets. In addition, Janus Capital shall additionally reimburse or waive acquired fund fees and expenses to the extent they exceed 0.10%. Janus Capital has agreed to continue the waivers for at least a one-year period commencing October 28, 2020. The previous expense limit (for at least a one-year period commencing October 28, 2019) was 0.71%. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.


38	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

with respect to administrative fees paid for omnibus or networked accounts. 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 Fund pays an annual administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services, 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%

The Fund’s actual Class D administrative fee rate was 0.12% for the reporting period.

Janus Services 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. Janus Services 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. Janus Services or its affiliates may also pay fees for services provided by intermediaries to the extent the fees charged by intermediaries exceed the 0.25% of net assets charged to Class S Shares and Class T Shares of the Fund. Janus Services may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Janus Services is compensated for its services related to the 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, a wholly-owned subsidiary of Janus Capital, 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 Janus Henderson Distributors 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. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.


Janus Investment Fund	39

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

reimbursement and such costs are not otherwise waived). In addition, employees of Janus Capital 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 Janus Capital 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 Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital (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 Janus Capital and/or its affiliates, are shared with the Fund. Total compensation of $166,938 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2020. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2020 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

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. During the period ended December 31, 2020, Janus Henderson Distributors retained upfront sales charges of $492.

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 period ended December 31, 2020.

As of December 31, 2020, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	68		3
Class D Shares	45		3
Class I Shares	-		-
Class N Shares	95		80
Class S Shares	100		3


40	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)


Class T Shares	-	-

In addition, other 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 US GAAP).

5. Federal Income Tax



Capital Loss Carryover Schedule
For the year ended June 30, 2020
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$ (677,108)	$ -	$ (677,108)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2020 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, straddle deferrals, investments in partnerships, and investments in passive foreign investment companies.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 48,646,940	$ 4,374,257	$ (232,605)	$ 4,141,652

Information on the tax components of derivatives as of December 31, 2020 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ (278,150)	$ 215,424	$ (290,816)	$ (75,392)

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.


Janus Investment Fund	41

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

6. Capital Share Transactions



	Period ended December 31, 2020		Year ended June 30, 2020
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	8,408	$ 89,865	29,448	$ 293,030
Reinvested dividends and distributions	336	3,723	1,782	18,590
Shares repurchased	(5,464)	(56,257)	(271,361)	(2,705,224)
Net Increase/(Decrease)	3,280	$ 37,331	(240,131)	$ (2,393,604)
Class C Shares:
Shares sold	20,707	$ 217,638	8,928	$ 80,719
Reinvested dividends and distributions	5,529	61,262	3,278	34,187
Shares repurchased	(2,371)	(26,685)	(16,435)	(165,776)
Net Increase/(Decrease)	23,865	$ 252,215	(4,229)	$ (50,870)
Class D Shares:
Shares sold	13,789	$ 145,124	64,126	$ 640,080
Reinvested dividends and distributions	8,688	96,781	5,838	61,068
Shares repurchased	(30,849)	(323,249)	(33,841)	(343,926)
Net Increase/(Decrease)	(8,372)	$ (81,344)	36,123	$ 357,222
Class I Shares:
Shares sold	1,154	$ 12,821	44,930	$ 467,808
Reinvested dividends and distributions	787	8,771	22,895	239,483
Shares repurchased	(10,829)	(112,260)	(1,482,869)	(15,612,476)
Net Increase/(Decrease)	(8,888)	$ (90,668)	(1,415,044)	$(14,905,185)
Class N Shares:
Shares sold	30,832	$ 331,301	912,665	$ 9,485,739
Reinvested dividends and distributions	123,726	1,379,542	101,143	1,058,964
Shares repurchased	(200,261)	(2,095,742)	(1,319,498)	(13,562,585)
Net Increase/(Decrease)	(45,703)	$ (384,899)	(305,690)	$ (3,017,882)
Class S Shares:
Shares sold	4,686	$ 50,102	-	$ -
Reinvested dividends and distributions	3,914	43,566	2,744	28,694
Shares repurchased	(4,686)	(48,782)	-	-
Net Increase/(Decrease)	3,914	$ 44,886	2,744	$ 28,694
Class T Shares:
Shares sold	5,120	$ 53,223	583	$ 5,869
Reinvested dividends and distributions	3,503	38,955	2,863	29,913
Shares repurchased	(295)	(3,064)	(14,601)	(134,756)
Net Increase/(Decrease)	8,328	$ 89,114	(11,155)	$ (98,974)

7. Purchases and Sales of Investment Securities


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
$87,656,895	$ 97,110,157	$ -	$ -


42	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Notes to Financial Statements (unaudited)

8. Subsequent Event


Janus Investment Fund	43

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


44	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Asset Allocation Funds


Janus Investment Fund	45

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


46	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds


Janus Investment Fund	47

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Multi-Asset U.S. Equity Funds

Quantitative Equity Funds


48	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

U.S. Equity Funds

Costs of Services Provided


Janus Investment Fund	49

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Asset Allocation Funds

Fixed-Income Funds


50	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

Global and International Equity Funds

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


Janus Investment Fund	51

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

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 both share classes.

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 Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Venture Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

Quantitative Equity Funds

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


52	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

U.S. Equity Funds

· For Janus Henderson Large 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 Mid Cap Value Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	53

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)

and any subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by Janus Capital.

Economies of Scale

Other Benefits to Janus Capital


54	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Additional Information (unaudited)


Janus Investment Fund	55

Janus Henderson Adaptive Global Allocation Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


56	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

Statements of Changes in Net Assets

Financial Highlights


Janus Investment Fund	57

Janus Henderson Adaptive Global Allocation Fund

Useful Information About Your Fund Report (unaudited)

total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.


58	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Notes

NotesPage1


Janus Investment Fund	59

Janus Henderson Adaptive Global Allocation Fund

Notes

NotesPage2


60	DECEMBER 31, 2020

Janus Henderson Adaptive Global Allocation Fund

Notes

NotesPage3


Janus Investment Fund	61




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, Janus, Henderson, Perkins and Intech are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-24-93059 03-21



		SEMIANNUAL REPORT December 31, 2020

	Janus Henderson Developed World Bond Fund

	Janus Investment Fund

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Developed World Bond Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	18
Statement of Assets and Liabilities	20
Statement of Operations	22
Statements of Changes in Net Assets	24
Financial Highlights	25
Notes to Financial Statements	32
Additional Information	51
Useful Information About Your Fund Report	63

Janus Henderson Developed World Bond Fund (unaudited)

FUND SNAPSHOT

The Janus Henderson Developed World Bond Fund is a developed market fixed income fund seeking total return through current income and capital appreciation. The Fund makes strategic asset allocation decisions between countries, fixed income asset classes, sectors and credit ratings. We believe that outside of the bond’s coupon, asset allocation is the primary driver of returns. Specifically, we actively manage the Fund’s duration position and credit exposure based on where we believe we are in the economic cycle. The Fund’s flexibility allows it to source return from a wide range of global fixed income securities. In addition, by style, we favor sensible income from large, non-cyclical businesses that we believe are likely to continue paying their coupons in the years to come.

John Pattullo

co-portfolio manager

Jenna Barnard

co-portfolio manager

PERFORMANCE

The Janus Henderson Developed World Bond Fund’s Class I Shares returned 5.23% for the six-month period ended December 31, 2020. The Fund’s primary benchmark, the Bloomberg Barclays Global Aggregate Credit Index (USD hedged), returned 4.20%.

INVESTMENT ENVIRONMENT

At period end, investors were at a rather benign point in the credit cycle: default rates were peaking (at levels much lower than expected) while credit rating downgrades peaked a few months prior and have since collapsed. Credit metrics (leverage) were also peaking at typical cycle highs and we believe will likely naturally decline as earnings recover. Companies sat on a “war chest” of liquidity raised during the spring and summer and issuance of corporate bonds dwindled away as a result. The rapid disappearance of yield may have profound implications for investors going forward. Credit market yields are back to, or through, the lows in yield seen pre-COVID.

We believe the most likely factor to upset this positive equilibrium – barring the usual market ups and downs – would appear to be a too-strong economic recovery that provokes a more hawkish stance from central banks in 2021. However, as of the end of 2020 we are at peak dovishness and are in fact amid another round of easing from central banks, with the Bank of England, European Central Bank, Reserve Bank of Australia and Sweden’s Riksbank having announced more quantitative easing toward the end of 2020.

PERFORMANCE DISCUSSION

During the six-month period, the Fund outperformed its benchmark. Risk assets performed strongly, led by the themes of economic recovery and inflation. The Fund’s allocation to credit – investment-grade non-financials in particular – benefited performance, while our sovereign debt allocation modestly detracted.

We maintained duration at a much more modest position than earlier in the year, reflecting the improvement in the economic data. We used interest rate futures (contracts with an interest-bearing security as the underlying asset) to hedge out the underlying sovereign risk inherent in all investment grade bonds, thereby minimally exposing us to the credit spread, or the difference in yield between a treasury and corporate bond of the same maturity. We continued to favor credit in large-cap, “reason to exist” quality businesses. Further, activity was focused on adding risk using the iTraxx Crossover Index (an index comprised of the most liquid, synthetic credit) around volatility spikes such as the U.S. presidential election.

The rally in lower-quality sectors and areas of the credit market presented a challenge to our investment style of "quality" exposure, but the use of credit derivatives was helpful in maintaining beta (a measure of a stock’s volatility relative to the broader market) at a high level. We also continued to add to subordinated bank debt and high-yield bonds through new issues. This reflects the core premise we had over the period, that both default rates and bank impairments had proved to be far lower than would be expected in even a mild recession. Toward year-end, we began to add back duration from low levels


Janus Investment Fund	1

Janus Henderson Developed World Bond Fund (unaudited)

in countries whose yield curves look comparatively steep in the developed world and hence whose bond markets have underperformed since March 2020 – namely, the U.S. (where we began to close the futures short) and Australia. We are beginning to warm to duration in those markets that have repriced higher in yield since summer 2020. The combined position we have run since spring/summer of 2020 is that overweight credit and underweight duration suits an early-cycle environment. Nevertheless, it is a position to which we are wary of becoming wedded as a bond manager, as it serves to create a bond fund that behaves more like a risk asset.

DERIVATIVES USAGE

The Fund makes use of derivatives because they are generally the most efficient and liquid way to gain our desired exposures. The Fund uses credit default swaps to manage exposure to a given issuer or sector or index by either selling protection to increase exposure (i.e., leverage), buying protection to reduce exposure or to effectively take a “short” position. The Fund uses futures as a liquid and straightforward way of either reducing or increasing the Fund’s duration (interest rate sensitivity). Currency forwards are used to hedge the Fund’s foreign currency back to the U.S. dollar. In aggregate, these positions contributed to performance during the period.

Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

OUTLOOK

The outlook for markets has changed in one key respect: the COVID-19 vaccine news means that it is now a question of “when” and not “if” we see economic recovery and a return to something close to normalcy. This is clearly something that forward-looking equity and credit markets have moved to price in. Central banks continue to focus on the weakness surrounding further waves of the virus and the need to maintain an extremely accommodative monetary backdrop in order to juice this recovery. This is an auspicious backdrop for rotation and, potentially, bubbles, or meaningful increase in the price of an asset that does not reflect an increase in its true value. Against this supportive and volatility suppressing backdrop we do expect occasional volatility spikes; these may be driven from a number of areas such as algorithm trading, over-positioning, virus mutations, central banks and political ruminations, etc. The Japanese markets traded like this for decades. We continue to trade such events given the relatively benign backdrop for core credit markets.


2	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund (unaudited)

Fund At A Glance

December 31, 2020


Fund Profile
30-day Current Yield*	Without Reimbursement	With Reimbursement
Class A Shares NAV	0.58%	0.58%
Class A Shares MOP	0.55%	0.55%
Class C Shares**	-0.12%	-0.12%
Class D Shares	0.79%	0.77%
Class I Shares	0.87%	0.87%
Class N Shares	0.93%	0.93%
Class S Shares	-0.18%	0.39%
Class T Shares	0.68%	0.68%
Weighted Average Maturity		7.4 Years
Average Effective Duration***		4.4 Years
* Yield will fluctuate.
** Does not include the 1.00% contingent deferred sales charge.
*** A theoretical measure of price volatility.


Ratings^† Summary - (% of Total Investments)
AAA	5.7%
AA	5.3%
A	8.3%
BBB	26.7%
BB	18.3%
B	13.8%
CCC	0.5%
Not Rated	16.4%
Other	5.0%
† 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. "Other" includes cash equivalents, equity securities, and certain derivative instruments.

Significant Areas of Investment - (% of Net Assets)


Asset Allocation - (% of Net Assets)
Corporate Bonds	72.5%
Foreign Government Bonds	18.0%
Investment Companies	6.0%
Bank Loans and Mezzanine Loans	3.2%
Inflation-Indexed Bonds	0.4%
Asset-Backed/Commercial Mortgage-Backed Securities	0.0%
Other		(0.1)%
		100.0%


Janus Investment Fund	3

Janus Henderson Developed World Bond Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended December 31, 2020						Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	5.09%	9.16%	6.09%	5.49%	5.40%	0.95%	0.83%
Class A Shares at MOP	0.06%	3.98%	5.05%	4.98%	5.11%
Class C Shares at NAV	4.74%	8.45%	5.30%	4.70%	4.60%	1.67%	1.58%
Class C Shares at CDSC	3.74%	7.45%	5.30%	4.70%	4.60%
Class D Shares	5.26%	9.45%	6.23%	5.56%	5.45%	0.76%	0.70%
Class I Shares	5.23%	9.46%	6.35%	5.74%	5.55%	0.69%	0.58%
Class N Shares	5.23%	9.50%	6.41%	5.65%	5.50%	0.62%	0.58%
Class S Shares	4.99%	8.96%	5.94%	5.39%	5.34%	2.61%	1.08%
Class T Shares	5.11%	9.22%	6.15%	5.52%	5.42%	0.85%	0.83%
Bloomberg Barclays Global Aggregate Credit Index (USD Hedged)	4.20%	7.78%	5.97%	5.17%	4.96%
Morningstar Quartile - Class A Shares	-	1st	1st	1st	1st
Morningstar Ranking - based on total returns for World Bond - USD Hedged Funds	-	11/112	11/77	7/52	11/49

Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, contractually agreed to through at least October 31, 2021.

Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk


4	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund (unaudited)

Performance

securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.

Returns of the Fund shown prior to June 5, 2017, are those for Henderson Strategic Income Fund (the “Predecessor Fund”), which merged into the Fund after the close of business on June 2, 2017. The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the reorganization automatically exchanged for Class D Shares of the Fund following the reorganization. Class A Shares and Class C Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on September 30, 2003. Class I Shares and Class R6 Shares of the Predecessor Fund commenced operations on April 29, 2011 and November 30, 2015, respectively. Class D Shares, Class S Shares, and Class T Shares commenced operations on June 5, 2017.

Performance of Class A Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Performance of Class C Shares shown for periods prior to June 5, 2017, reflects the performance of Class C Shares of the Predecessor Fund, calculated using the fees and expenses of Class C Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Performance of Class D Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

Performance of Class I Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the fees and expenses of Class I Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to April 29, 2011, performance for Class I Shares reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

Performance of Class N Shares shown for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of the Predecessor Fund, calculated using the fees and expenses of Class R6 Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to November 30, 2015, performance for Class N Shares reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

Performance of Class S Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

Performance of Class T Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund’s commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund’s prospectuses for further details concerning historical performance.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Predecessor Fund’s inception date – September 30, 2003

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.


Janus Investment Fund	5

Janus Henderson Developed World Bond Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/20)	Ending Account Value (12/31/20)	Expenses Paid During Period (7/1/20 - 12/31/20)†	Beginning Account Value (7/1/20)	Ending Account Value (12/31/20)	Expenses Paid During Period (7/1/20 - 12/31/20)†	Net Annualized Expense Ratio (7/1/20 - 12/31/20)
Class A Shares		$1,000.00	$1,050.90	$4.34	$1,000.00	$1,020.97	$4.28	0.84%
Class C Shares		$1,000.00	$1,047.40	$8.10	$1,000.00	$1,017.29	$7.98	1.57%
Class D Shares		$1,000.00	$1,052.60	$3.62	$1,000.00	$1,021.68	$3.57	0.70%
Class I Shares		$1,000.00	$1,052.30	$3.05	$1,000.00	$1,022.23	$3.01	0.59%
Class N Shares		$1,000.00	$1,052.30	$3.00	$1,000.00	$1,022.28	$2.96	0.58%
Class S Shares		$1,000.00	$1,049.90	$5.32	$1,000.00	$1,020.01	$5.24	1.03%
Class T Shares		$1,000.00	$1,051.10	$4.19	$1,000.00	$1,021.12	$4.13	0.81%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


6	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts				Value
Asset-Backed/Commercial Mortgage-Backed Securities– 0%
	Tesco Property Finance 3 PLC, 5.7440%, 4/13/40((cost $483,825)	335,355	GBP	$628,218
Bank Loans and Mezzanine Loans– 3.2%
Communications – 0.7%
	Lorca Finco PLC,
	Euro Interbank Offered Rate 3 Month + 4.2500%, 4.2500%, 9/17/27^ƒ,‡	3,000,000	EUR	3,669,830
	NewCo I BV,
	Euro Interbank Offered Rate 3 Month + 3.5000%, 3.5000%, 1/31/29^ƒ,‡	2,950,000	EUR	3,606,577
	UPC Broadband Holding BV,
	Euro Interbank Offered Rate 3 Month + 3.5000%, 3.5000%, 1/31/29^ƒ,‡	2,950,000	EUR	3,606,577
	Ziggo BV, Euro Interbank Offered Rate 3 Month + 3.0000%, 3.0000%, 1/31/29^‡	3,000,000	EUR	3,650,738
				14,533,722
Consumer Cyclical – 1.2%
	Loire Finco Luxembourg,
	Euro Interbank Offered Rate 3 Month + 3.2500%, 3.2500%, 4/21/27^‡	2,850,000	EUR	3,437,740
	Loire Finco Luxembourg, ICE LIBOR USD 1 Month + 3.5000%, 3.6468%, 4/21/27^‡	$4,815,830		4,731,342
	Stars Group Holdings BV,
	Euro Interbank Offered Rate 3 Month + 3.7500%, 3.7500%, 7/10/25^ƒ,‡	7,900,000	EUR	9,667,939
	Verisure Holding AB,
	Euro Interbank Offered Rate 3 Month + 4.0000%, 4.0000%, 7/20/26^ƒ,‡	6,240,000	EUR	7,639,955
				25,476,976
Consumer Non-Cyclical – 0.8%
	Froneri Lux FinCo SARL,
	Euro Interbank Offered Rate 12 Month + 2.6250%, 2.6250%, 1/29/27^‡	1,860,000	EUR	2,238,671
	Froneri US Inc, ICE LIBOR USD 1 Month + 2.2500%, 2.3968%, 1/29/27^‡	1,246,722		1,236,106
	Froneri US Inc, ICE LIBOR USD 1 Month + 5.7500%, 5.8955%, 1/31/28^‡	262,857		264,171
	Refresco Holding BV,
	Euro Interbank Offered Rate 3 Month + 3.2500%, 3.2500%, 3/28/25^ƒ,‡	3,000,000	EUR	3,632,782
	Refresco Holding BV,
	Euro Interbank Offered Rate 3 Month + 4.0000%, 4.0000%, 3/28/25^ƒ,‡	4,900,000	EUR	5,991,423
	Synlab Bondco PLC,
	Euro Interbank Offered Rate 3 Month + 3.7500%, 3.7500%, 7/1/27^‡	3,250,000	EUR	3,961,993
				17,325,146
Technology – 0.5%
	Financial & Risk US Holdings Inc,
	Euro Interbank Offered Rate 3 Month + 3.2500%, 3.2500%, 10/1/25^‡	1,800,598	EUR	2,202,062
	McAfee LLC,
	Euro Interbank Offered Rate 3 Month + 3.5000%, 3.5000%, 9/30/24^‡	2,458,698	EUR	3,015,804
	McAfee LLC, ICE LIBOR USD 1 Month + 3.7500%, 3.8980%, 9/30/24^‡	1,896,905		1,900,862
	Refinitiv US Holdings Inc,
	ICE LIBOR USD 1 Month + 3.2500%, 3.3968%, 10/1/25^‡	3,073,793		3,075,225
				10,193,953
Total Bank Loans and Mezzanine Loans (cost $64,424,500)				67,529,797
Corporate Bonds– 72.5%
Banking – 12.5%
	Bank of America Corp,
	Canada Bankers Acceptances 3 Month + 1.2020%, 3.4070%, 9/20/25^‡	2,500,000	CAD	2,128,369
	Bank of America Corp,
	Euro Interbank Offered Rate 3 Month + 3.6700%, 3.6480%, 3/31/29^‡	8,000,000	EUR	12,137,736
	Barclays Bank PLC, ICE LIBOR USD 3 Month + 1.5500%, 6.2780%^‡,µ	12,600,000		15,687,000
	Barclays PLC, USD SWAP SEMI 30/360 5YR + 4.8420%, 7.7500%^‡,µ	1,500,000		1,612,500
	Barclays PLC, US Treasury Yield Curve Rate 5 Year + 5.8670%, 6.1250%^‡,µ	6,490,000		6,992,975
	BNP Paribas SA, 1.8750%, 12/14/27	7,000,000	GBP	10,151,201
	BNP Paribas SA, ICE LIBOR USD 3 Month + 1.2900%, 7.1950% (144A)^‡,µ	2,100,000		2,331,000
	Cooperatieve Radobank UA, EUR SWAP ANNUAL 5 YR + 3.7020%, 3.2500%^‡,µ	2,800,000	EUR	3,445,833
	Credit Suisse Group AG, USD SWAP SEMI 30/360 5YR + 4.5980%, 7.5000%^‡,µ	16,260,000		18,048,600
	Credit Suisse Group AG,
	US Treasury Yield Curve Rate 5 Year + 3.5540%, 4.5000% (144A)^‡,µ	3,977,000		3,996,487
	Goldman Sachs Group Inc, 4.0000%, 5/2/24	5,270,000	AUD	4,452,782
	ING Groep NV, USD SWAP SEMI 30/360 5YR + 4.4460%, 6.5000%^‡,µ	4,750,000		5,213,125


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 (unaudited)

December 31, 2020


Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Banking– (continued)
	ING Groep NV, USD ICE SWAP 11AM NY 5 Year + 4.2040%, 6.7500%^‡,µ	$4,860,000		$5,297,400
	ING Groep NV, US Treasury Yield Curve Rate 5 Year + 4.3420%, 5.7500%^‡,µ	1,916,000		2,082,462
	JPMorgan Chase & Co, 4.5000%, 1/30/26	6,950,000	AUD	6,197,148
	KBC Group NV, EUR SWAP ANNUAL 5 YR + 3.5940%, 4.2500%^‡,µ	12,400,000	EUR	15,847,196
	Lloyds Banking Group PLC, 4.0000%, 3/7/25	4,400,000	AUD	3,726,442
	Lloyds Banking Group PLC, 1.8750%, 1/15/26	6,000,000	GBP	8,477,287
	Lloyds Banking Group PLC, 4.2500%, 11/22/27	2,190,000	AUD	1,900,119
	Lloyds Banking Group PLC, 4.3750%, 3/22/28	3,000,000		3,568,999
	Lloyds Banking Group PLC, 2.7070%, 12/3/35^‡	1,508,000	GBP	2,159,683
	Lloyds Banking Group PLC,
	ICE LIBOR USD 3 Month + 1.2700%, 6.6570% (144A)^‡,µ	5,486,000		6,967,220
	Lloyds Banking Group PLC, USD SWAP SEMI 30/360 5YR + 4.7600%, 7.5000%^‡,µ	2,000,000		2,255,560
	Lloyds Banking Group PLC, USD SWAP SEMI 30/360 5YR + 4.4960%, 7.5000%^‡,µ	4,500,000		5,175,000
	Nationwide Building Society, 4.0000%, 9/14/26 (144A)	7,500,000		8,368,401
	Nationwide Building Society,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 5.6250%, 5.7500%^‡,µ	11,610,000	GBP	17,342,692
	Natwest Group PLC,
	US Treasury Yield Curve Rate 5 Year + 5.6250%, 6.0000%^‡,µ	970,000		1,062,509
	Natwest Group PLC,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 4.9850%, 5.1250%^‡,µ	11,360,000	GBP	16,215,924
	Royal Bank of Scotland Group PLC, 6.0000%, 12/19/23	3,500,000		3,999,477
	Royal Bank of Scotland Group PLC, 5.1250%, 5/28/24	2,600,000		2,937,018
	Royal Bank of Scotland Group PLC,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 3.5500%, 3.6220%, 8/14/30^‡	11,700,000	GBP	17,202,602
	Stichting AK Rabobank Certificaten, 0%^‡,µ	14,167,200	EUR	22,825,752
	UBS Group AG, USD SWAP SA (VS 6M) 5Y + 4.8660%, 7.0000%^‡,µ	7,460,000		8,467,100
	UBS Group AG, US Treasury Yield Curve Rate 5 Year + 4.8550%, 5.1250%^‡,µ	4,000,000		4,289,663
	Wells Fargo & Co, 3.7000%, 7/27/26	6,000,000	AUD	5,161,001
	Wells Fargo & Co, 4.0000%, 4/27/27	11,000,000	AUD	9,631,412
				267,355,675
Basic Industry – 3.2%
	Argentum Netherlands BV for Givaudan SA, 2.0000%, 9/17/30	3,600,000	EUR	5,158,817
	Firmenich Productions SAS, 1.7500%, 4/30/30	11,030,000	EUR	14,951,392
	Givaudan Finance Europe BV, 1.6250%, 4/22/32	7,330,000	EUR	10,199,880
	International Flavors & Fragrances Inc, 1.8000%, 9/25/26	390,000	EUR	513,481
	International Flavors & Fragrances Inc, 4.4500%, 9/26/28	1,212,000		1,434,154
	Nutrition & Biosciences Inc, 2.3000%, 11/1/30 (144A)	14,284,000		14,704,438
	Smurfit Kappa Acquisitions ULC, 2.8750%, 1/15/26	5,673,000	EUR	7,644,192
	Smurfit Kappa Treasury ULC, 1.5000%, 9/15/27	7,370,000	EUR	9,405,397
	Symrise AG, 1.3750%, 7/1/27	4,000,000	EUR	5,136,917
				69,148,668
Brokerage – 0.4%
	Intercontinental Exchange Inc, 1.8500%, 9/15/32	7,797,000		7,855,548
Capital Goods – 2.0%
	Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc,
	6.0000%, 2/15/25 (144A)	237,000		245,591
	Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc, 2.1250%, 8/15/26	1,500,000	EUR	1,834,072
	Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc,
	5.2500%, 8/15/27 (144A)	9,208,000		9,666,650
	Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc,
	5.2500%, 8/15/27 (144A)	2,889,000		3,032,901
	Ball Corp, 4.8750%, 3/15/26	1,730,000		1,954,035
	Ball Corp, 2.8750%, 8/15/30	14,464,000		14,427,840
	CANPACK SA/Eastern PA Land Invetment Holding LLC, 3.1250%, 11/1/25 (144A)	2,201,000		2,212,005
	TransDigm Inc, 6.2500%, 3/15/26 (144A)	2,400,000		2,556,000
	Vertical Midco GmbH, 4.3750%, 7/15/27 (144A)	3,500,000	EUR	4,498,608
	Vertical US Newco Inc, 5.2500%, 7/15/27 (144A)	2,492,000		2,641,520
				43,069,222


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Communications – 19.5%
	Activision Blizzard Inc, 1.3500%, 9/15/30	$2,011,000		$1,974,309
	Altice France SA/France, 7.3750%, 5/1/26 (144A)	5,507,000		5,796,118
	Altice France SA/France, 5.8750%, 2/1/27	4,910,000	EUR	6,380,475
	Altice France SA/France, 5.5000%, 1/15/28 (144A)	6,693,000		6,997,598
	American Tower Corp, 3.6000%, 1/15/28	7,580,000		8,608,068
	American Tower Corp, 3.8000%, 8/15/29	8,686,000		10,093,782
	American Tower Corp, 2.9000%, 1/15/30	8,127,000		8,854,204
	Arqiva Broadcast Finance PLC, 6.7500%, 9/30/23	11,040,000	GBP	15,569,544
	AT&T Inc, 2.7500%, 6/1/31	14,880,000		15,896,335
	Cable One Inc, 4.0000%, 11/15/30 (144A)	5,303,000		5,508,491
	CCO Holdings LLC / CCO Holdings Capital Corp, 5.3750%, 6/1/29 (144A)	3,068,000		3,363,295
	CCO Holdings LLC / CCO Holdings Capital Corp, 4.7500%, 3/1/30 (144A)	3,159,000		3,408,561
	CCO Holdings LLC / CCO Holdings Capital Corp, 4.5000%, 8/15/30 (144A)	418,000		443,603
	CCO Holdings LLC / CCO Holdings Capital Corp, 4.2500%, 2/1/31 (144A)	7,968,000		8,397,156
	Cellnex Telecom SA, 1.8750%, 6/26/29	17,600,000	EUR	22,096,452
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	4.2000%, 3/15/28	13,160,000		15,178,832
	Comcast Corp, 1.5000%, 2/20/29	2,850,000	GBP	4,086,771
	Comcast Corp, 1.8750%, 2/20/36	2,460,000	GBP	3,641,050
	Crown Castle International Corp, 3.6500%, 9/1/27	1,883,000		2,125,063
	Crown Castle International Corp, 3.8000%, 2/15/28	1,990,000		2,292,594
	Crown Castle International Corp, 3.1000%, 11/15/29	5,601,000		6,168,616
	Crown Castle International Corp, 3.3000%, 7/1/30	6,929,000		7,751,336
	Crown Castle International Corp, 2.2500%, 1/15/31	4,508,000		4,673,321
	CSC Holdings LLC, 6.5000%, 2/1/29 (144A)	3,950,000		4,459,748
	Deutsche Telekom AG, 1.3750%, 7/5/34	7,300,000	EUR	9,999,414
	Deutsche Telekom International Finance BV, 1.5000%, 4/3/28	2,800,000	EUR	3,777,608
	Dolya Holdco, 4.8750%, 7/15/28 (144A)	2,180,000	GBP	3,040,322
	Eircom Finance DAC, 3.5000%, 5/15/26	16,775,000	EUR	20,873,725
	Eircom Finance DAC, 2.6250%, 2/15/27	4,275,000	EUR	5,159,352
	Front Range BidCo Inc, 4.0000%, 3/1/27 (144A)	7,400,000		7,418,500
	Lorca Telecom Bondco SA, 4.0000%, 9/18/27 (144A)	2,790,000	EUR	3,582,454
	Netflix Inc, 4.8750%, 4/15/28	3,176,000		3,581,575
	Netflix Inc, 4.8750%, 6/15/30 (144A)	2,143,000		2,464,450
	Orange SA, 1.0000%, 5/12/25	4,100,000	EUR	5,242,283
	Orange SA, 2.0000%, 1/15/29	3,100,000	EUR	4,358,025
	Orange SA, 1.3750%, 1/16/30	5,500,000	EUR	7,503,371
	Orange SA, 3.2500%, 1/15/32	2,900,000	GBP	4,797,227
	Sirius XM Radio Inc, 5.0000%, 8/1/27 (144A)	2,106,000		2,237,646
	Sirius XM Radio Inc, 5.5000%, 7/1/29 (144A)	5,100,000		5,611,594
	Sirius XM Radio Inc, 4.1250%, 7/1/30 (144A)	4,855,000		5,167,541
	Sky Ltd, 2.5000%, 9/15/26	1,015,000	EUR	1,418,250
	T-Mobile USA Inc, 4.7500%, 2/1/28	933,000		1,002,872
	T-Mobile USA Inc, 3.8750%, 4/15/30 (144A)	9,017,000		10,441,776
	T-Mobile USA Inc, 4.3750%, 4/15/40 (144A)	7,850,000		9,579,904
	T-Mobile USA Inc, 3.0000%, 2/15/41 (144A)	3,326,000		3,448,131
	Verizon Communications Inc, 4.5000%, 8/17/27	12,840,000	AUD	11,853,321
	Verizon Communications Inc, 4.0160%, 12/3/29	3,420,000		4,056,340
	Verizon Communications Inc, 2.6500%, 5/6/30	10,200,000	AUD	8,281,030
	Virgin Media Finance PLC, 5.0000%, 7/15/30 (144A)	3,109,000		3,225,588
	Virgin Media Secured Finance PLC, 5.2500%, 5/15/29	7,229,000	GBP	10,647,744
	Virgin Media Secured Finance PLC, 4.1250%, 8/15/30 (144A)	2,500,000	GBP	3,478,062
	Virgin Media Vendor Financing Notes III DAC, 4.8750%, 7/15/28	7,960,000	GBP	11,101,358
	VMED O2 UK Financing I PLC, 4.0000%, 1/31/29 (144A)	5,550,000	GBP	7,744,821
	Vodafone Group PLC, 3.2500%, 12/13/22	3,600,000	AUD	2,919,702
	Vodafone Group PLC, 4.3750%, 5/30/28	9,700,000		11,612,295
	Vodafone Group PLC, 1.6000%, 7/29/31	1,500,000	EUR	2,049,419
	VZ Vendor Financing II BV, 2.8750%, 1/15/29 (144A)	11,730,000	EUR	14,249,313


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	9

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Communications– (continued)
	WMG Acquisition Corp, 2.7500%, 7/15/28 (144A)	4,310,000	EUR	$5,415,016
	WMG Acquisition Corp, 3.8750%, 7/15/30 (144A)	$1,990,000		2,114,912
	WMG Acquisition Corp, 3.0000%, 2/15/31 (144A)	6,923,000		6,791,255
	Ziggo BV, 4.8750%, 1/15/30 (144A)	8,200,000		8,620,250
	Ziggo BV, 3.3750%, 2/28/30	6,800,000	EUR	8,352,005
				416,983,773
Consumer Cyclical – 10.6%
	1011778 BC ULC / New Red Finance Inc, 4.0000%, 10/15/30 (144A)	17,367,000		17,612,917
	Arches Buyer Inc, 4.2500%, 6/1/28 (144A)	8,224,000		8,328,445
	Arches Buyer Inc, 6.1250%, 12/1/28 (144A)	4,581,000		4,730,799
	Booking Holdings Inc, 1.8000%, 3/3/27	6,010,000	EUR	8,069,009
	Booking Holdings Inc, 4.6250%, 4/13/30	10,041,000		12,470,428
	Boyd Gaming Corp, 8.6250%, 6/1/25 (144A)	3,276,000		3,643,534
	Boyd Gaming Corp, 6.3750%, 4/1/26	1,800,000		1,869,858
	Compass Group PLC, 2.0000%, 7/3/29	5,100,000	GBP	7,684,273
	Co-operative Group Holdings 2011 Ltd, 7.5000%, 7/8/26^Ç	2,800,000	GBP	4,632,306
	Co-Operative Group Ltd, 5.1250%, 5/17/24	5,900,000	GBP	8,563,176
	CPUK Finance Ltd, 4.2500%, 8/28/22	296,875	GBP	406,908
	CPUK Finance Ltd, 4.2500%, 8/28/22 (144A)	130,208	GBP	178,469
	CPUK Finance Ltd, 4.8750%, 8/28/25	8,240,000	GBP	11,208,843
	CPUK Finance Ltd, 4.8750%, 8/28/25 (144A)	150,000	GBP	204,044
	CPUK Finance Ltd, 6.5000%, 8/28/26	2,830,000	GBP	4,019,276
	Experian Finance PLC, 4.2500%, 2/1/29 (144A)	8,562,000		10,303,246
	Experian Finance PLC, 2.7500%, 3/8/30 (144A)	9,263,000		10,052,056
	Experian Finance PLC, 3.2500%, 4/7/32	830,000	GBP	1,385,342
	GLP Capital LP / GLP Financing II Inc, 5.7500%, 6/1/28	1,482,000		1,755,370
	GLP Capital LP / GLP Financing II Inc, 5.3000%, 1/15/29	3,300,000		3,839,946
	GLP Capital LP / GLP Financing II Inc, 4.0000%, 1/15/30	1,832,000		1,990,028
	IHS Markit Ltd, 5.0000%, 11/1/22 (144A)	1,400,000		1,496,917
	IHS Markit Ltd, 4.7500%, 2/15/25 (144A)	3,880,000		4,452,688
	IHS Markit Ltd, 4.0000%, 3/1/26 (144A)	1,439,000		1,648,518
	Levi Strauss & Co, 5.0000%, 5/1/25	8,142,000		8,345,550
	Marriott International Inc, 5.7500%, 5/1/25	7,051,000		8,246,041
	McDonald's Corp, 3.4500%, 9/8/26	9,200,000	AUD	7,999,961
	Motion Finco Sarl, 7.0000%, 5/15/25	1,680,000	EUR	2,159,845
	Motion Finco Sarl, 7.0000%, 5/15/25 (144A)	3,090,000	EUR	3,972,571
	Service Corp International/US, 4.6250%, 12/15/27	6,882,000		7,329,330
	Service Corp International/US, 5.1250%, 6/1/29	1,994,000		2,208,355
	Service Corp International/US, 3.3750%, 8/15/30	3,512,000		3,653,218
	Sodexo SA, 0.7500%, 4/14/27	380,000	EUR	482,862
	Sodexo SA, 1.7500%, 6/26/28	6,400,000	GBP	9,137,082
	Sodexo SA, 1.0000%, 4/27/29	5,300,000	EUR	6,858,155
	Stars Group Holdings BV / Stars Group US Co-Borrower LLC,
	7.0000%, 7/15/26 (144A)	10,700,000		11,261,750
	Tesco Corporate Treasury Services, 2.7500%, 4/27/30	3,200,000	GBP	4,845,053
	Verisure Holding AB, 3.8750%, 7/15/26 (144A)	4,760,000	EUR	5,945,131
	VICI Properties LP / VICI Note Co Inc, 3.7500%, 2/15/27 (144A)	707,000		722,908
	VICI Properties LP / VICI Note Co Inc, 4.6250%, 12/1/29 (144A)	2,400,000		2,568,000
	VICI Properties LP / VICI Note Co Inc, 4.1250%, 8/15/30 (144A)	1,249,000		1,318,482
	Walmart Inc, 3.7000%, 6/26/28	6,620,000		7,794,038
	Yum! Brands Inc, 7.7500%, 4/1/25 (144A)	529,000		585,868
				225,980,596
Consumer Non-Cyclical – 13.2%
	Anheuser-Busch InBev Worldwide Inc, 4.1000%, 9/6/27	2,840,000	AUD	2,559,853
	Anheuser-Busch InBev Worldwide Inc, 3.5000%, 6/1/30	3,680,000		4,260,521
	Aramark Services Inc, 5.0000%, 4/1/25 (144A)	445,000		458,350
	Aramark Services Inc, 6.3750%, 5/1/25 (144A)	6,351,000		6,787,631
	Aramark Services Inc, 4.7500%, 6/1/26	1,613,000		1,660,503
	Aramark Services Inc, 5.0000%, 2/1/28 (144A)	3,000,000		3,161,250


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Consumer Non-Cyclical– (continued)
	Avantor Funding Inc, 3.8750%, 7/15/28 (144A)	4,590,000	EUR	$5,886,987
	Avantor Funding Inc, 4.6250%, 7/15/28 (144A)	$5,443,000		5,755,973
	Bacardi Ltd, 4.4500%, 5/15/25 (144A)	3,873,000		4,322,842
	Bacardi Ltd, 4.7000%, 5/15/28 (144A)	4,806,000		5,699,012
	Bacardi Ltd, 5.1500%, 5/15/38 (144A)	652,000		833,100
	Catalent Pharma Solutions Inc, 4.8750%, 1/15/26 (144A)	1,639,000		1,671,780
	Coca-Cola Co, 3.2500%, 6/11/24	4,990,000	AUD	4,182,854
	Coca-Cola Co, 2.1250%, 9/6/29	5,330,000		5,700,522
	Constellation Brands Inc, 3.5000%, 5/9/27	4,000,000		4,510,956
	Constellation Brands Inc, 3.1500%, 8/1/29	7,430,000		8,270,357
	Constellation Brands Inc, 2.8750%, 5/1/30	2,382,000		2,608,751
	Cott Holdings Inc, 5.5000%, 4/1/25 (144A)	1,336,000		1,379,420
	DaVita Inc, 4.6250%, 6/1/30 (144A)	3,808,000		4,036,480
	Diageo Capital PLC, 2.0000%, 4/29/30	1,709,000		1,781,178
	Diageo Finance PLC, 1.7500%, 10/12/26	6,600,000	GBP	9,628,508
	Elanco Animal Health Inc, 5.9000%, 8/28/28	7,370,000		8,696,600
	Grifols SA, 2.2500%, 11/15/27	8,310,000	EUR	10,277,493
	Hasbro Inc, 3.5500%, 11/19/26	2,697,000		3,009,380
	Hasbro Inc, 3.9000%, 11/19/29	1,539,000		1,741,426
	HCA Inc, 5.0000%, 3/15/24	67,000		75,362
	HCA Inc, 5.2500%, 6/15/26	1,585,000		1,875,449
	HCA Inc, 4.1250%, 6/15/29	9,349,000		10,840,506
	HCA Inc, 3.5000%, 9/1/30	1,690,000		1,794,816
	HCA Inc, 5.1250%, 6/15/39	5,610,000		7,169,735
	Heineken NV, 3.5000%, 1/29/28 (144A)	2,320,000		2,639,152
	Heineken NV, 1.5000%, 10/3/29	2,650,000	EUR	3,621,158
	Heineken NV, 2.2500%, 3/30/30	1,800,000	EUR	2,595,960
	Heineken NV, 2.0200%, 5/12/32	2,800,000	EUR	4,041,622
	Hologic Inc, 3.2500%, 2/15/29 (144A)	9,236,000		9,397,630
	IQVIA Inc, 5.0000%, 5/15/27 (144A)	4,000,000		4,252,100
	Keurig Dr Pepper Inc, 4.5970%, 5/25/28	3,580,000		4,355,423
	Keurig Dr Pepper Inc, 3.2000%, 5/1/30	929,000		1,051,279
	Kimberly-Clark Corp, 3.1000%, 3/26/30	1,737,000		1,999,238
	Lamb Weston Holdings Inc, 4.8750%, 11/1/26 (144A)	1,360,000		1,421,608
	LVMH Moet Hennessy Louis Vuitton SE, 0.7500%, 5/26/24	5,000,000	EUR	6,296,371
	McCormick & Co Inc/MD, 3.4000%, 8/15/27	6,433,000		7,226,394
	Mondelez International Inc, 2.7500%, 4/13/30	666,000		731,123
	Nestle Finance International Ltd, 2.2500%, 11/30/23	6,600,000	GBP	9,563,480
	Nestle Holdings Inc, 3.9000%, 9/24/38 (144A)	13,745,000		17,209,211
	PepsiCo Inc, 2.6250%, 7/29/29	2,695,000		2,973,579
	Sunshine Mid BV, 6.5000%, 5/15/26	4,980,000	EUR	6,308,109
	Synlab Bondco PLC,
	Euro Interbank Offered Rate 3 Month + 4.7500%, 4.7500%, 7/1/25^‡	7,200,000	EUR	8,968,449
	Sysco Corp, 3.5500%, 3/15/25	3,088,000		3,437,670
	Sysco Corp, 5.9500%, 4/1/30	6,237,000		8,191,723
	Tesco PLC, 5.5000%, 1/13/33	3,691,000	GBP	6,710,573
	Tesco PLC, 6.1500%, 11/15/37 (144A)	9,601,000		12,382,697
	Thermo Fisher Scientific Inc, 4.4970%, 3/25/30	1,368,000		1,708,823
	Thermo Fisher Scientific Inc, 2.3750%, 4/15/32	1,600,000	EUR	2,366,414
	Unilever PLC, 1.5000%, 7/22/26	3,700,000	GBP	5,377,564
	Upjohn Inc, 2.7000%, 6/22/30 (144A)	6,345,000		6,729,179
	Wm Morrison Supermarkets PLC, 3.5000%, 7/27/26	1,997,000	GBP	3,115,410
	Zoetis Inc, 3.9000%, 8/20/28	2,450,000		2,885,116
	Zoetis Inc, 2.0000%, 5/15/30	4,547,000		4,705,147
				282,899,797
Government Sponsored – 1.0%
	Kreditanstalt fuer Wiederaufbau, 3.2000%, 9/11/26	10,000,000	AUD	8,796,778
	Kreditanstalt fuer Wiederaufbau, 3.2000%, 3/15/28	13,660,000	AUD	12,226,982
				21,023,760


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts				Value
Corporate Bonds– (continued)
Industrial – 0.1%
	Cintas Corp No 2, 3.7000%, 4/1/27	$2,000,000		$2,303,531
Insurance – 2.8%
	Anthem Inc, 2.2500%, 5/15/30	2,905,000		3,083,776
	Aviva PLC,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 4.7000%, 4.0000%, 6/3/55^‡	2,320,000	GBP	3,662,764
	AXA SA, ICE LIBOR GBP 3 Month + 3.2700%, 5.6250%, 1/16/54^‡	1,530,000	GBP	2,785,338
	BUPA Finance PLC, 5.0000%, 12/8/26	8,200,000	GBP	13,159,107
	BUPA Finance PLC, 4.1250%, 6/14/35	13,150,000	GBP	20,814,292
	Legal & General Group PLC,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 5.2500%, 4.5000%, 11/1/50^‡	920,000	GBP	1,450,717
	Legal & General Group PLC,
	UK Govt Bonds 5 Year Note Generic Bid Yield + 5.3780%, 5.6250%^‡,µ	2,400,000	GBP	3,634,275
	Phoenix Group Holdings PLC, 4.1250%, 7/20/22	1,600,000	GBP	2,279,994
	Phoenix Group Holdings PLC, 6.6250%, 12/18/25	2,412,000	GBP	3,955,460
	Scottish Widows Ltd, 5.5000%, 6/16/23	2,500,000	GBP	3,785,252
	Scottish Widows Ltd, 7.0000%, 6/16/43	612,000	GBP	1,271,138
				59,882,113
Non-Agency Commercial Mortgage-Backed Securities – 0.1%
	Nationwide Building Society, 10.2500%^‡,µ	850,000	GBP	2,051,287
Real Estate Investment Trusts (REITs) – 0.1%
	Digital Realty Trust LP, 4.7500%, 10/1/25	1,900,000		2,223,772
Supranational – 0.4%
	European Investment Bank, 2.7000%, 1/12/23	10,000,000	AUD	8,093,641
Technology – 6.6%
	Autodesk Inc, 2.8500%, 1/15/30	10,745,000		11,925,090
	Broadcom Inc, 3.1500%, 11/15/25	3,754,000		4,096,046
	Broadcom Inc, 4.1100%, 9/15/28	3,754,000		4,294,542
	Broadcom Inc, 4.1500%, 11/15/30	7,710,000		8,912,483
	Dell International LLC / EMC Corp, 6.0200%, 6/15/26 (144A)	9,310,000		11,364,940
	Equinix Inc, 3.2000%, 11/18/29	9,789,000		10,784,168
	Equinix Inc, 3.0000%, 7/15/50	4,397,000		4,444,341
	Fidelity National Information Services Inc, 3.7500%, 5/21/29	2,260,000		2,651,975
	Fiserv Inc, 2.2500%, 7/1/25	1,310,000	GBP	1,922,054
	Fiserv Inc, 3.5000%, 7/1/29	6,240,000		7,121,749
	Fiserv Inc, 1.6250%, 7/1/30	3,470,000	EUR	4,657,396
	Gartner Inc, 3.7500%, 10/1/30 (144A)	2,601,000		2,731,050
	Global Payments Inc, 2.6500%, 2/15/25	2,398,000		2,567,505
	Global Payments Inc, 3.2000%, 8/15/29	3,880,000		4,306,569
	Global Payments Inc, 2.9000%, 5/15/30	6,188,000		6,728,312
	Iron Mountain Inc, 4.5000%, 2/15/31 (144A)	5,444,000		5,702,590
	MSCI Inc, 4.0000%, 11/15/29 (144A)	2,026,000		2,157,690
	MSCI Inc, 3.6250%, 9/1/30 (144A)	4,598,000		4,804,910
	Oracle Corp, 2.9500%, 4/1/30	5,490,000		6,135,320
	PayPal Holdings Inc, 2.8500%, 10/1/29	2,440,000		2,708,991
	Qorvo Inc, 3.3750%, 4/1/31 (144A)	3,305,000		3,412,413
	Rackspace Technology Inc, 5.3750%, 12/1/28 (144A)	2,908,000		3,046,712
	salesforce.com Inc, 3.7000%, 4/11/28	2,252,000		2,656,065
	VMware Inc, 3.9000%, 8/21/27	4,698,000		5,297,975
	VMware Inc, 4.7000%, 5/15/30	14,565,000		17,513,272
				141,944,158
Total Corporate Bonds (cost $1,405,988,106)				1,550,815,541
Foreign Government Bonds– 18.0%
	Australia Government Bond, 2.7500%, 4/21/24	53,129,000	AUD	44,516,852
	Australia Government Bond, 0.2500%, 11/21/25	27,500,000	AUD	21,115,100
	Australia Government Bond, 2.2500%, 5/21/28	28,000,000	AUD	24,021,274
	Australia Government Bond, 3.2500%, 4/21/29	54,000,000	AUD	49,847,046
	Canadian Government Bond, 1.7500%, 3/1/23	90,000,000	CAD	73,063,566
	European Investment Bank, 3.2500%, 1/29/24	17,000,000		18,540,160
	Federal Republic of Germany Bond, 0%, 2/15/30	30,000,000	EUR	38,748,946


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts				Value
Foreign Government Bonds– (continued)
	New Zealand Government Bond, 2.7500%, 4/15/25	66,000,000	NZD	$52,194,452
	New Zealand Government Bond, 3.0000%, 4/20/29	20,000,000	NZD	16,898,521
	United Kingdom Gilt, 0.5000%, 7/22/22	33,000,000	GBP	45,579,381
Total Foreign Government Bonds (cost $356,271,774)				384,525,298
Inflation-Indexed Bonds– 0.4%
	United States Treasury Inflation Indexed Bonds, 0.1250%, 1/15/30^ÇÇ((cost $7,260,324)	$7,387,965		8,238,358
Investment Companies– 6.0%
Money Markets – 6.0%
	Janus Henderson Cash Liquidity Fund LLC, 0.1108%^ºº,£((cost $128,894,818)	128,883,332		128,896,220
Total Investments (total cost $1,963,323,347) – 100.1%				2,140,633,432
Liabilities, net of Cash, Receivables and Other Assets – (0.1)%				(1,381,447)
Net Assets – 100%				$2,139,251,985


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
United States	$878,048,646	41.0	%
United Kingdom	422,472,252	19.7
Australia	139,500,272	6.5
Canada	112,985,592	5.3
Netherlands	109,780,238	5.1
Germany	85,826,773	4.0
France	79,117,106	3.7
Switzerland	74,675,419	3.5
New Zealand	69,092,973	3.2
Ireland	57,224,346	2.7
Spain	35,956,399	1.7
Luxembourg	26,633,801	1.3
Belgium	22,667,570	1.1
Sweden	13,585,086	0.6
Bermuda	10,854,954	0.5
Poland	2,212,005	0.1



Total	$2,140,633,432	100.0	%


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2020

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 12/31/20
Investment Companies - 6.0%
Money Markets - 6.0%
	Janus Henderson Cash Liquidity Fund LLC, 0.1108%^ºº	$	73,949	$	(1,888)	$	1,402	$	128,896,220
Investments Purchased with Cash Collateral from Securities Lending - N/A
Investment Companies - N/A
	Janus Henderson Cash Collateral Fund LLC, 0.0264%^ºº		2,409^∆		-		-		-
Total Affiliated Investments - 6.0%		$	76,358	$	(1,888)	$	1,402	$	128,896,220


		Value at 6/30/20		Purchases		Sales Proceeds		Value at 12/31/20
Investment Companies - 6.0%
Money Markets - 6.0%
	Janus Henderson Cash Liquidity Fund LLC, 0.1108%^ºº		-		486,259,630		(357,362,924)		128,896,220
Investments Purchased with Cash Collateral from Securities Lending - N/A
Investment Companies - N/A
	Janus Henderson Cash Collateral Fund LLC, 0.0264%^ºº		-		13,889,783		(13,889,783)		-


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

14	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2020


Schedule of Forward Foreign Currency Exchange Contracts, Open


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	1/27/21	139,588	$	(105,310)	$	2,312
Australian Dollar	1/27/21	(307,070,360)		229,273,546		(7,480,847)
British Pound	1/27/21	1,194,305		(1,598,720)		34,507
British Pound	1/27/21	(240,280,100)		320,878,659		(7,706,850)
Canadian Dollar	1/27/21	(86,665,337)		67,534,900		(569,909)
Euro	1/27/21	19,108,720		(23,225,617)		128,809
Euro	1/27/21	1,614,237		(1,978,720)		(5,822)
Euro	1/27/21	(6,519,267)		7,989,644		21,882
Euro	1/27/21	(340,320,894)		413,439,513		(2,496,180)
New Zealand Dollar	1/27/21	(91,648,087)		64,581,441		(1,348,393)
Total					$	(19,420,491)

Schedule of Futures


Description	Number of Contracts	Expiration Date		Value and Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin Asset/(Liability)
Futures Sold:
10-Year US Treasury Note	1,168	3/31/21	$	(161,275,250)	$	(219,000)	$	(131,971)
Euro-Bund	187	3/10/21		(40,825,740)		(173,958)		13,789
US Treasury Long Bond	334	3/31/21		(57,844,625)		448,813		(114,813)
Total					$	55,855	$	(232,995)


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2020

Schedule of Centrally Cleared Credit Default Swaps - Sell Protection⁽¹⁾

Reference Asset Type/

Reference Asset

S&P

Credit

Rating

Maturity

Date

Notional

Amount⁽²⁾

Premiums

Paid/(Received)

Unrealized

Appreciation/

(Depreciation)

Variation

Margin

Asset/

(Liability)

Credit Default Swap Index


	iTraxx Crossover Index, Fixed Rate 5.00% Paid Quarterly⁽³⁾		NR	12/20/25	131,950,000	EUR	$	14,220,459	$	5,243,310	$	(412,002)
(1)		If a credit event occurs, the seller of protection will pay a net settlement amount equal to the notional amount of the swap less the recovery value of the reference asset from related offsetting purchase protection.
(2)		If a credit event occurs, the notional amount represents the maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection.
(3)		For those index credit default swaps entered into by the Fund to sell protection, “Variation Margin” serves as an indicator of the current status of payment and performance risk and represents the likelihood of an expected gain or loss should the notional amount of the swap be closed or sold at period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference asset’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement.

Schedule of OTC Credit Default Swaps - Buy Protection

Counterparty/

Reference Asset

Maturity

Date

Notional

Amount

Premiums

Paid/(Received)

Unrealized

Appreciation/

(Depreciation)

Swap Contracts,

at Value

Asset/(Liability)

Barclays Capital, Inc:


Renault SA, Fixed Rate 1.00%, Paid Quarterly	12/20/21	(3,000,000)	EUR	$	10,704	$	(21,814)	$	(11,110)

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 December 31, 2020.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2020

	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Asset Derivatives:
Forward foreign currency exchange contracts	$ -	$ 187,510	$ -	$ 187,510
Variation margin receivable	-	-	13,789	13,789

Total Asset Derivatives	$ -	$ 187,510	$ 13,789	$ 201,299
Liability Derivatives:
Forward foreign currency exchange contracts	$ -	$19,608,001	$ -	$19,608,001
Outstanding swap contracts, at value	11,110	-	-	11,110
Variation margin payable	412,002	-	246,784	658,786

Total Liability Derivatives	$423,112	$19,608,001	$ 246,784	$20,277,897


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

16	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Schedule of Investments (unaudited)

December 31, 2020

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended December 31, 2020.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2020

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ -	$ 161,241	$ 161,241
Forward foreign currency exchange contracts	-	(60,514,554)	-	(60,514,554)
Swap contracts	12,312,901	-	-	12,312,901

Total	$12,312,901	$(60,514,554)	$ 161,241	$(48,040,412)


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative	Credit Contracts	Currency Contracts	Interest Rate Contracts	Total
Futures contracts	$ -	$ -	$ 1,127,181	$ 1,127,181
Forward foreign currency exchange contracts	-	(19,174,866)	-	(19,174,866)
Swap contracts	(1,386,644)	-	-	(1,386,644)

Total	$ (1,386,644)	$(19,174,866)	$ 1,127,181	$(19,434,329)

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 Market Value of Derivative Instruments During the Period Ended December 31, 2020

	Market Value^(a)
Credit default swaps, sell protection	$ 10,208,708
Credit default swaps, buy protection	9,762
Forward foreign currency exchange contracts, purchased	10,707,339
Forward foreign currency exchange contracts, sold	866,377,263
Futures contracts, sold	236,083,634

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount purchased or sold.


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Developed World Bond Fund

Notes to Schedule of Investments and Other Information (unaudited)

Bloomberg Barclays Global

Aggregate Credit Index (USD Hedged)

Bloomberg Barclays Global Aggregate Credit Index (USD Hedged) measures the credit sector of the global investment grade fixed-rate bond market, including corporate, government and agency securities.


ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company
ULC	Unlimited Liability Company

144A


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 December 31, 2020. 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.


ÇÇ	Security is a U.S. Treasury Inflation-Protected Security (TIPS).


ºº	Rate shown is the 7-day yield as of December 31, 2020.


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.


£	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.


18	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Notes to Schedule of Investments and Other Information (unaudited)


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 December 31, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

					Level 2 -		Level 3 -
			Level 1 -		Other Significant		Significant
			Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Asset-Backed/Commercial Mortgage-Backed Securities		$	-	$	628,218	$	-
Bank Loans and Mezzanine Loans			-		67,529,797		-
Corporate Bonds			-		1,550,815,541		-
Foreign Government Bonds			-		384,525,298		-
Inflation-Indexed Bonds			-		8,238,358		-
Investment Companies			-		128,896,220		-
Total Investments in Securities		$	-	$	2,140,633,432	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		187,510		-
Variation Margin Receivable			13,789		-		-
Total Assets		$	13,789	$	2,140,820,942	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	19,608,001	$	-
Outstanding Swap Contracts, at Value			-		11,110		-
Variation Margin Payable			246,784		412,002		-
Total Liabilities		$	246,784	$	20,031,113	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


Janus Investment Fund	19

Janus Henderson Developed World Bond Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2020

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	2,011,737,212
	Affiliated investments, at value⁽²⁾			128,896,220
	Cash			9,011
	Deposits with brokers for centrally cleared derivatives			15,867,938
	Deposits with brokers for futures			3,727,857
	Forward foreign currency exchange contracts			187,510
	Variation margin receivable			13,789
	Non-interested Trustees' deferred compensation			49,139
	Receivables:
		Interest		17,148,595
		Fund shares sold		8,414,649
		Investments sold		3,275,104
		Dividends from affiliates		17,797
		Foreign tax reclaims		880
	Other assets			636,222
Total Assets				2,189,981,923
Liabilities:
	Foreign cash due to custodian			1,864,660
	Forward foreign currency exchange contracts			19,608,001
	Outstanding swap contracts, at value⁽³⁾			11,110
	Variation margin payable			658,786
	Payables:			—
		Investments purchased		19,042,323
		Fund shares repurchased		7,512,893
		Advisory fees		904,687
		Dividends		442,967
		Transfer agent fees and expenses		281,205
		12b-1 Distribution and shareholder servicing fees		61,087
		Non-interested Trustees' deferred compensation fees		49,139
		Professional fees		29,370
		Custodian fees		22,767
		Affiliated fund administration fees payable		4,873
		Non-interested Trustees' fees and expenses		1,998
		Accrued expenses and other payables		234,072
Total Liabilities				50,729,938
Net Assets			$	2,139,251,985


See Notes to Financial Statements.

20	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	2,074,083,903
	Total distributable earnings (loss)		65,168,082
Total Net Assets		$	2,139,251,985
Net Assets - Class A Shares		$	100,276,148
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		9,944,844
Net Asset Value Per Share⁽⁴⁾		$	10.08
Maximum Offering Price Per Share⁽⁵⁾		$	10.58
Net Assets - Class C Shares		$	40,921,090
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,087,548
Net Asset Value Per Share⁽⁴⁾		$	10.01
Net Assets - Class D Shares		$	47,467,924
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,710,093
Net Asset Value Per Share		$	10.08
Net Assets - Class I Shares		$	1,756,349,938
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		174,768,298
Net Asset Value Per Share		$	10.05
Net Assets - Class N Shares		$	51,826,888
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,155,274
Net Asset Value Per Share		$	10.05
Net Assets - Class S Shares		$	497,108
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		49,351
Net Asset Value Per Share		$	10.07
Net Assets - Class T Shares		$	141,912,889
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		14,092,274
Net Asset Value Per Share		$	10.07

(1) Includes cost of $1,834,428,529.

(2) Includes cost of $128,894,818.

(3) Premiums paid $10,704.

(4) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(5) Maximum offering price is computed at 100/95.25 of net asset value.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Developed World Bond Fund

Statement of Operations (unaudited)

For the period ended December 31, 2020



Investment Income:
	Interest		$	25,838,967
	Dividends from affiliates			73,949
	Dividends			3,055
	Affiliated securities lending income, net			2,409
	Unaffiliated securities lending income, net			286
	Other income			277,132
Total Investment Income				26,195,798
Expenses:
	Advisory fees			4,972,229
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		109,319
		Class C Shares		196,783
		Class S Shares		513
	Transfer agent administrative fees and expenses:
		Class D Shares		24,253
		Class S Shares		620
		Class T Shares		153,840
	Transfer agent networking and omnibus fees:
		Class A Shares		50,464
		Class C Shares		11,876
		Class I Shares		675,017
	Other transfer agent fees and expenses:
		Class A Shares		2,695
		Class C Shares		1,015
		Class D Shares		2,717
		Class I Shares		34,007
		Class N Shares		678
		Class S Shares		9
		Class T Shares		575
	Registration fees			90,687
	Custodian fees			74,897
	Shareholder reports expense			64,092
	Professional fees			37,592
	Affiliated fund administration fees			24,066
	Non-interested Trustees’ fees and expenses			18,629
	Other expenses			89,573
Total Expenses				6,636,146
Less: Excess Expense Reimbursement and Waivers				(635,971)
Net Expenses				6,000,175
Net Investment Income/(Loss)				20,195,623


See Notes to Financial Statements.

22	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Statement of Operations (unaudited)

For the period ended December 31, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	18,284,074
	Investments in affiliates		(1,888)
	Forward foreign currency exchange contracts		(60,514,554)
	Futures contracts		161,241
	Swap contracts		12,312,901
Total Net Realized Gain/(Loss) on Investments			(29,758,226)
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		123,101,957
	Investments in affiliates		1,402
	Forward foreign currency exchange contracts		(19,174,866)
	Futures contracts		1,127,181
	Swap contracts		(1,386,644)
Total Change in Unrealized Net Appreciation/Depreciation			103,669,030
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	94,106,427


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Developed World Bond Fund

Statements of Changes in Net Assets



			Period ended December 31, 2020 (unaudited)		Year ended June 30, 2020

Operations:
	Net investment income/(loss)		$	20,195,623	$	24,084,973
	Net realized gain/(loss) on investments			(29,758,226)		2,174,368
	Change in unrealized net appreciation/depreciation			103,669,030		43,791,330
Net Increase/(Decrease) in Net Assets Resulting from Operations				94,106,427		70,050,671
Dividends and Distributions to Shareholders:
		Class A Shares		(3,417,586)		(2,024,158)
		Class C Shares		(1,292,321)		(995,645)
		Class D Shares		(1,643,631)		(765,327)
		Class I Shares		(61,956,322)		(44,470,595)
		Class N Shares		(1,798,513)		(705,033)
		Class S Shares		(16,720)		(6,868)
		Class T Shares		(4,801,664)		(4,088,674)
Net Decrease from Dividends and Distributions to Shareholders				(74,926,757)		(53,056,300)
Capital Share Transactions:
		Class A Shares		40,615,565		6,448,882
		Class C Shares		2,762,833		(349,460)
		Class D Shares		16,914,269		13,866,899
		Class I Shares		391,272,225		383,616,125
		Class N Shares		19,698,100		26,213,329
		Class S Shares		271,859		61,348
		Class T Shares		40,481,777		31,399,317
Net Increase/(Decrease) from Capital Share Transactions				512,016,628		461,256,440
Net Increase/(Decrease) in Net Assets				531,196,298		478,250,811
Net Assets:
	Beginning of period			1,608,055,687		1,129,804,876
	End of period		$	2,139,251,985	$	1,608,055,687


See Notes to Financial Statements.

24	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Financial Highlights


Class A Shares
For a share outstanding during the period end December 31, 2020 (unaudited) and the year or period ended June 30			2020	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.94	$9.69	$9.35	$9.46	$9.34
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.10	0.14	0.18	0.21	0.26
		Net realized and unrealized gain/(loss)	0.40	0.44	0.58	(0.12)	0.11
	Total from Investment Operations		0.50	0.58	0.76	0.09	0.37
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.36)	(0.30)	(0.42)	(0.20)	(0.12)
		Distributions (from capital gains)	—	(0.03)	—	—	—
		Return of capital	—	—	—	—	(0.13)
	Total Dividends and Distributions		(0.36)	(0.33)	(0.42)	(0.20)	(0.25)
	Net Asset Value, End of Period		$10.08	$9.94	$9.69	$9.35	$9.46
	Total Return*		5.09%	6.07%	8.48%	0.99%	3.99%
	Net Assets, End of Period (in thousands)		$100,276	$59,079	$51,463	$40,600	$43,047
	Average Net Assets for the Period (in thousands)		$85,115	$59,858	$43,495	$43,700	$60,131
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.95%	0.94%	0.99%	0.98%	1.01%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.84%	0.90%	0.99%	0.98%	1.01%
		Ratio of Net Investment Income/(Loss)	1.94%	1.45%	1.98%	2.23%	2.99%
	Portfolio Turnover Rate		15%	88%	42%	125%	112%


Class C Shares
For a share outstanding during the period end December 31, 2020 (unaudited) and the year or period ended June 30			2020	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.87	$9.63	$9.30	$9.41	$9.29
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.06	0.07	0.12	0.14	0.19
		Net realized and unrealized gain/(loss)	0.41	0.43	0.57	(0.12)	0.11
	Total from Investment Operations		0.47	0.50	0.69	0.02	0.30
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.33)	(0.23)	(0.36)	(0.13)	(0.08)
		Distributions (from capital gains)	—	(0.03)	—	—	—
		Return of capital	—	—	—	—	(0.10)
	Total Dividends and Distributions		(0.33)	(0.26)	(0.36)	(0.13)	(0.18)
	Net Asset Value, End of Period		$10.01	$9.87	$9.63	$9.30	$9.41
	Total Return*		4.74%	5.26%	7.67%	0.25%	3.31%
	Net Assets, End of Period (in thousands)		$40,921	$37,641	$37,165	$40,085	$39,923
	Average Net Assets for the Period (in thousands)		$39,416	$37,191	$36,574	$39,996	$46,079
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.63%	1.64%	1.72%	1.72%	1.77%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.57%	1.62%	1.72%	1.72%	1.77%
		Ratio of Net Investment Income/(Loss)	1.18%	0.74%	1.27%	1.48%	2.22%
	Portfolio Turnover Rate		15%	88%	42%	125%	112%

* 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) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson Developed World Bond Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended July 31			2016	2015
	Net Asset Value, Beginning of Period		$9.09	$9.13
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.25	0.32
		Net realized and unrealized gain/(loss)	0.24	0.01
	Total from Investment Operations		0.49	0.33
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.24)	(0.37)
	Total Dividends and Distributions		(0.24)	(0.37)
	Net Asset Value, End of Period		$9.34	$9.09
	Total Return*		5.46%	3.71%
	Net Assets, End of Period (in thousands)		$66,863	$28,200
	Average Net Assets for the Period (in thousands)		$47,477	$20,111
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.04%⁽²⁾	1.15%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%⁽²⁾	1.09%
		Ratio of Net Investment Income/(Loss)	2.72%⁽³⁾	3.52%
	Portfolio Turnover Rate		110%	54%


Class C Shares
For a share outstanding during the year or period ended July 31			2016	2015
	Net Asset Value, Beginning of Period		$9.04	$9.09
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.18	0.26
		Net realized and unrealized gain/(loss)	0.24	—⁽⁴⁾
	Total from Investment Operations		0.42	0.26
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.31)
	Total Dividends and Distributions		(0.17)	(0.31)
	Net Asset Value, End of Period		$9.29	$9.04
	Total Return*		4.70%	2.84%
	Net Assets, End of Period (in thousands)		$50,531	$30,034
	Average Net Assets for the Period (in thousands)		$40,443	$25,216
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.80%⁽²⁾	1.92%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.80%⁽²⁾	1.85%
		Ratio of Net Investment Income/(Loss)	1.98%⁽³⁾	2.84%
	Portfolio Turnover Rate		110%	54%

* Total return 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) The Ratio of Gross Expenses and Ratio of Net Expenses (After Waivers and Expense Offsets) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses and Ratio of Net Expenses (After Waivers and Expense Offsets) would have been 0.01% higher had the custodian not reimbursed the Fund.

(3) The Ratio of Net Investment Income/(Loss) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Net Investment Income/(Loss) would have been 0.01% lower had the custodian not reimbursed the Fund.

(4) Less than $0.005 on a per share basis.


See Notes to Financial Statements.

26	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year or period ended June 30			2020	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.93	$9.69	$9.34	$9.45	$9.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.11	0.16	0.20	0.22	0.02
		Net realized and unrealized gain/(loss)	0.41	0.43	0.59	(0.11)	(0.03)
	Total from Investment Operations		0.52	0.59	0.79	0.11	(0.01)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.37)	(0.32)	(0.44)	(0.22)	(0.01)
		Distributions (from capital gains)	—	(0.03)	—	—	—
		Return of capital	—	—	—	—	(0.02)
	Total Dividends and Distributions		(0.37)	(0.35)	(0.44)	(0.22)	(0.03)
	Net Asset Value, End of Period		$10.08	$9.93	$9.69	$9.34	$9.45
	Total Return*		5.26%	6.17%	8.78%	1.17%	(0.09)%
	Net Assets, End of Period (in thousands)		$47,468	$30,219	$16,056	$8,848	$450
	Average Net Assets for the Period (in thousands)		$40,661	$21,662	$10,281	$6,302	$270
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.72%	0.75%	0.86%	0.79%	0.90%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.70%	0.73%	0.81%	0.79%	0.89%
		Ratio of Net Investment Income/(Loss)	2.08%	1.65%	2.13%	2.39%	3.54%
	Portfolio Turnover Rate		15%	88%	42%	125%	112%


Class I Shares
For a share outstanding during the period end December 31, 2020 (unaudited) and the year or period ended June 30			2020	2020	2019	2018	2017⁽³⁾
	Net Asset Value, Beginning of Period		$9.91	$9.66	$9.32	$9.43	$9.31
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.11	0.17	0.21	0.23	0.27
		Net realized and unrealized gain/(loss)	0.40	0.43	0.58	(0.11)	0.12
	Total from Investment Operations		0.51	0.60	0.79	0.12	0.39
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.37)	(0.32)	(0.45)	(0.23)	(0.12)
		Distributions (from capital gains)	—	(0.03)	—	—	—
		Return of capital	—	—	—	—	(0.15)
	Total Dividends and Distributions		(0.37)	(0.35)	(0.45)	(0.23)	(0.27)
	Net Asset Value, End of Period		$10.05	$9.91	$9.66	$9.32	$9.43
	Total Return*		5.23%	6.36%	8.77%	1.25%	4.26%
	Net Assets, End of Period (in thousands)		$1,756,350	$1,348,740	$948,619	$659,214	$333,853
	Average Net Assets for the Period (in thousands)		$1,547,957	$1,202,926	$732,591	$496,179	$326,067
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.66%	0.68%	0.74%	0.72%	0.76%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.59%	0.65%	0.74%	0.72%	0.76%
		Ratio of Net Investment Income/(Loss)	2.18%	1.71%	2.23%	2.47%	3.21%
	Portfolio Turnover Rate		15%	88%	42%	125%	112%

* 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) Period from June 5, 2017 (inception date) through June 30, 2017.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.


See Notes to Financial Statements.

Janus Investment Fund	27

Janus Henderson Developed World Bond Fund

Financial Highlights


Class I Shares
For a share outstanding during the year or period ended July 31			2016	2015
	Net Asset Value, Beginning of Period		$9.06	$9.11
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.27	0.34
		Net realized and unrealized gain/(loss)	0.23	0.01
	Total from Investment Operations		0.50	0.35
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.25)	(0.40)
	Total Dividends and Distributions		(0.25)	(0.40)
	Net Asset Value, End of Period		$9.31	$9.06
	Total Return*		5.70%	3.86%
	Net Assets, End of Period (in thousands)		$323,462	$106,544
	Average Net Assets for the Period (in thousands)		$227,875	$65,902
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.79%⁽²⁾	0.92%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.79%⁽²⁾	0.84%
		Ratio of Net Investment Income/(Loss)	2.96%⁽³⁾	3.73%
	Portfolio Turnover Rate		110%	54%

* Total return 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.

28	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year or period ended June 30			2020	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.91	$9.67	$9.32	$9.44	$9.32
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.11	0.18	0.21	0.23	0.28
		Net realized and unrealized gain/(loss)	0.41	0.42	0.59	(0.12)	0.11
	Total from Investment Operations		0.52	0.60	0.80	0.11	0.39
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.38)	(0.33)	(0.45)	(0.23)	(0.12)
		Distributions (from capital gains)	—	(0.03)	—	—	—
		Return of capital	—	—	—	—	(0.15)
	Total Dividends and Distributions		(0.38)	(0.36)	(0.45)	(0.23)	(0.27)
	Net Asset Value, End of Period		$10.05	$9.91	$9.67	$9.32	$9.44
	Total Return*		5.23%	6.32%	8.94%	1.19%	4.31%
	Net Assets, End of Period (in thousands)		$51,827	$31,829	$5,789	$4,168	$1,340
	Average Net Assets for the Period (in thousands)		$41,361	$19,208	$5,062	$2,007	$1,434
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.58%	0.61%	0.71%	0.67%	0.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.58%	0.59%	0.67%	0.67%	0.70%
		Ratio of Net Investment Income/(Loss)	2.22%	1.82%	2.31%	2.51%	3.25%
	Portfolio Turnover Rate		15%	88%	42%	125%	112%


Class S Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year or period ended June 30			2020	2020	2019	2018	2017⁽³⁾
	Net Asset Value, Beginning of Period		$9.93	$9.69	$9.34	$9.45	$9.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.09	0.13	0.18	0.20	—⁽⁴⁾
		Net realized and unrealized gain/(loss)	0.40	0.42	0.59	(0.12)	(0.01)
	Total from Investment Operations		0.49	0.55	0.77	0.08	(0.01)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.35)	(0.28)	(0.42)	(0.19)	(0.01)
		Distributions (from capital gains)	—	(0.03)	—	—	—
		Return of capital	—	—	—	—	(0.02)
	Total Dividends and Distributions		(0.35)	(0.31)	(0.42)	(0.19)	(0.03)
	Net Asset Value, End of Period		$10.07	$9.93	$9.69	$9.34	$9.45
	Total Return*		4.99%	5.83%	8.51%	0.85%	(0.11)%
	Net Assets, End of Period (in thousands)		$497	$224	$158	$121	$50
	Average Net Assets for the Period (in thousands)		$484	$201	$141	$70	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.66%	2.55%	3.21%	2.19%	1.22%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.03%	1.06%	1.06%	1.05%	1.22%
		Ratio of Net Investment Income/(Loss)	1.71%	1.31%	1.91%	2.12%	(0.55)%
	Portfolio Turnover Rate		15%	88%	42%	125%	112%

* 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) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) Period from June 5, 2017 (inception date) through June 30, 2017.

(4) Less than $0.005 on a per share basis.


See Notes to Financial Statements.

Janus Investment Fund	29

Janus Henderson Developed World Bond Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended July 31			2016⁽¹⁾
	Net Asset Value, Beginning of Period		$8.99
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.17
		Net realized and unrealized gain/(loss)	0.32
	Total from Investment Operations		0.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)
	Total Dividends and Distributions		(0.16)
	Net Asset Value, End of Period		$9.32
	Total Return*		5.57%
	Net Assets, End of Period (in thousands)		$1,528
	Average Net Assets for the Period (in thousands)		$1,413
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.73%⁽³⁾
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.73%⁽³⁾
		Ratio of Net Investment Income/(Loss)	2.77%⁽⁴⁾
	Portfolio Turnover Rate		110%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from November 30, 2015 (inception date) through July 31, 2016.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) The Ratio of Gross Expenses and Ratio of Net Expenses (After Waivers and Expense Offsets) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses and Ratio of Net Expenses (After Waivers and Expense Offsets) would have been 0.01% higher had the custodian not reimbursed the Fund.

(4) The Ratio of Net Investment Income/(Loss) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Net Investment Income/(Loss) would have been 0.01% lower had the custodian not reimbursed the Fund.


See Notes to Financial Statements.

30	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year or period ended June 30			2020	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.93	$9.68	$9.34	$9.45	$9.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.10	0.15	0.19	0.21	—⁽³⁾
		Net realized and unrealized gain/(loss)	0.40	0.44	0.58	(0.10)	(0.01)
	Total from Investment Operations		0.50	0.59	0.77	0.11	(0.01)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.36)	(0.31)	(0.43)	(0.22)	(0.01)
		Distributions (from capital gains)	—	(0.03)	—	—	—
		Return of capital	—	—	—	—	(0.02)
	Total Dividends and Distributions		(0.36)	(0.34)	(0.43)	(0.22)	(0.03)
	Net Asset Value, End of Period		$10.07	$9.93	$9.68	$9.34	$9.45
	Total Return*		5.11%	6.17%	8.59%	1.11%	(0.10)%
	Net Assets, End of Period (in thousands)		$141,913	$100,323	$70,554	$30,023	$55
	Average Net Assets for the Period (in thousands)		$119,763	$106,719	$45,901	$19,756	$53
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.83%	0.84%	0.91%	0.89%	0.95%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.81%	0.83%	0.90%	0.88%	0.95%
		Ratio of Net Investment Income/(Loss)	1.97%	1.52%	2.05%	2.31%	(0.01)%
	Portfolio Turnover Rate		15%	88%	42%	125%	112%

* 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) Period from June 5, 2017 (inception date) through June 30, 2017.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) Less than $0.005 on a per share basis.


See Notes to Financial Statements.

Janus Investment Fund	31

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

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 45 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.

Pursuant to the Agreement and Plan of Reorganization, the Fund acquired all the assets and liabilities of the Henderson Strategic Income Fund (the “Predecessor Fund”), a series of Henderson Global Funds, in exchange for Class A, Class C, Class I and Class N Fund shares having an aggregate net asset value equal to the value of the aggregate net assets of the same share class of the Predecessor Fund (except that Class R6 Predecessor Fund shares were exchanged for Class N Fund shares) (the “Reorganization”). The Reorganization occurred at the close of business on June 2, 2017.

The Predecessor Fund and the Fund had identical investment objectives and substantially similar investment policies and principal risks. For financial reporting purposes, the Predecessor Fund’s financial and performance history prior to the Reorganization is carried forward and reflected in the Fund’s financial highlights.

The last fiscal year end of the Predecessor Fund was July 31, 2016. Subsequent to July 31, 2016, the Fund changed its fiscal year end to June 30, 2017, to reflect the fiscal year end of certain funds of the Trust.

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.

It is expected that the conversion of Class C Shares to Class A Shares will not result in a taxable event. Please consult your tax adviser for further information.


32	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

The following accounting policies have been followed by the Fund and are in conformity with United States of America generally accepted accounting principles ("US GAAP").

Investment Valuation


Janus Investment Fund	33

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

Valuation Inputs Summary

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

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.

Investment Transactions and Investment Income

Expenses


34	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

Estimates

Indemnifications

Foreign Currency Translations

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.

Federal Income Taxes

2. Derivative Instruments


Janus Investment Fund	35

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

· 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.

· 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.


36	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

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 Janus Capital's ability to establish and maintain appropriate systems and trading.

Forward Foreign Currency Exchange Contracts

Futures Contracts

During the period, the Fund purchased interest rate futures to increase exposure to interest rate risk.


Janus Investment Fund	37

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

During the period, 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.

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


38	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

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 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 period, 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.

During the period, the Fund sold protection via the credit default swap market in order to gain credit risk exposure to individual corporates, countries and/or credit indices where gaining this exposure via the cash bond market was less attractive.


Janus Investment Fund	39

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

3. Other Investments and Strategies

Additional Investment Risk


40	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

Counterparties

Inflation-Linked Securities

The Fund may invest in inflation-indexed bonds, including municipal inflation-indexed bonds and corporate inflation-indexed bonds, or in derivatives that are linked to these securities. Inflation-linked bonds are fixed-income securities that have a principal value that is periodically adjusted according to the rate of inflation. If an index measuring inflation falls, the principal value of inflation-indexed bonds will typically be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Because of their inflation adjustment feature, inflation-linked bonds typically have lower yields than conventional fixed-rate bonds. In addition, inflation-linked bonds also normally decline in price when real interest rates rise. In the event of deflation, when prices decline over time, the principal and income of inflation-linked bonds would likely decline, resulting in losses to the Fund.

In the case of Treasury Inflation-Protected Securities, also known as TIPS, repayment of original bond principal upon maturity (as adjusted for inflation) is guaranteed by the U.S. Treasury. For inflation-linked bonds that do not provide a similar guarantee, the adjusted principal value of the inflation-linked bond repaid at maturity may be less than the original principal. Other non-U.S. sovereign governments also issue inflation-linked securities (sometimes referred to as “linkers”) that are tied to their own local consumer price indices. In certain of these non-U.S. jurisdictions, the repayment of the original bond principal upon the maturity of an inflation-linked bond is not guaranteed, allowing for the amount of the bond repaid at maturity to be less than par. Inflation-linked bonds may also be issued by, or related to, sovereign governments of other developed countries, emerging market countries, or companies or other entities not affiliated with governments.

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 December 31, 2020.

· 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.


Janus Investment Fund	41

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

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

Offsetting Assets and Liabilities


42	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

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.


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

BNP Paribas		$	187,510	$	(187,510)	$	—	$	—

Total		$	187,510	$	(187,510)	$	—	$	—
Offsetting of Financial Liabilities and Derivative Liabilities

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability^(a)		Pledged^(b)		Net Amount

Barclays Capital, Inc		$	11,110	$	—	$	—	$	11,110
BNP Paribas			19,608,001		(187,510)		—		19,420,491

Total		$	19,619,111	$	(187,510)	$	—	$	19,431,601
(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.

The Fund may require the counterparty to pledge securities as collateral daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized gain on OTC derivative contracts with a particular counterparty. The Fund may deposit cash 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. The collateral amounts are subject to minimum exposure requirements and initial margin requirements. Collateral amounts are monitored and subsequently adjusted up or down as valuations fluctuate by at least the minimum exposure requirement. Collateral may reduce the risk of loss.

Real Estate Investing


Janus Investment Fund	43

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

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.

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. 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, Janus Capital 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.

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable).

There were no securities on loan as of December 31, 2020.

Sovereign Debt


44	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

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.

When-Issued, Delayed Delivery and Forward Commitment Transactions

4. Investment Advisory Agreements and Other Transactions with Affiliates


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.

Janus Capital 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 Janus Capital. In this capacity, such employees of HGIL are subject to the oversight and supervision of Janus Capital and may provide portfolio management, research, and related services to the Fund on behalf of Janus Capital.

Effective March 31, 2020, Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, networking/omnibus/administrative fees and out-of-pocket transfer agency fees, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (but not including out-of-pocket costs), and administrative services fees, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.57% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers until at least October 31, 2021. Networking/omnibus/administrative fees and out-of-pocket transfer agency fees were not waived under the Fund’s prior expense limitation agreement. The previous expense limit (until March 30, 2020) was 0.64%. If applicable,


Janus Investment Fund	45

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Fund pays an annual administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services, 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%

The Fund’s actual Class D administrative fee rate was 0.12% for the reporting period.

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.


46	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

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 Janus Henderson Distributors 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. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.

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”). As adviser, Janus Capital 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.


Janus Investment Fund	47

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

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.

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 period ended December 31, 2020, redeeming shareholders of Class A Shares paid CDSCs of $2 to Janus Henderson Distributors.

5. Federal Income Tax



Capital Loss Carryover Schedule
For the year ended June 30, 2020
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(37,094,833)	$(48,048,431)	$ (85,143,264)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2020 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, straddle deferrals, and investments in partnerships.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 1,968,734,547	$172,217,993	$ (319,108)	$ 171,898,885


48	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

Information on the tax components of derivatives as of December 31, 2020 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 14,231,163	$ 5,879,633	$(20,022,773)	$ (14,143,140)

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

6. Capital Share Transactions



	Period ended December 31, 2020		Year ended June 30, 2020
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	4,998,019	$ 50,827,972	3,649,180	$ 35,708,506
Reinvested dividends and distributions	306,834	3,090,782	188,803	1,833,350
Shares repurchased	(1,305,043)	(13,303,189)	(3,202,078)	(31,092,974)
Net Increase/(Decrease)	3,999,810	$ 40,615,565	635,905	$ 6,448,882
Class C Shares:
Shares sold	770,867	$ 7,786,604	1,902,787	$ 18,490,357
Reinvested dividends and distributions	116,801	1,167,660	92,453	889,160
Shares repurchased	(614,006)	(6,191,431)	(2,040,062)	(19,728,977)
Net Increase/(Decrease)	273,662	$ 2,762,833	(44,822)	$ (349,460)
Class D Shares:
Shares sold	2,093,417	$ 21,256,791	2,705,399	$ 26,522,420
Reinvested dividends and distributions	160,069	1,612,475	76,724	745,010
Shares repurchased	(585,710)	(5,954,997)	(1,396,780)	(13,400,531)
Net Increase/(Decrease)	1,667,776	$ 16,914,269	1,385,343	$ 13,866,899
Class I Shares:
Shares sold	53,858,463	$546,199,883	101,325,222	$985,964,932
Reinvested dividends and distributions	5,401,513	54,261,720	4,018,988	38,927,774
Shares repurchased	(20,641,181)	(209,189,378)	(67,365,757)	(641,276,581)
Net Increase/(Decrease)	38,618,795	$391,272,225	37,978,453	$383,616,125
Class N Shares:
Shares sold	2,307,112	$ 23,410,865	3,886,797	$ 37,866,390
Reinvested dividends and distributions	158,150	1,588,563	64,923	629,285
Shares repurchased	(521,720)	(5,301,328)	(1,338,783)	(12,282,346)
Net Increase/(Decrease)	1,943,542	$ 19,698,100	2,612,937	$ 26,213,329
Class S Shares:
Shares sold	37,327	$ 379,452	6,278	$ 61,936
Reinvested dividends and distributions	1,662	16,720	709	6,868
Shares repurchased	(12,160)	(124,313)	(781)	(7,456)
Net Increase/(Decrease)	26,829	$ 271,859	6,206	$ 61,348
Class T Shares:
Shares sold	4,650,411	$ 47,260,968	13,094,096	$128,213,150
Reinvested dividends and distributions	472,064	4,750,420	419,488	4,065,526
Shares repurchased	(1,134,841)	(11,529,611)	(10,695,753)	(100,879,359)
Net Increase/(Decrease)	3,987,634	$ 40,481,777	2,817,831	$ 31,399,317


Janus Investment Fund	49

Janus Henderson Developed World Bond Fund

Notes to Financial Statements (unaudited)

7. Purchases and Sales of Investment Securities


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
$619,806,406	$ 270,044,691	$ -	$ -

8. Subsequent Event


50	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


Janus Investment Fund	51

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Asset Allocation Funds


52	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	53

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds


54	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Multi-Asset U.S. Equity Funds

Quantitative Equity Funds


Janus Investment Fund	55

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

U.S. Equity Funds

Costs of Services Provided


56	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Asset Allocation Funds

Fixed-Income Funds


Janus Investment Fund	57

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

Global and International Equity Funds

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


58	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

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 both share classes.

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 Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Venture Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

Quantitative Equity Funds

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


Janus Investment Fund	59

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

U.S. Equity Funds

· For Janus Henderson Large 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 Mid Cap Value Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.


60	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)

and any subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by Janus Capital.

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	61

Janus Henderson Developed World Bond Fund

Additional Information (unaudited)


62	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


Janus Investment Fund	63

Janus Henderson Developed World Bond Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

Statements of Changes in Net Assets

Financial Highlights


64	DECEMBER 31, 2020

Janus Henderson Developed World Bond Fund

Useful Information About Your Fund Report (unaudited)

total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.


Janus Investment Fund	65




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, Janus, Henderson, Perkins and Intech are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-24-93077 03-21



		SEMIANNUAL REPORT December 31, 2020

	Janus Henderson Dividend & Income Builder Fund

	Janus Investment Fund

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Dividend & Income Builder Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	13
Statement of Assets and Liabilities	15
Statement of Operations	17
Statements of Changes in Net Assets	19
Financial Highlights	20
Notes to Financial Statements	27
Additional Information	40
Useful Information About Your Fund Report	52

Janus Henderson Dividend & Income Builder Fund (unaudited)

FUND SNAPSHOT

The Janus Henderson Dividend & Income Builder Fund is a global portfolio of income-producing securities. The Fund invests primarily in dividend-paying equities, with an allocation to fixed income securities. The equity and fixed income allocation is driven by assessment of the relative attractiveness of income opportunities within each asset class and views on the broader market environment.

Within the equity allocation, we seek companies that pay an attractive and sustainable dividend yield with the capability to grow over the medium to long term. The fixed income allocation is used opportunistically in the 10% to 30% range as well as to seek to protect capital when the portfolio management team thinks the macroenvironment dictates it; this allows us to seek to reduce the beta further when appropriate.

Alex Crooke

co-portfolio manager

Faizan Baig

co-portfolio manager

Ben Lofthouse

co-portfolio manager

Jenna Barnard

co-portfolio manager

John Pattullo

co-portfolio manager

PERFORMANCE

The Janus Henderson Dividend & Income Builder Fund’s Class I Shares returned 15.68% for the period ended December 31, 2020. The Fund’s primary benchmark, the MSCI World Index^SM, returned 23.00%. The Fund’s secondary benchmark, the 75% MSCI World / 25% Bloomberg Barclays Global Aggregate Credit (USD Hedged) Index, returned 18.22%. The secondary benchmark is an internally calculated, hypothetical combination of total returns from the MSCI World Index (75%) and the Bloomberg Barclays Global Aggregate Credit (USD Hedged) Index (25%).

INVESTMENT ENVIRONMENT

The period under review was defined by the COVID-19 pandemic; after an initial panic and liquidity crisis, both equity and fixed income markets performed strongly in the wake of stimulus injected across the globe. Dividend strategies, however, did not fare as well, despite the collapse in interest rates generating record demand for high-quality credit.

There was a clear shift toward reopening beneficiaries, with sectors and industries such as consumer discretionary and industrials outperforming during the quarter. Following a strong earnings season the technology sector extended its outperformance, as the market cemented its belief that the digitization step-change that was precipitated by the lockdowns will persist. Defensive sectors such as utilities, real estate and health care underperformed.

In some regions (such as the UK) where dividend cuts were prevalent at the start of the lockdown period, we have seen payments reinstated, with some companies returning to the dividend register and others making “catch-up” payments.

PERFORMANCE DISCUSSION

In the index, the consumer discretionary sector performed well during the period on the general view that we are through the worst of COVID-19’s impact on economic activity. Consumers are expected to release some pent-up demand after increasing their savings during the initial wave of the pandemic. However, the Fund’s underweight


Janus Investment Fund	1

Janus Henderson Dividend & Income Builder Fund (unaudited)

as well as disappointing stock selection in the sector detracted from relative returns.

The Fund’s overweight allocation to the consumer staples and health care sectors also detracted, as they underperformed the broader market due both to the rotation toward more cyclical companies that benefit from improving economic data as well as to disappointing stock selection.

Stock selection in technology was a notable positive driver of relative outperformance during the period, with holdings proving resilient in both up and down markets due to demand. We added to the space over the period on the view that the valuations and dividend yields appear attractive in the low rate environment. Stock selection in energy also was additive. Materials was one of the best-performing sectors in the index, and the Fund’s overweight contributed on a relative basis.

DERIVATIVE USAGE

Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

OUTLOOK

After a prolonged period of value stocks underperforming growth, we see scope for continued market rotation into undervalued and unloved segments of the market. We believe the Fund is well positioned for this given the team’s strong valuation discipline that focuses on identifying attractive, dividend-yielding stocks with high levels of free cash flow.

As companies better grasp the impact of COVID-19 on their businesses and adapt to changing business models, we are seeing signs of companies being more comfortable with resuming the distribution of dividends. We see this as supportive for the Fund’s income generation and believe the vaccines could provide an avenue for companies that were unable to distribute dividends during the pandemic to resume payments once economic activity picks up.

We continue to focus on generating high levels of income for the Fund, maintaining an emphasis on companies with strong cash flow generation and solid balance sheets that have benefited from the resumption of dividends by those companies that delayed their payments earlier in the year. Given the low-yield environment, we believe the relative attractions of the portfolio are high versus other income investments.


2	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund (unaudited)

Fund At A Glance

December 31, 2020





5 Top Contributors - Equity Sleeve Holdings			5 Top Detractors - Equity Sleeve Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Taiwan Semiconductor Manufacturing Co Ltd (ADR)	3.53%	1.87%	Cisco Systems Inc	2.66%	-0.65%
Samsung Electronics Co Ltd	2.70%	1.40%	GlaxoSmithKline PLC	1.53%	-0.47%
Honeywell International Inc	1.12%	0.22%	Sanofi	1.61%	-0.42%
Anglo American PLC	1.09%	0.19%	Nestle SA (REG)	3.00%	-0.40%
SIG Combibloc Group AG	1.07%	0.18%	Roche Holding AG	2.06%	-0.39%


	5 Top Contributors - Equity Sleeve Sectors*
		Relative	Equity Sleeve	MSCI World Index
		Contribution	Average Weight	Average Weight
	Information Technology	1.38%	16.21%	21.66%
	Energy	0.31%	2.81%	2.77%
	Materials	0.16%	5.83%	4.47%
	Real Estate	-0.17%	3.06%	2.80%
	Financials	-0.19%	14.30%	12.39%


	5 Top Detractors - Equity Sleeve Sectors*
		Relative	Equity Sleeve	MSCI World Index
		Contribution	Average Weight	Average Weight
	Consumer Discretionary	-1.27%	4.12%	11.73%
	Health Care	-0.94%	15.13%	13.54%
	Consumer Staples	-0.75%	13.68%	8.07%
	Other**	-0.62%	2.16%	0.00%
	Communication Services	-0.56%	4.83%	8.93%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.


Janus Investment Fund	3

Janus Henderson Dividend & Income Builder Fund (unaudited)

Fund At A Glance

December 31, 2020


5 Largest Equity Holdings - (% of Net Assets)
Microsoft Corp
Software	3.8%
Taiwan Semiconductor Manufacturing Co Ltd (ADR)
Semiconductor & Semiconductor Equipment	3.4%
Samsung Electronics Co Ltd
Technology Hardware, Storage & Peripherals	3.3%
Nestle SA (REG)
Food Products	2.3%
Cisco Systems Inc
Communications Equipment	2.2%
	15.0%


Asset Allocation - (% of Net Assets)
Common Stocks	79.4%
Corporate Bonds	14.9%
Preferred Stocks	3.3%
Investment Companies	1.8%
Rights	0.0%
Other		0.6%
		100.0%

Emerging markets comprised 7.1% of total net assets.

Top Country Allocations - Long Positions - (% of Investment Securities)

As of December 31, 2020

As of June 30, 2020


4	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended December 31, 2020					Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	15.50%	5.01%	6.71%	7.40%	1.25%	1.16%
Class A Shares at MOP	8.87%	-1.03%	5.62%	6.75%
Class C Shares at NAV	15.12%	4.16%	5.88%	6.58%	2.00%	1.91%
Class C Shares at CDSC	14.12%	3.16%	5.88%	6.58%
Class D Shares	15.58%	5.15%	6.84%	7.55%	1.20%	0.99%
Class I Shares	15.68%	5.20%	6.94%	7.64%	1.00%	0.91%
Class N Shares	15.68%	5.34%	6.96%	7.61%	1.51%	0.84%
Class S Shares	15.72%	5.12%	6.67%	7.29%	7.13%	1.35%
Class T Shares	15.55%	5.09%	6.74%	7.44%	1.21%	1.09%
MSCI World Index	23.00%	15.90%	12.19%	11.68%
75% MSCI World / 25% BBgBarc Global Agg Credit (USD Hedged) Index	18.22%	14.26%	10.79%	10.04%
Morningstar Quartile - Class I Shares	-	3rd	3rd	1st
Morningstar Ranking - based on total returns for World Allocation Funds	-	261/481	238/416	75/369

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2020.


Janus Investment Fund	5

Janus Henderson Dividend & Income Builder Fund (unaudited)

Performance

Returns of the Fund shown prior to June 5, 2017, are those for Henderson Dividend & Income Builder Fund (the “Predecessor Fund”), which merged into the Fund after the close of business on June 2, 2017. The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the reorganization automatically exchanged for Class D Shares of the Fund following the reorganization. Class A Shares, Class C Shares, and Class I Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on August 1, 2012. Class R6 Shares of the Predecessor Fund commenced operations on November 30, 2015. Class D Shares, Class S Shares, and Class T Shares commenced operations on June 5, 2017.

Performance of Class N Shares shown for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of the Predecessor Fund, calculated using the fees and expenses of Class R6 Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to November 30, 2015, performance for Class N Shares reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class N Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class S Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class S Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class T Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class D Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

Effective October 28, 2020, Faizan Baig, Alex Crooke, Ben Lofthouse, Jenna Barnard and John Pattullo are Co-Portfolio Managers of the Fund.

*The Predecessor Fund’s inception date – August 1, 2012

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.


6	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/20)	Ending Account Value (12/31/20)	Expenses Paid During Period (7/1/20 - 12/31/20)†	Beginning Account Value (7/1/20)	Ending Account Value (12/31/20)	Expenses Paid During Period (7/1/20 - 12/31/20)†	Net Annualized Expense Ratio (7/1/20 - 12/31/20)
Class A Shares		$1,000.00	$1,155.00	$6.36	$1,000.00	$1,019.31	$5.96	1.17%
Class C Shares		$1,000.00	$1,151.20	$10.25	$1,000.00	$1,015.68	$9.60	1.89%
Class D Shares		$1,000.00	$1,155.80	$5.43	$1,000.00	$1,020.16	$5.09	1.00%
Class I Shares		$1,000.00	$1,156.80	$5.00	$1,000.00	$1,020.57	$4.69	0.92%
Class N Shares		$1,000.00	$1,156.80	$4.68	$1,000.00	$1,020.87	$4.38	0.86%
Class S Shares		$1,000.00	$1,157.20	$4.57	$1,000.00	$1,020.97	$4.28	0.84%
Class T Shares		$1,000.00	$1,155.50	$6.03	$1,000.00	$1,019.61	$5.65	1.11%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	7

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts			Value
Corporate Bonds– 14.9%
Banking – 1.0%
	Barclays Bank PLC, ICE LIBOR USD 3 Month + 1.5500%, 6.2780%^‡,µ	$910,000	$1,132,950
	Lloyds Banking Group PLC,
	ICE LIBOR USD 3 Month + 1.2700%, 6.6570% (144A)^‡,µ	412,000	523,240
			1,656,190
Capital Goods – 0.8%
	Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc,
	6.0000%, 2/15/25 (144A)	1,213,000	1,256,971
Communications – 5.7%
	CCO Holdings LLC / CCO Holdings Capital Corp, 4.5000%, 8/15/30 (144A)	500,000	530,625
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	4.2000%, 3/15/28	1,000,000	1,153,407
	Crown Castle International Corp, 3.8000%, 2/15/28	1,000,000	1,152,057
	CSC Holdings LLC, 5.7500%, 1/15/30 (144A)	1,000,000	1,096,250
	Sirius XM Radio Inc, 5.5000%, 7/1/29 (144A)	1,000,000	1,100,312
	T-Mobile USA Inc, 3.8750%, 4/15/30 (144A)	925,000	1,071,159
	Virgin Media Finance PLC, 5.0000%, 7/15/30 (144A)	1,000,000	1,037,500
	Vodafone Group PLC, 4.3750%, 5/30/28	1,000,000	1,197,144
	Ziggo BV, 4.8750%, 1/15/30 (144A)	1,000,000	1,051,250
			9,389,704
Consumer Cyclical – 0.5%
	Service Corp International/US, 5.1250%, 6/1/29	800,000	886,000
Consumer Non-Cyclical – 5.2%
	Anheuser-Busch InBev Worldwide Inc, 4.7500%, 1/23/29	1,500,000	1,849,743
	Aramark Services Inc, 4.7500%, 6/1/26	191,000	196,625
	Constellation Brands Inc, 3.1500%, 8/1/29	600,000	667,862
	Elanco Animal Health Inc, 5.9000%, 8/28/28	670,000	790,600
	HCA Inc, 5.2500%, 6/15/26	1,000,000	1,183,248
	IQVIA Inc, 5.0000%, 5/15/27 (144A)	1,000,000	1,063,025
	Sysco Corp, 5.9500%, 4/1/30	750,000	985,056
	Tesco PLC, 6.1500%, 11/15/37 (144A)	1,500,000	1,934,595
			8,670,754
Real Estate Investment Trusts (REITs) – 0.7%
	Digital Realty Trust LP, 3.6000%, 7/1/29	1,000,000	1,145,940
Technology – 1.0%
	VMware Inc, 4.6500%, 5/15/27	1,100,000	1,286,683
	VMware Inc, 3.9000%, 8/21/27	353,000	398,081
			1,684,764
Total Corporate Bonds (cost $22,432,176)			24,690,323
Common Stocks– 79.4%
Auto Components – 1.4%
	Cie Generale des Etablissements Michelin SCA	18,207	2,336,366
Banks – 1.9%
	BAWAG Group AG (144A)*	34,950	1,639,502
	ING Groep NV*	166,876	1,580,675
			3,220,177
Beverages – 2.8%
	Coca-Cola Co	38,886	2,132,508
	Coca-Cola Femsa SAB de CV (ADR)	14,909	687,305
	PepsiCo Inc	11,809	1,751,275
			4,571,088
Capital Markets – 2.9%
	CME Group Inc	9,597	1,747,134
	UBS Group AG	224,614	3,142,613
			4,889,747
Communications Equipment – 2.2%
	Cisco Systems Inc	81,590	3,651,152


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Containers & Packaging – 1.7%
	Amcor PLC	108,196	$1,285,015
	SIG Combibloc Group AG*	66,685	1,544,893
			2,829,908
Diversified Telecommunication Services – 2.2%
	Telenor ASA	131,759	2,234,908
	TELUS Corp	68,543	1,357,719
			3,592,627
Electric Utilities – 3.1%
	Enel SpA	238,554	2,408,696
	Iberdrola SA	187,359	2,679,181
			5,087,877
Electrical Equipment – 2.7%
	ABB Ltd	62,273	1,742,450
	Schneider Electric SE	18,864	2,728,243
			4,470,693
Electronic Equipment, Instruments & Components – 0.9%
	Corning Inc	39,742	1,430,712
Entertainment – 0.8%
	Vivendi SA	39,472	1,272,753
Equity Real Estate Investment Trusts (REITs) – 1.7%
	Crown Castle International Corp	8,763	1,394,982
	VICI Properties Inc	58,847	1,500,598
			2,895,580
Food & Staples Retailing – 2.0%
	Tesco PLC	1,055,349	3,331,406
Food Products – 3.3%
	Mondelez International Inc	28,072	1,641,370
	Nestle SA (REG)	32,099	3,780,261
			5,421,631
Gas Utilities – 0.8%
	Snam SpA	234,449	1,316,402
Health Care Equipment & Supplies – 1.8%
	Medtronic PLC	26,056	3,052,200
Hotels, Restaurants & Leisure – 1.9%
	GVC Holdings PLC*	97,786	1,517,665
	McDonald's Corp	7,587	1,628,018
			3,145,683
Household Durables – 1.2%
	Panasonic Corp	169,500	1,958,846
Industrial Conglomerates – 2.4%
	Honeywell International Inc	8,246	1,753,924
	Siemens AG	14,982	2,144,047
			3,897,971
Insurance – 6.4%
	Allianz SE	8,362	2,045,685
	AXA SA	84,497	2,026,897
	Manulife Financial Corp	92,401	1,644,443
	Travelers Cos Inc	12,097	1,698,056
	Zurich Insurance Group AG	7,646	3,241,786
			10,656,867
Machinery – 0.8%
	Volvo AB*	59,424	1,399,031
Metals & Mining – 2.3%
	Anglo American PLC	65,092	2,167,716
	Rio Tinto PLC	21,496	1,608,175
			3,775,891
Multi-Utilities – 3.8%
	Dominion Energy Inc	16,362	1,230,422


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	9

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Multi-Utilities– (continued)
	DTE Energy Co	12,266	$1,489,215
	National Grid PLC	98,598	1,174,185
	RWE AG	33,168	1,400,695
	Sempra Energy	7,511	956,977
			6,251,494
Oil, Gas & Consumable Fuels – 2.5%
	Repsol SA	95,101	958,597
	Royal Dutch Shell PLC*	85,537	1,527,446
	Total SE	36,580	1,577,789
			4,063,832
Paper & Forest Products – 1.3%
	UPM-Kymmene Oyj	58,944	2,192,714
Personal Products – 1.7%
	Unilever PLC	45,850	2,775,911
Pharmaceuticals – 9.6%
	Bristol-Myers Squibb Co	40,195	2,493,296
	GlaxoSmithKline PLC	64,980	1,190,455
	Merck & Co Inc	17,410	1,424,138
	Novartis AG	36,514	3,449,946
	Pfizer Inc	66,377	2,443,337
	Roche Holding AG	8,372	2,922,047
	Sanofi	19,603	1,893,810
			15,817,029
Professional Services – 1.4%
	RELX PLC	95,440	2,345,958
Semiconductor & Semiconductor Equipment – 5.5%
	Broadcom Inc	4,175	1,828,024
	Taiwan Semiconductor Manufacturing Co Ltd (ADR)	51,607	5,627,227
	Texas Instruments Inc	9,859	1,618,158
			9,073,409
Software – 3.8%
	Microsoft Corp	28,481	6,334,052
Textiles, Apparel & Luxury Goods – 1.0%
	Burberry Group PLC*	33,674	824,705
	VF Corp	9,532	814,128
			1,638,833
Tobacco – 0.8%
	Imperial Brands PLC	66,809	1,403,539
Wireless Telecommunication Services – 0.8%
	Tele2 AB	97,708	1,292,101
Total Common Stocks (cost $107,061,899)			131,393,480
Preferred Stocks– 3.3%
Technology Hardware, Storage & Peripherals – 3.3%
	Samsung Electronics Co Ltd((cost $2,776,118)	79,979	5,429,634
Rights– 0%
Oil, Gas & Consumable Fuels – 0%
	Repsol SA*((cost $33,371)	95,101	32,608
Investment Companies– 1.8%
Money Markets – 1.8%
	Janus Henderson Cash Liquidity Fund LLC, 0.1108%^ºº,£((cost $2,946,465)	2,946,211	2,946,506
Total Investments (total cost $135,250,029) – 99.4%			164,492,551
Cash, Receivables and Other Assets, net of Liabilities – 0.6%			1,004,610
Net Assets – 100%			$165,497,161


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments (unaudited)

December 31, 2020


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
United States	$64,209,098	39.0	%
United Kingdom	20,570,721	12.5
Switzerland	19,823,996	12.1
France	11,835,858	7.2
Netherlands	7,753,794	4.7
Taiwan	5,627,227	3.4
Germany	5,590,427	3.4
South Korea	5,429,634	3.3
Italy	3,725,098	2.3
Spain	3,670,386	2.2
Canada	3,002,162	1.8
Sweden	2,691,132	1.7
Norway	2,234,908	1.4
Finland	2,192,714	1.3
Japan	1,958,846	1.2
Belgium	1,849,743	1.1
Austria	1,639,502	1.0
Mexico	687,305	0.4



Total	$164,492,551	100.0	%

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 12/31/20
Investment Companies - 1.8%
Money Markets - 1.8%
	Janus Henderson Cash Liquidity Fund LLC, 0.1108%^ºº	$	1,073	$	79	$	41	$	2,946,506


		Value at 6/30/20		Purchases		Sales Proceeds		Value at 12/31/20
Investment Companies - 1.8%
Money Markets - 1.8%
	Janus Henderson Cash Liquidity Fund LLC, 0.1108%^ºº		-		29,903,922		(26,957,536)		2,946,506


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Dividend & Income Builder Fund

Schedule of Investments (unaudited)

December 31, 2020

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended December 31, 2020.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2020

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$(487,109)



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$ (74,825)

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 Market Value of Derivative Instruments During the Period Ended December 31, 2020

	Market Value^(a)
Forward foreign currency exchange contracts, purchased	$ 2,182,038
Forward foreign currency exchange contracts, sold	4,256,340

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount purchased or sold.


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Notes to Schedule of Investments and Other Information (unaudited)


MSCI World Index^SM	MSCI World Index^SM reflects the equity market performance of global developed markets.
75% MSCI World / 25% BBgBarc Global Agg Credit (USD Hedged) Index	75% MSCI World / 25% BBgBarc Global Agg Credit (USD Hedged) Index is an internally-calculated, hypothetical combination of total returns from the MSCI World Index^SM (75%) and the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged) (25%).


ADR	American Depositary Receipt
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company
REG	Registered

144A


*	Non-income producing security.


‡	Variable or floating rate security. Rate shown is the current rate as of December 31, 2020. 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 December 31, 2020.


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.


Janus Investment Fund	13

Janus Henderson Dividend & Income Builder Fund

Notes to Schedule of Investments and Other Information (unaudited)


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 December 31, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Corporate Bonds	$	-	$	24,690,323	$	-
Common Stocks
Beverages		4,571,088		-		-
Capital Markets		1,747,134		3,142,613		-
Communications Equipment		3,651,152		-		-
Diversified Telecommunication Services		1,357,719		2,234,908		-
Electronic Equipment, Instruments & Components		1,430,712		-		-
Equity Real Estate Investment Trusts (REITs)		2,895,580		-		-
Food Products		1,641,370		3,780,261		-
Health Care Equipment & Supplies		3,052,200		-		-
Hotels, Restaurants & Leisure		1,628,018		1,517,665		-
Industrial Conglomerates		1,753,924		2,144,047		-
Insurance		3,342,499		7,314,368		-
Multi-Utilities		3,676,614		2,574,880		-
Personal Products		2,775,911		-		-
Pharmaceuticals		6,360,771		9,456,258		-
Semiconductor & Semiconductor Equipment		9,073,409		-		-
Software		6,334,052		-		-
Textiles, Apparel & Luxury Goods		814,128		824,705		-
All Other		-		42,297,494		-
Preferred Stocks		-		5,429,634		-
Rights		32,608		-		-
Investment Companies		-		2,946,506		-
Total Assets	$	56,138,889	$	108,353,662	$	-


14	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2020

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	161,546,045
	Affiliated investments, at value⁽²⁾			2,946,506
	Cash denominated in foreign currency⁽³⁾			48,692
	Non-interested Trustees' deferred compensation			3,809
	Receivables:
		Fund shares sold		503,059
		Foreign tax reclaims		478,768
		Interest		297,007
		Dividends		218,902
		Dividends from affiliates		488
	Other assets			45,395
Total Assets				166,088,671
Liabilities:
	Due to custodian			9
	Payables:			—
		Fund shares repurchased		315,690
		Advisory fees		126,108
		Professional fees		36,107
		Printing fees		26,403
		12b-1 Distribution and shareholder servicing fees		25,203
		Transfer agent fees and expenses		21,546
		Non-affiliated fund administration fees payable		19,231
		Custodian fees		4,029
		Non-interested Trustees' deferred compensation fees		3,809
		Affiliated fund administration fees payable		380
		Non-interested Trustees' fees and expenses		231
		Accrued expenses and other payables		12,764
Total Liabilities				591,510
Net Assets			$	165,497,161


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Dividend & Income Builder Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	146,260,493
	Total distributable earnings (loss)		19,236,668
Total Net Assets		$	165,497,161
Net Assets - Class A Shares		$	28,497,377
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,042,829
Net Asset Value Per Share⁽⁴⁾		$	13.95
Maximum Offering Price Per Share⁽⁵⁾		$	14.80
Net Assets - Class C Shares		$	19,978,813
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,461,791
Net Asset Value Per Share⁽⁴⁾		$	13.67
Net Assets - Class D Shares		$	8,148,744
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		584,233
Net Asset Value Per Share		$	13.95
Net Assets - Class I Shares		$	79,876,433
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,717,610
Net Asset Value Per Share		$	13.97
Net Assets - Class N Shares		$	591,449
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		42,436
Net Asset Value Per Share		$	13.94
Net Assets - Class S Shares		$	59,898
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,313
Net Asset Value Per Share		$	13.89
Net Assets - Class T Shares		$	28,344,447
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,035,068
Net Asset Value Per Share		$	13.93

(1) Includes cost of $132,303,564.

(2) Includes cost of $2,946,465.

(3) Includes cost of $48,692.

(4) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(5) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

16	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Statement of Operations (unaudited)

For the period ended December 31, 2020



Investment Income:
	Dividends		$	2,687,348
	Interest			610,529
	Dividends from affiliates			1,073
	Other income			6,473
	Foreign tax withheld			(118,995)
Total Investment Income				3,186,428
Expenses:
	Advisory fees			603,785
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		33,987
		Class C Shares		101,009
		Class S Shares		—
	Transfer agent administrative fees and expenses:
		Class D Shares		4,347
		Class S Shares		71
		Class T Shares		33,472
	Transfer agent networking and omnibus fees:
		Class A Shares		6,849
		Class C Shares		6,027
		Class I Shares		24,664
	Other transfer agent fees and expenses:
		Class A Shares		855
		Class C Shares		630
		Class D Shares		1,113
		Class I Shares		1,654
		Class N Shares		10
		Class S Shares		2
		Class T Shares		167
	Registration fees			37,030
	Professional fees			30,089
	Custodian fees			13,085
	Shareholder reports expense			12,353
	Affiliated fund administration fees			2,013
	Non-interested Trustees’ fees and expenses			1,459
	Other expenses			36,529
Total Expenses				951,200
Less: Excess Expense Reimbursement and Waivers				(60,433)
Net Expenses				890,767
Net Investment Income/(Loss)				2,295,661


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Dividend & Income Builder Fund

Statement of Operations (unaudited)

For the period ended December 31, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	621,042
	Investments in affiliates		79
	Forward foreign currency exchange contracts		(487,109)
Total Net Realized Gain/(Loss) on Investments			134,012
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		20,461,997
	Investments in affiliates		41
	Forward foreign currency exchange contracts		(74,825)
Total Change in Unrealized Net Appreciation/Depreciation			20,387,213
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	22,816,886


See Notes to Financial Statements.

18	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Statements of Changes in Net Assets



			Period ended December 31, 2020 (unaudited)		Year ended June 30, 2020

Operations:
	Net investment income/(loss)		$	2,295,661	$	4,920,471
	Net realized gain/(loss) on investments			134,012		(7,941,757)
	Change in unrealized net appreciation/depreciation			20,387,213		(2,763,455)
Net Increase/(Decrease) in Net Assets Resulting from Operations				22,816,886		(5,784,741)
Dividends and Distributions to Shareholders:
		Class A Shares		(507,380)		(964,075)
		Class C Shares		(321,550)		(694,241)
		Class D Shares		(143,158)		(237,438)
		Class I Shares		(1,488,740)		(2,780,006)
		Class N Shares		(10,670)		(18,149)
		Class S Shares		(1,220)		(1,788)
		Class T Shares		(489,323)		(691,006)
Net Decrease from Dividends and Distributions to Shareholders				(2,962,041)		(5,386,703)
Capital Share Transactions:
		Class A Shares		(363,942)		(4,071,478)
		Class C Shares		(3,586,356)		(7,631,457)
		Class D Shares		364,619		462,340
		Class I Shares		(4,101,474)		(8,528,730)
		Class N Shares		50,269		(80,830)
		Class S Shares		1,220		1,788
		Class T Shares		(1,329,590)		11,466,641
Net Increase/(Decrease) from Capital Share Transactions				(8,965,254)		(8,381,726)
Net Increase/(Decrease) in Net Assets				10,889,591		(19,553,170)
Net Assets:
	Beginning of period			154,607,570		174,160,740
	End of period		$	165,497,161	$	154,607,570


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class A Shares
For a share outstanding during the period end December 31, 2020 (unaudited) and the year or period ended June 30			2020	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$12.31	$13.09	$13.18	$12.94	$12.16
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.19	0.36	0.42	0.36	0.38
		Net realized and unrealized gain/(loss)	1.70	(0.72)	(0.03)	0.24	0.75
	Total from Investment Operations		1.89	(0.36)	0.39	0.60	1.13
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.25)	(0.42)	(0.37)	(0.36)	(0.35)
		Distributions (from capital gains)	—	—	(0.11)	—	—
	Total Dividends and Distributions		(0.25)	(0.42)	(0.48)	(0.36)	(0.35)
	Net Asset Value, End of Period		$13.95	$12.31	$13.09	$13.18	$12.94
	Total Return*		15.50%	(2.79)%	3.14%	4.63%	9.44%
	Net Assets, End of Period (in thousands)		$28,497	$25,517	$32,262	$29,294	$25,824
	Average Net Assets for the Period (in thousands)		$26,503	$30,893	$30,675	$27,827	$29,932
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.24%	1.25%	1.32%	1.14%	1.23%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.17%	1.16%	1.17%	1.14%	1.23%
		Ratio of Net Investment Income/(Loss)	2.83%	2.83%	3.23%	2.71%	3.36%
	Portfolio Turnover Rate		23%	59%	44%	36%	55%


Class C Shares
For a share outstanding during the period end December 31, 2020 (unaudited) and the year or period ended June 30			2020	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$12.07	$12.89	$13.01	$12.81	$12.05
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.14	0.27	0.31	0.25	0.30
		Net realized and unrealized gain/(loss)	1.67	(0.74)	(0.01)	0.24	0.73
	Total from Investment Operations		1.81	(0.47)	0.30	0.49	1.03
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.21)	(0.35)	(0.31)	(0.29)	(0.27)
		Distributions (from capital gains)	—	—	(0.11)	—	—
	Total Dividends and Distributions		(0.21)	(0.35)	(0.42)	(0.29)	(0.27)
	Net Asset Value, End of Period		$13.67	$12.07	$12.89	$13.01	$12.81
	Total Return*		15.12%	(3.68)%	2.41%	3.85%	8.62%
	Net Assets, End of Period (in thousands)		$19,979	$21,018	$30,356	$29,203	$30,671
	Average Net Assets for the Period (in thousands)		$20,544	$25,897	$30,095	$31,115	$32,821
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.97%	1.98%	2.06%	1.91%	2.01%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.89%	1.89%	1.91%	1.91%	2.01%
		Ratio of Net Investment Income/(Loss)	2.17%	2.15%	2.48%	1.85%	2.68%
	Portfolio Turnover Rate		23%	59%	44%	36%	55%

* 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) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

20	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class A Shares
For a share outstanding during the year or period ended July 31			2016	2015
	Net Asset Value, Beginning of Period		$12.50	$12.57
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.40	0.35
		Net realized and unrealized gain/(loss)	(0.40)	0.11
	Total from Investment Operations		—	0.46
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.34)	(0.33)
		Distributions (from capital gains)	—	(0.20)
	Total Dividends and Distributions		(0.34)	(0.53)
	Net Asset Value, End of Period		$12.16	$12.50
	Total Return*		0.19%	3.81%
	Net Assets, End of Period (in thousands)		$40,869	$15,959
	Average Net Assets for the Period (in thousands)		$30,357	$15,010
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.27%⁽²⁾	1.46%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.27%⁽³⁾	1.30%
		Ratio of Net Investment Income/(Loss)	3.37%⁽⁴⁾	2.84%
	Portfolio Turnover Rate		39%	26%


Class C Shares
For a share outstanding during the year or period ended July 31			2016	2015
	Net Asset Value, Beginning of Period		$12.40	$12.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.30	0.26
		Net realized and unrealized gain/(loss)	(0.39)	0.10
	Total from Investment Operations		(0.09)	0.36
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.25)
		Distributions (from capital gains)	—	(0.20)
	Total Dividends and Distributions		(0.26)	(0.45)
	Net Asset Value, End of Period		$12.05	$12.40
	Total Return*		(0.58)%	3.00%
	Net Assets, End of Period (in thousands)		$33,327	$13,846
	Average Net Assets for the Period (in thousands)		$24,477	$10,077
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.04%⁽²⁾	2.23%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.03%⁽³⁾	2.05%
		Ratio of Net Investment Income/(Loss)	2.55%⁽⁴⁾	2.15%
	Portfolio Turnover Rate		39%	26%

* Total return 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) The Ratio of Gross Expenses include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.02% higher had the custodian not reimbursed the Fund.

(3) The Ratio of Net Expenses (After Waivers and Expense Offsets) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Net Expenses (After Waivers and Expense Offsets) would have been 0.01% higher had the custodian not reimbursed the Fund.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year or period ended June 30			2020	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$12.31	$13.09	$13.17	$12.93	$13.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.19	0.41	0.42	0.46	0.04
		Net realized and unrealized gain/(loss)	1.71	(0.75)	—⁽³⁾	0.16	(0.17)
	Total from Investment Operations		1.90	(0.34)	0.42	0.62	(0.13)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.44)	(0.39)	(0.38)	(0.12)
		Distributions (from capital gains)	—	—	(0.11)	—	—
	Total Dividends and Distributions		(0.26)	(0.44)	(0.50)	(0.38)	(0.12)
	Net Asset Value, End of Period		$13.95	$12.31	$13.09	$13.17	$12.93
	Total Return*		15.58%	(2.66)%	3.34%	4.77%	(0.96)%
	Net Assets, End of Period (in thousands)		$8,149	$6,861	$6,889	$8,072	$472
	Average Net Assets for the Period (in thousands)		$7,292	$7,041	$7,362	$4,665	$343
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.15%	1.20%	1.31%	1.02%	1.10%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.00%	0.99%	1.01%	0.99%	1.05%
		Ratio of Net Investment Income/(Loss)	2.97%	3.20%	3.26%	3.47%	4.27%
	Portfolio Turnover Rate		23%	59%	44%	36%	55%


Class I Shares
For a share outstanding during the period end December 31, 2020 (unaudited) and the year or period ended June 30			2020	2020	2019	2018	2017⁽⁴⁾
	Net Asset Value, Beginning of Period		$12.32	$13.11	$13.19	$12.94	$12.16
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.20	0.41	0.43	0.40	0.45
		Net realized and unrealized gain/(loss)	1.71	(0.76)	—⁽³⁾	0.23	0.71
	Total from Investment Operations		1.91	(0.35)	0.43	0.63	1.16
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.44)	(0.40)	(0.38)	(0.38)
		Distributions (from capital gains)	—	—	(0.11)	—	—
	Total Dividends and Distributions		(0.26)	(0.44)	(0.51)	(0.38)	(0.38)
	Net Asset Value, End of Period		$13.97	$12.32	$13.11	$13.19	$12.94
	Total Return*		15.68%	(2.68)%	3.41%	4.86%	9.70%
	Net Assets, End of Period (in thousands)		$79,876	$74,386	$88,458	$100,825	$78,630
	Average Net Assets for the Period (in thousands)		$75,994	$81,753	$97,766	$92,797	$66,190
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.99%	1.00%	1.06%	0.91%	1.00%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.92%	0.91%	0.92%	0.91%	1.00%
		Ratio of Net Investment Income/(Loss)	3.09%	3.19%	3.35%	2.94%	3.97%
	Portfolio Turnover Rate		23%	59%	44%	36%	55%

* 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) Period from June 5, 2017 (inception date) through June 30, 2017.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) Less than $0.005 on a per share basis.

(4) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.


See Notes to Financial Statements.

22	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class I Shares
For a share outstanding during the year or period ended July 31			2016	2015
	Net Asset Value, Beginning of Period		$12.49	$12.57
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.40	0.39
		Net realized and unrealized gain/(loss)	(0.37)	0.09
	Total from Investment Operations		0.03	0.48
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.36)	(0.36)
		Distributions (from capital gains)	—	(0.20)
	Total Dividends and Distributions		(0.36)	(0.56)
	Net Asset Value, End of Period		$12.16	$12.49
	Total Return*		0.48%	3.97%
	Net Assets, End of Period (in thousands)		$46,454	$24,356
	Average Net Assets for the Period (in thousands)		$36,087	$14,987
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.04%⁽²⁾	1.24%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%⁽³⁾	1.05%
		Ratio of Net Investment Income/(Loss)	3.37%⁽⁴⁾	3.13%
	Portfolio Turnover Rate		39%	26%

* Total return 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 Dividend & Income Builder Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year or period ended June 30			2020	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$12.30	$13.08	$13.16	$12.91	$12.17
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.20	0.41	0.42	0.45	0.40
		Net realized and unrealized gain/(loss)	1.71	(0.74)	0.01	0.19	0.73
	Total from Investment Operations		1.91	(0.33)	0.43	0.64	1.13
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.27)	(0.45)	(0.40)	(0.39)	(0.39)
		Distributions (from capital gains)	—	—	(0.11)	—	—
	Total Dividends and Distributions		(0.27)	(0.45)	(0.51)	(0.39)	(0.39)
	Net Asset Value, End of Period		$13.94	$12.30	$13.08	$13.16	$12.91
	Total Return*		15.68%	(2.56)%	3.48%	4.94%	9.44%
	Net Assets, End of Period (in thousands)		$591	$477	$590	$857	$50
	Average Net Assets for the Period (in thousands)		$512	$518	$723	$557	$281
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.51%	1.51%	1.39%	0.99%	1.12%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.86%	0.85%	0.85%	0.86%	1.06%
		Ratio of Net Investment Income/(Loss)	3.10%	3.22%	3.28%	3.40%	3.58%
	Portfolio Turnover Rate		23%	59%	44%	36%	55%


Class S Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year or period ended June 30			2020	2020	2019	2018	2017⁽³⁾
	Net Asset Value, Beginning of Period		$12.27	$13.06	$13.17	$12.93	$13.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.21	0.39	0.43	0.34	0.03
		Net realized and unrealized gain/(loss)	1.70	(0.75)	(0.02)	0.25	(0.16)
	Total from Investment Operations		1.91	(0.36)	0.41	0.59	(0.13)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.29)	(0.43)	(0.41)	(0.35)	(0.12)
		Distributions (from capital gains)	—	—	(0.11)	—	—
	Total Dividends and Distributions		(0.29)	(0.43)	(0.52)	(0.35)	(0.12)
	Net Asset Value, End of Period		$13.89	$12.27	$13.06	$13.17	$12.93
	Total Return*		15.72%	(2.80)%	3.28%	4.52%	(0.97)%
	Net Assets, End of Period (in thousands)		$60	$52	$53	$52	$49
	Average Net Assets for the Period (in thousands)		$55	$53	$51	$52	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	6.59%	6.96%	7.11%	2.77%	1.44%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.84%	1.08%	1.04%	1.21%	1.44%
		Ratio of Net Investment Income/(Loss)	3.13%	3.04%	3.32%	2.56%	3.22%
	Portfolio Turnover Rate		23%	59%	44%	36%	55%

* 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) Period from August 1, 2016 through June 30, 2017. The Fund changed its fiscal year end from July 31 to June 30.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) Period from June 5, 2017 (inception date) through June 30, 2017.


See Notes to Financial Statements.

24	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended July 31			2016⁽¹⁾
	Net Asset Value, Beginning of Period		$11.95
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.28
		Net realized and unrealized gain/(loss)	0.17
	Total from Investment Operations		0.45
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)
	Total Dividends and Distributions		(0.23)
	Net Asset Value, End of Period		$12.17
	Total Return*		3.93%
	Net Assets, End of Period (in thousands)		$403
	Average Net Assets for the Period (in thousands)		$406
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.09%⁽³⁾
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.03%⁽⁴⁾
		Ratio of Net Investment Income/(Loss)	3.51%⁽⁵⁾
	Portfolio Turnover Rate		39%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from November 30, 2015 (inception date) through July 31, 2016.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) The Ratio of Gross Expenses include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.02% higher had the custodian not reimbursed the Fund.

(4) The Ratio of Net Expenses (After Waivers and Expense Offsets) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Net Expenses (After Waivers and Expense Offsets) would have been 0.01% higher had the custodian not reimbursed the Fund.

(5) The Ratio of Net Investment Income/(Loss) include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Net Investment Income/(Loss) would have been 0.01% lower had the custodian not reimbursed the Fund.


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson Dividend & Income Builder Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year or period ended June 30			2020	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$12.29	$13.08	$13.16	$12.93	$13.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.19	0.41	0.43	0.49	0.03
		Net realized and unrealized gain/(loss)	1.70	(0.77)	(0.02)	0.11	(0.16)
	Total from Investment Operations		1.89	(0.36)	0.41	0.60	(0.13)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.25)	(0.43)	(0.38)	(0.37)	(0.12)
		Distributions (from capital gains)	—	—	(0.11)	—	—
	Total Dividends and Distributions		(0.25)	(0.43)	(0.49)	(0.37)	(0.12)
	Net Asset Value, End of Period		$13.93	$12.29	$13.08	$13.16	$12.93
	Total Return*		15.55%	(2.80)%	3.29%	4.66%	(0.96)%
	Net Assets, End of Period (in thousands)		$28,344	$26,296	$15,553	$9,755	$59
	Average Net Assets for the Period (in thousands)		$26,099	$19,478	$11,844	$3,644	$52
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.18%	1.21%	1.28%	1.13%	1.20%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.11%	1.09%	1.10%	1.11%	1.19%
		Ratio of Net Investment Income/(Loss)	2.95%	3.29%	3.36%	3.75%	3.48%
	Portfolio Turnover Rate		23%	59%	44%	36%	55%

* 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) Period from June 5, 2017 (inception date) through June 30, 2017.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

26	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Dividend & Income Builder 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 45 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to provide current income from a portfolio of securities that exceeds the average yield on global stocks, and aims to provide a growing stream of income per share over time. The Fund's secondary objective is to seek to provide long-term capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act.

Pursuant to the Agreement and Plan of Reorganization, the Fund acquired all the assets and liabilities of the Henderson Dividend & Income Builder Fund (the “Predecessor Fund”), a series of Henderson Global Funds, in exchange for Class A, Class C, Class I and Class N Fund shares having an aggregate net asset value equal to the value of the aggregate net assets of the same share class of the Predecessor Fund (except that Class R6 Predecessor Fund shares were exchanged for Class N Fund shares) (the “Reorganization”). The Reorganization occurred at the close of business on June 2, 2017.

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.

It is expected that the conversion of Class C Shares to Class A Shares will not result in a taxable event. Please consult your tax adviser for further information.


Janus Investment Fund	27

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

The following accounting policies have been followed by the Fund and are in conformity with United States of America generally accepted accounting principles ("US GAAP").

Investment Valuation


28	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

Valuation Inputs Summary

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

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.

Investment Transactions and Investment Income

Expenses


Janus Investment Fund	29

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

Estimates

Indemnifications

Foreign Currency Translations

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.

Federal Income Taxes

2. Derivative Instruments


30	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

· 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.

· 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.


Janus Investment Fund	31

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

Forward Foreign Currency Exchange Contracts

There were no forward foreign currency exchange contracts held at December 31, 2020.

3. Other Investments and Strategies

Additional Investment Risk


32	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund’s investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund’s ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund’s service providers, including Janus Capital or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

Counterparties

Emerging Market Investing


Janus Investment Fund	33

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

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.

Real Estate Investing

4. Investment Advisory Agreements and Other Transactions with Affiliates


Average Daily Net Assets of the Portfolio	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 0.76% of average annual net assets before any applicable waivers.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, 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/administrative 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% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing October 28, 2020. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.


34	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

The Fund pays an annual administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services, 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%

The Fund’s actual Class D administrative fee rate was 0.12% for the reporting period.

Janus Services is compensated for its services related to the 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, a wholly-owned subsidiary of Janus Capital, 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 Janus Henderson Distributors 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. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during


Janus Investment Fund	35

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.


36	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

As of December 31, 2020, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class		% of Class Owned		% of Fund Owned
Class A Shares		-	%^*	-	%^*
Class C Shares		-*		-*
Class D Shares		1		-*
Class I Shares		-*		-*
Class N Shares		10		-*
Class S Shares		100		-*
Class T Shares		-*		-*

*	Less than 0.50%

5. Federal Income Tax



Capital Loss Carryover Schedule
For the year ended June 30, 2020
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(6,323,057)	$(3,868,178)	$ (10,191,235)


Janus Investment Fund	37

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 135,262,386	$32,777,946	$ (3,547,781)	$ 29,230,165

6. Capital Share Transactions



	Period ended December 31, 2020		Year ended June 30, 2020
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	186,406	$ 2,465,635	1,212,362	$16,388,488
Reinvested dividends and distributions	37,906	489,090	74,405	942,035
Shares repurchased	(254,316)	(3,318,667)	(1,677,990)	(21,402,001)
Net Increase/(Decrease)	(30,004)	$ (363,942)	(391,223)	$ (4,071,478)
Class C Shares:
Shares sold	39,927	$ 515,199	901,902	$11,971,138
Reinvested dividends and distributions	24,059	303,438	51,039	633,948
Shares repurchased	(343,174)	(4,404,993)	(1,567,113)	(20,236,543)
Net Increase/(Decrease)	(279,188)	$(3,586,356)	(614,172)	$ (7,631,457)
Class D Shares:
Shares sold	84,312	$ 1,112,130	224,243	$ 2,855,505
Reinvested dividends and distributions	10,739	138,703	18,312	230,298
Shares repurchased	(68,324)	(886,214)	(211,158)	(2,623,463)
Net Increase/(Decrease)	26,727	$ 364,619	31,397	$ 462,340
Class I Shares:
Shares sold	318,515	$ 4,178,783	1,930,455	$23,922,407
Reinvested dividends and distributions	114,514	1,480,530	218,900	2,764,158
Shares repurchased	(751,237)	(9,760,787)	(2,861,358)	(35,215,295)
Net Increase/(Decrease)	(318,208)	$(4,101,474)	(712,003)	$ (8,528,730)
Class N Shares:
Shares sold	4,352	$ 59,935	5,188	$ 64,840
Reinvested dividends and distributions	825	10,670	1,438	18,149
Shares repurchased	(1,526)	(20,336)	(12,953)	(163,819)
Net Increase/(Decrease)	3,651	$ 50,269	(6,327)	$ (80,830)
Class S Shares:
Shares sold	-	$ -	-	$ -
Reinvested dividends and distributions	94	1,220	141	1,788
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	94	$ 1,220	141	$ 1,788
Class T Shares:
Shares sold	292,497	$ 3,857,553	1,136,498	$13,784,389
Reinvested dividends and distributions	37,824	487,738	55,195	689,868
Shares repurchased	(434,961)	(5,674,881)	(240,981)	(3,007,616)
Net Increase/(Decrease)	(104,640)	$(1,329,590)	950,712	$11,466,641


38	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Notes to Financial Statements (unaudited)

7. Purchases and Sales of Investment Securities


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
$34,596,212	$ 43,996,012	$ -	$ 1,086,406

8. Subsequent Event


Janus Investment Fund	39

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


40	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Asset Allocation Funds


Janus Investment Fund	41

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


42	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds


Janus Investment Fund	43

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Multi-Asset U.S. Equity Funds

Quantitative Equity Funds


44	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

U.S. Equity Funds

Costs of Services Provided


Janus Investment Fund	45

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Asset Allocation Funds

Fixed-Income Funds


46	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

Global and International Equity Funds

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


Janus Investment Fund	47

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

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 both share classes.

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 Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Venture Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

Quantitative Equity Funds

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


48	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

U.S. Equity Funds

· For Janus Henderson Large 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 Mid Cap Value Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	49

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)

and any subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by Janus Capital.

Economies of Scale

Other Benefits to Janus Capital


50	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Additional Information (unaudited)


Janus Investment Fund	51

Janus Henderson Dividend & Income Builder Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


52	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

Statements of Changes in Net Assets

Financial Highlights


Janus Investment Fund	53

Janus Henderson Dividend & Income Builder Fund

Useful Information About Your Fund Report (unaudited)

total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.


54	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Notes

NotesPage1


Janus Investment Fund	55

Janus Henderson Dividend & Income Builder Fund

Notes

NotesPage2


56	DECEMBER 31, 2020

Janus Henderson Dividend & Income Builder Fund

Notes

NotesPage3


Janus Investment Fund	57




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, Janus, Henderson, Perkins and Intech are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-24-93075 03-21



		SEMIANNUAL REPORT December 31, 2020

	Janus Henderson Emerging Markets Managed Volatility Fund

	Janus Investment Fund

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Emerging Markets Managed Volatility Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	13
Statement of Assets and Liabilities	15
Statement of Operations	17
Statements of Changes in Net Assets	19
Financial Highlights	20
Notes to Financial Statements	24
Additional Information	37
Useful Information About Your Fund Report	49

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

FUND SNAPSHOT

Intech’s active approach focuses on adding value by selecting stocks with unique volatility characteristics and low correlations to one another.

sub-advised by

Intech Investment

Management LLC

PERFORMANCE OVERVIEW

For the six-month period ended December 31, 2020, Janus Henderson Emerging Markets Managed Volatility Fund returned 16.11% for its Class I Shares. This compares to the 31.14% return posted by the MSCI Emerging Markets Index, the Fund’s benchmark.

INVESTMENT STRATEGY

Intech’s mathematical investment process is designed to determine potentially more efficient equity weightings of the securities in the benchmark index, utilizing a specific mathematical optimization and disciplined rebalancing routine. Rather than trying to predict the future direction of stock prices, the process seeks to use the volatility and correlation characteristics of stocks to construct portfolios.

The investment process begins with the stocks in the MSCI Emerging Markets Index. Intech’s investment process aims to capture stocks’ natural volatility through a rebalancing mechanism based on estimates of relative volatility and correlation in order to outperform the benchmark index over the long term. Within specific risk constraints, the investment process will tend to favor stocks with higher relative volatility and lower correlation as they offer more potential to capture volatility through periodic rebalancing. Once the target proportions are determined and the portfolio is constructed, it is then rebalanced to those target proportions and re-optimized on a periodic basis. The Janus Henderson Emerging Markets Managed Volatility Fund focuses on seeking an excess return above the benchmark, while also reducing or managing the standard deviation of the portfolio depending on the market conditions, a strategy designed to manage the absolute risk of the portfolio.

PERFORMANCE REVIEW

Emerging markets rebounded strongly in the second half of the year and posted a return of over 30%, outperforming their developed market counterparts during the period. The strong gains came despite a volatile year as the COVID-19 pandemic spread around the world. Defensive segments generally lagged in the sharply rising market environment during the second half of 2020.

The Fund’s defensive positioning acted as a headwind to relative performance in the second half of 2020. More specifically, an average underweight to higher beta* stocks was a detractor as higher beta stocks strongly outperformed lower beta stocks and the overall broad market in the risk on environment during the period.

The Fund was also negatively impacted by its smaller size positioning as larger capitalization stocks outperformed the smaller capitalization stocks within the index over the past six months. From a sector perspective, while the Fund benefited from an average underweight to real estate, which was the weakest performing segment during the period, overall active sector positioning was a detractor to relative performance. An overall negative selection effect also detracted from the Fund’s relative performance during the period, especially among some financials and consumer staples names.

OUTLOOK

Because Intech does not conduct traditional economic or fundamental analysis, Intech has no view on individual stocks, sectors, economic, or market conditions.

Managing downside exposure potentially allows for returns to compound and improve risk-adjusted returns over time. Over the long term, we believe that by reducing risk when market volatility increases and behaving like a core equity fund when market volatility is low, the Fund can achieve its investment objective of producing an excess return over the benchmark with lower absolute risk. Going forward, we will continue building portfolios in a disciplined and deliberate manner, with risk management remaining the hallmark of our investment process. As Intech’s ongoing research efforts yield modest improvements, we will continue implementing


Janus Investment Fund	1

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

changes that we believe are likely to improve the long-term results for our fund shareholders.

Thank you for your investment in Janus Henderson Emerging Markets Managed Volatility Fund.

*Beta measures the volatility of a security or portfolio relative to an index. Less than one means lower volatility than the index; more than one means greater volatility.


2	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)


5 Largest Equity Holdings - (% of Net Assets)
Chunghwa Telecom Co Ltd
Diversified Telecommunication Services	4.5%
Alibaba Group Holding Ltd (ADR)
Internet & Direct Marketing Retail	4.2%
Tencent Holdings Ltd
Interactive Media & Services	2.7%
Taiwan Mobile Co Ltd
Wireless Telecommunication Services	2.6%
Saudi Telecom Co
Diversified Telecommunication Services	2.4%
	16.4%


Asset Allocation - (% of Net Assets)
Common Stocks	99.3%
Investment Companies	0.8%
Investments Purchased with Cash Collateral from Securities Lending	0.4%
Corporate Bonds	0.0%
Other		(0.5)%
		100.0%

Emerging markets comprised 99.3% of total net assets.

Top Country Allocations - Long Positions - (% of Investment Securities)

As of December 31, 2020

As of June 30, 2020


Janus Investment Fund	3

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended December 31, 2020					Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	16.01%	7.39%	8.50%	5.42%	19.07%	1.26%
Class A Shares at MOP	9.37%	1.25%	7.22%	4.39%
Class C Shares at NAV	16.42%	7.58%	8.22%	5.05%	11.62%	1.87%
Class C Shares at CDSC	15.42%	6.58%	8.22%	5.05%
Class D Shares	16.09%	7.54%	8.71%	5.60%	5.73%	1.01%
Class I Shares	16.11%	7.69%	8.79%	5.70%	6.97%	0.98%
Class N Shares	16.19%	7.83%	6.37%	2.25%	5.61%	0.87%
Class S Shares	16.14%	7.59%	8.59%	5.46%	10.99%	1.37%
Class T Shares	16.07%	7.53%	8.69%	5.59%	6.95%	1.12%
MSCI Emerging Markets Index	31.14%	18.31%	12.81%	8.34%
Morningstar Quartile - Class I Shares	-	4th	4th	4th
Morningstar Ranking - based on total returns for Diversified Emerging Markets Funds	-	704/807	594/683	514/627

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2020.


4	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

Performance

Intech's focus on managed volatility may keep the Fund from achieving excess returns over its index. The strategy may underperform during certain periods of up markets, and may not achieve the desired level of protection in down markets.

Returns include reinvestment of all dividends and distributionsand 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.

Class N Shares commenced operations on August 4, 2017. Performance shown for periods prior to August 4, 2017 reflects the performance of the Fund’s Class I Shares, calculated using the fees and expenses of Class N Shares, without the effect of any fee and expense limitations or waivers.

If Class N Shares of the Fund had been available during periods prior to August 4, 2017, the performance shown may have been different. The performance shown for periods following the Fund’s commencement Class N Shares reflects the fees and expenses of Class N Shares, net of any applicable fee and expense limitations or waivers. Please refer to the Fund’s prospectuses for further details concerning historical performance.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – December 17, 2014

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.


Janus Investment Fund	5

Janus Henderson Emerging Markets Managed Volatility Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/20)	Ending Account Value (12/31/20)	Expenses Paid During Period (7/1/20 - 12/31/20)†	Beginning Account Value (7/1/20)	Ending Account Value (12/31/20)	Expenses Paid During Period (7/1/20 - 12/31/20)†	Net Annualized Expense Ratio (7/1/20 - 12/31/20)
Class A Shares		$1,000.00	$1,160.10	$7.35	$1,000.00	$1,018.40	$6.87	1.35%
Class C Shares		$1,000.00	$1,164.20	$2.84	$1,000.00	$1,022.58	$2.65	0.52%
Class D Shares		$1,000.00	$1,160.90	$5.50	$1,000.00	$1,020.11	$5.14	1.01%
Class I Shares		$1,000.00	$1,161.10	$5.50	$1,000.00	$1,020.11	$5.14	1.01%
Class N Shares		$1,000.00	$1,161.90	$4.69	$1,000.00	$1,020.87	$4.38	0.86%
Class S Shares		$1,000.00	$1,161.40	$4.74	$1,000.00	$1,020.82	$4.43	0.87%
Class T Shares		$1,000.00	$1,160.70	$6.15	$1,000.00	$1,019.51	$5.75	1.13%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


6	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts				Value
Corporate Bonds– 0%
Consumer Non-Cyclical – 0%
	Britannia Industries Ltd, 8.0000%, 8/28/22((cost $1)	100	INR	$1
Common Stocks– 99.3%
Automobiles – 3.2%
	Eicher Motors Ltd	1,078		37,408
	Great Wall Motor Co Ltd	25,500		87,810
	Guangzhou Automobile Group Co Ltd	4,000		4,463
	Hero MotoCorp Ltd	682		29,069
	Maruti Suzuki India Ltd	46		4,827
	NIO Inc (ADR)*	503		24,516
				188,093
Banks – 9.8%
	Al Rajhi Bank	4,870		95,549
	Alinma Bank	13,149		56,714
	China Merchants Bank Co Ltd	1,000		6,351
	China Minsheng Banking Corp Ltd	84,000		47,906
	Commercial Bank PQSC	26,534		32,061
	First Financial Holding Co Ltd	16,686		12,706
	Hong Leong Bank Bhd	500		2,273
	Industrial & Commercial Bank of China Ltd	16,000		10,411
	Masraf Al Rayan QSC	81,092		101,048
	Postal Savings Bank of China Co Ltd (144A)	91,000		51,543
	Qatar Islamic Bank SAQ	15,872		74,672
	Qatar National Bank QPSC	16,494		80,805
	Taiwan Cooperative Financial Holding Co Ltd	7,862		5,684
				577,723
Biotechnology – 0.7%
	BeiGene Ltd (ADR)*	5		1,292
	Seegene Inc	212		37,773
				39,065
Chemicals – 7.4%
	Asian Paints Ltd	3,361		127,445
	Mesaieed Petrochemical Holding Co	77,953		43,845
	PI Industries Ltd	159		4,788
	Pidilite Industries Ltd	2,320		56,124
	Saudi Arabian Fertilizer Co	2,723		58,502
	Saudi Basic Industries Corp	1,541		41,653
	SK Chemicals Co Ltd*	23		8,354
	Yanbu National Petrochemical Co	5,512		93,888
				434,599
Communications Equipment – 0.4%
	Accton Technology Corp	2,000		22,584
	BYD Electronic International Co Ltd	500		2,617
				25,201
Construction Materials – 0.6%
	Ambuja Cements Ltd	8,551		29,170
	UltraTech Cement Ltd	119		8,620
				37,790
Diversified Consumer Services – 0.2%
	GSX Techedu Inc (ADR)*^,#	245		12,669
	TAL Education Group (ADR)*	23		1,645
				14,314
Diversified Telecommunication Services – 6.9%
	Chunghwa Telecom Co Ltd	69,000		267,680
	Saudi Telecom Co	4,831		136,601
				404,281
Electric Utilities – 2.8%
	Power Grid Corp of India Ltd	7,994		20,844
	Saudi Electricity Co	19,122		108,737


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	7

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Electric Utilities– (continued)
	Tenaga Nasional Bhd	14,400	$37,378
			166,959
Electrical Equipment – 1.1%
	Havells India Ltd	5,076	63,694
Electronic Equipment, Instruments & Components – 0.3%
	Delta Electronics Inc	1,000	9,328
	Hon Hai Precision Industry Co Ltd	1,000	3,265
	WPG Holdings Ltd	3,000	4,575
			17,168
Entertainment – 1.2%
	iQIYI Inc (ADR)*	24	420
	Netmarble Corp (144A)*	573	69,537
			69,957
Food & Staples Retailing – 1.0%
	Avenue Supermarts Ltd (144A)*	29	1,097
	BIM Birlesik Magazalar AS	389	3,957
	CP ALL PCL	300	581
	E-MART Inc*	312	43,629
	President Chain Store Corp	1,000	9,500
	Shoprite Holdings Ltd	193	1,829
			60,593
Food Products – 8.2%
	Almarai Co JSC	4,072	59,654
	China Feihe Ltd (144A)	27,000	63,500
	China Huishan Dairy Holdings Co Ltd*^,¢	55,000	0
	China Mengniu Dairy Co Ltd*	9,000	54,479
	Grupo Bimbo SAB de CV	22,651	49,232
	Indofood Sukses Makmur Tbk PT	4,300	2,098
	IOI Corp Bhd	11,100	12,066
	Nestle India Ltd	184	46,403
	Nestle Malaysia Bhd	1,700	58,763
	Orion Corp/Republic of Korea*	50	5,697
	PPB Group Bhd	4,320	19,910
	Savola Group	5,062	57,354
	Sime Darby Plantation Bhd	3,500	4,345
	Tingyi Cayman Islands Holding Corp	10,000	17,109
	Uni-President Enterprises Corp	1,000	2,407
	Universal Robina Corp	9,440	29,999
			483,016
Gas Utilities – 1.4%
	China Resources Gas Group Ltd	8,000	42,552
	Petronas Gas Bhd	9,300	39,748
			82,300
Health Care Equipment & Supplies – 1.5%
	Hartalega Holdings Bhd	21,000	63,533
	Supermax Corp Bhd	3,168	4,750
	Top Glove Corp Bhd	13,500	20,623
			88,906
Health Care Providers & Services – 0.1%
	Apollo Hospitals Enterprise Ltd	136	4,504
	Celltrion Healthcare Co Ltd	3	449
			4,953
Hotels, Restaurants & Leisure – 1.4%
	Haidilao International Holding Ltd (144A)	9,000	69,354
	Huazhu Group Ltd (ADR)	66	2,972
	Jubilant Foodworks Ltd	209	8,009
			80,335


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Household Durables – 0.5%
	Haier Smart Home Co Ltd*	8,000	$28,998
Household Products – 1.5%
	Hindustan Unilever Ltd	2,624	86,165
Independent Power and Renewable Electricity Producers – 0.4%
	Adani Green Energy Ltd*	1,148	16,587
	China Longyuan Power Group Corp Ltd	4,000	4,002
			20,589
Industrial Conglomerates – 1.2%
	Industries Qatar QSC	23,436	70,086
Information Technology Services – 1.5%
	GDS Holdings Ltd (ADR)*^,#	289	27,062
	HCL Technologies Ltd	1,458	18,923
	Infosys Ltd	74	1,273
	Tata Consultancy Services Ltd	384	15,071
	Tech Mahindra Ltd	1,901	25,396
			87,725
Insurance – 0%
	ICICI Lombard General Insurance Co Ltd (144A)*	17	355
Interactive Media & Services – 3.4%
	Info Edge India Ltd	309	20,175
	Kakao Corp	34	12,229
	SINA Corp/China*	208	8,815
	Tencent Holdings Ltd	2,200	160,753
			201,972
Internet & Direct Marketing Retail – 7.5%
	Alibaba Group Holding Ltd (ADR)*	1,064	247,625
	JD.com Inc (ADR)*	361	31,732
	Meituan Dianping*	1,400	53,547
	Pinduoduo Inc (ADR)*	592	105,181
	Vipshop Holdings Ltd (ADR)*	140	3,935
			442,020
Life Sciences Tools & Services – 2.2%
	Divi's Laboratories Ltd	1,924	101,558
	Wuxi Biologics Cayman Inc (144A)*	2,000	26,641
			128,199
Machinery – 0.8%
	China Conch Venture Holdings Ltd	10,000	48,654
Marine – 0.6%
	MISC Bhd	20,000	34,248
Media – 0.3%
	MultiChoice Group	2,045	18,664
Metals & Mining – 1.0%
	JSW Steel Ltd	1,102	5,859
	Polyus PJSC (REG) (GDR)	325	32,746
	Saudi Arabian Mining Co*	1,833	19,791
			58,396
Multi-Utilities – 0.9%
	Qatar Electricity & Water Co QSC	11,242	55,194
Oil, Gas & Consumable Fuels – 3.2%
	China Shenhua Energy Co Ltd	36,000	67,837
	Qatar Fuel QSC	11,381	58,414
	Saudi Arabian Oil Co (144A)	6,329	59,044
			185,295
Personal Products – 2.4%
	Amorepacific Corp*	24	4,563
	Dabur India Ltd	10,102	73,914
	Hengan International Group Co Ltd	1,000	7,080


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	9

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts			Value
Common Stocks– (continued)
Personal Products– (continued)
	Marico Ltd	10,415	$57,463
			143,020
Pharmaceuticals – 5.0%
	Dr Reddy's Laboratories Ltd	1,370	97,782
	Hansoh Pharmaceutical Group Co Ltd (144A)*	14,000	68,089
	Lupin Ltd	5,041	67,482
	Shin Poong Pharmaceutical Co Ltd*	263	30,123
	Sun Pharmaceutical Industries Ltd	4,069	33,079
			296,555
Real Estate Management & Development – 1.0%
	Country Garden Services Holdings Co Ltd	6,000	40,698
	Longfor Group Holdings Ltd (144A)	3,000	17,620
			58,318
Semiconductor & Semiconductor Equipment – 4.4%
	Hanergy Thin Film Power Group - SPV Shares*^,¢	52,000	3,153
	Taiwan Semiconductor Manufacturing Co Ltd	7,000	131,475
	United Microelectronics Corp	64,000	107,287
	Xinyi Solar Holdings Ltd	6,000	15,658
			257,573
Software – 2.0%
	China Youzan Ltd*	16,000	4,794
	Kingdee International Software Group Co Ltd*	27,000	110,808
			115,602
Specialty Retail – 1.7%
	Jarir Marketing Co	1,358	62,766
	Zhongsheng Group Holdings Ltd	5,000	35,649
			98,415
Technology Hardware, Storage & Peripherals – 0.9%
	Acer Inc	27,000	22,811
	Compal Electronics Inc	3,000	2,207
	Lite-On Technology Corp	5,000	8,877
	Quanta Computer Inc	6,000	17,324
			51,219
Wireless Telecommunication Services – 8.7%
	Advanced Info Service PCL	13,000	76,476
	DiGi.Com Bhd	7,000	7,210
	Etihad Etisalat Co*	8,227	62,842
	Far EasTone Telecommunications Co Ltd	47,000	102,292
	Maxis Bhd	12,400	15,580
	PLDT Inc	3,340	93,525
	Taiwan Mobile Co Ltd	44,000	154,710
	Turkcell Iletisim Hizmetleri AS	659	1,434
			514,069
Total Common Stocks (cost $4,919,424)			5,840,278
Investment Companies– 0.8%
Money Markets – 0.8%
	Janus Henderson Cash Liquidity Fund LLC, 0.1108%^ºº,£((cost $48,394)	48,389	48,394
Investments Purchased with Cash Collateral from Securities Lending– 0.4%
Investment Companies – 0.3%
	Janus Henderson Cash Collateral Fund LLC, 0.0264%^ºº,£	21,216	21,216
Time Deposits – 0.1%
	Canadian Imperial Bank of Commerce, 0.0800%, 1/4/21	$5,304	5,304
Total Investments Purchased with Cash Collateral from Securities Lending (cost $26,520)			26,520
Total Investments (total cost $4,994,339) – 100.5%			5,915,193
Liabilities, net of Cash, Receivables and Other Assets – (0.5)%			(32,137)
Net Assets – 100%			$5,883,056


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2020


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
China	$1,618,648	27.4	%
India	1,063,085	18.0
Saudi Arabia	913,095	15.4
Taiwan	884,712	15.0
Qatar	516,125	8.7
Malaysia	320,427	5.4
South Korea	212,354	3.6
Philippines	123,524	2.1
Thailand	77,057	1.3
United States	76,206	1.3
Mexico	49,232	0.8
Russia	32,746	0.6
South Africa	20,493	0.3
Turkey	5,391	0.1
Indonesia	2,098	0.0



Total	$5,915,193	100.0	%


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Emerging Markets Managed Volatility Fund

Schedule of Investments (unaudited)

December 31, 2020

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 12/31/20
Investment Companies - 0.8%
Money Markets - 0.8%
	Janus Henderson Cash Liquidity Fund LLC, 0.1108%^ºº	$	33	$	(2)	$	-	$	48,394
Investments Purchased with Cash Collateral from Securities Lending - 0.3%
Investment Companies - 0.3%
	Janus Henderson Cash Collateral Fund LLC, 0.0264%^ºº		43^∆		-		-		21,216
Total Affiliated Investments - 1.1%		$	76	$	(2)	$	-	$	69,610


		Value at 6/30/20		Purchases		Sales Proceeds		Value at 12/31/20
Investment Companies - 0.8%
Money Markets - 0.8%
	Janus Henderson Cash Liquidity Fund LLC, 0.1108%^ºº		-		1,572,295		(1,523,899)		48,394
Investments Purchased with Cash Collateral from Securities Lending - 0.3%
Investment Companies - 0.3%
	Janus Henderson Cash Collateral Fund LLC, 0.0264%^ºº		16,637		263,556		(258,977)		21,216


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Schedule of Investments and Other Information (unaudited)


MSCI Emerging Markets Index^SM	MSCI Emerging Markets Index^SM reflects the equity market performance of emerging markets.


ADR	American Depositary Receipt
GDR	Global Depositary Receipt
LLC	Limited Liability Company
PCL	Public Company Limited
PJSC	Private Joint Stock Company
REG	Registered

144A


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of December 31, 2020.


#	Loaned security; a portion of the security is on loan at December 31, 2020.


¢	Security is valued using significant unobservable inputs.


£	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 Emerging Markets Managed Volatility Fund

Notes to Schedule of Investments and Other Information (unaudited)


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 December 31, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Corporate Bonds	$	-	$	1	$	-
Common Stocks
Automobiles		24,516		163,577		-
Biotechnology		1,292		37,773		-
Diversified Consumer Services		14,314		-		-
Diversified Telecommunication Services		267,680		136,601		-
Entertainment		420		69,537		-
Food Products		49,232		433,784		0
Hotels, Restaurants & Leisure		2,972		77,363		-
Household Durables		28,998		-		-
Information Technology Services		27,062		60,663		-
Interactive Media & Services		8,815		193,157		-
Internet & Direct Marketing Retail		388,473		53,547		-
Semiconductor & Semiconductor Equipment		-		254,420		3,153
All Other		-		3,542,929		-
Investment Companies		-		48,394		-
Investments Purchased with Cash Collateral from Securities Lending		-		26,520		-
Total Assets	$	813,774	$	5,098,266	$	3,153


14	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2020

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	5,845,583
	Affiliated investments, at value⁽³⁾			69,610
	Cash denominated in foreign currency⁽⁴⁾			894
	Non-interested Trustees' deferred compensation			135
	Receivables:
		Due from adviser		44,108
		Investments sold		44,059
		Fund shares sold		38,689
		Dividends		2,418
		Foreign tax reclaims		32
	Other assets			99
Total Assets				6,045,627
Liabilities:
	Due to custodian			9
	Collateral for securities loaned (Note 2)			26,520
	Payables:			—
		Professional fees		40,966
		Foreign tax liability		26,091
		Investments purchased		22,911
		Non-affiliated fund administration fees payable		19,657
		Custodian fees		10,986
		Advisory fees		5,026
		Fund shares repurchased		2,281
		Transfer agent fees and expenses		814
		Non-interested Trustees' deferred compensation fees		135
		12b-1 Distribution and shareholder servicing fees		84
		Affiliated fund administration fees payable		13
		Accrued expenses and other payables		7,078
Total Liabilities				162,571
Net Assets			$	5,883,056


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Emerging Markets Managed Volatility Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	5,429,103
	Total distributable earnings (loss)⁽⁵⁾		453,953
Total Net Assets		$	5,883,056
Net Assets - Class A Shares		$	29,427
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,499
Net Asset Value Per Share⁽⁶⁾		$	11.78
Maximum Offering Price Per Share⁽⁷⁾		$	12.50
Net Assets - Class C Shares		$	67,347
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,798
Net Asset Value Per Share⁽⁶⁾		$	11.62
Net Assets - Class D Shares		$	3,974,955
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		343,713
Net Asset Value Per Share		$	11.56
Net Assets - Class I Shares		$	345,673
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		29,861
Net Asset Value Per Share		$	11.58
Net Assets - Class N Shares		$	1,258,825
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		110,169
Net Asset Value Per Share		$	11.43
Net Assets - Class S Shares		$	68,927
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		5,956
Net Asset Value Per Share		$	11.57
Net Assets - Class T Shares		$	137,902
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		11,933
Net Asset Value Per Share		$	11.56

(1) Includes cost of $4,924,729.

(2) Includes $25,960 of securities on loan. See Note 2 in Notes to Financial Statements.

(3) Includes cost of $69,610.

(4) Includes cost of $894.

(5) Includes $26,092 of foreign capital gains tax on investments.

(6) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(7) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

16	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Statement of Operations (unaudited)

For the period ended December 31, 2020

See footnotes at the end of the Statement.



Investment Income:
	Dividends		$	80,390
	Affiliated securities lending income, net			43
	Dividends from affiliates			33
	Other income			187
	Foreign tax withheld			(12,327)
Total Investment Income				68,326
Expenses:
	Advisory fees			26,762
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		35
		Class C Shares		—
		Class S Shares		—
	Transfer agent administrative fees and expenses:
		Class D Shares		2,048
		Class S Shares		82
		Class T Shares		172
	Transfer agent networking and omnibus fees:
		Class A Shares		22
		Class C Shares		—
		Class I Shares		224
	Other transfer agent fees and expenses:
		Class A Shares		10
		Class C Shares		6
		Class D Shares		615
		Class I Shares		22
		Class N Shares		64
		Class S Shares		4
		Class T Shares		8
	Registration fees			95,965
	Non-affiliated fund administration fees			34,455
	Professional fees			33,603
	Custodian fees			19,714
	Shareholder reports expense			1,783
	Affiliated fund administration fees			69
	Non-interested Trustees’ fees and expenses			48
Total Expenses				215,711
Less: Excess Expense Reimbursement and Waivers				(188,804)
Net Expenses				26,907
Net Investment Income/(Loss)				41,419


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Emerging Markets Managed Volatility Fund

Statement of Operations (unaudited)

For the period ended December 31, 2020



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions⁽¹⁾	$	343,917
	Investments in affiliates		(2)
Total Net Realized Gain/(Loss) on Investments			343,915
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽²⁾		441,136
Total Change in Unrealized Net Appreciation/Depreciation			441,136
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	826,470

(1) Includes realized foreign capital gains tax on investments of $(1,001).

(2) Includes change in unrealized appreciation/depreciation of $(26,092) due to foreign capital gains tax on investments.


See Notes to Financial Statements.

18	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Statements of Changes in Net Assets



			Period ended December 31, 2020 (unaudited)		Year ended June 30, 2020

Operations:
	Net investment income/(loss)		$	41,419	$	94,172
	Net realized gain/(loss) on investments			343,915		(308,487)
	Change in unrealized net appreciation/depreciation			441,136		(252,415)
Net Increase/(Decrease) in Net Assets Resulting from Operations				826,470		(466,730)
Dividends and Distributions to Shareholders:
		Class A Shares		(185)		—
		Class C Shares		(830)		(1,314)
		Class D Shares		(41,652)		(88,370)
		Class I Shares		(4,248)		(7,033)
		Class N Shares		(28,330)		(45,472)
		Class S Shares		(721)		(1,366)
		Class T Shares		(1,626)		(4,610)
Net Decrease from Dividends and Distributions to Shareholders				(77,592)		(148,165)
Capital Share Transactions:
		Class A Shares		713		(2,228)
		Class C Shares		830		1,314
		Class D Shares		350,118		(982,037)
		Class I Shares		(30,337)		319,201
		Class N Shares		(456,561)		(212,395)
		Class S Shares		721		1,366
		Class T Shares		(19,074)		(307,364)
Net Increase/(Decrease) from Capital Share Transactions				(153,590)		(1,182,143)
Net Increase/(Decrease) in Net Assets				595,288		(1,797,038)
Net Assets:
	Beginning of period			5,287,768		7,084,806
	End of period		$	5,883,056	$	5,287,768


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Emerging Markets Managed Volatility Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.22	$10.80	$11.57	$10.47	$9.48	$10.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.06	0.15	0.17	0.17	0.08	0.18
		Net realized and unrealized gain/(loss)	1.57	(0.73)	0.15	1.14	1.01	(1.03)
	Total from Investment Operations		1.63	(0.58)	0.32	1.31	1.09	(0.85)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	—	(0.13)	(0.15)	(0.10)	(0.08)
		Distributions (from capital gains)	—	—	(0.96)	(0.06)	—	(0.08)
	Total Dividends and Distributions		(0.07)	—	(1.09)	(0.21)	(0.10)	(0.16)
	Net Asset Value, End of Period		$11.78	$10.22	$10.80	$11.57	$10.47	$9.48
	Total Return*		16.01%	(5.37)%	3.40%	12.50%	11.64%	(8.06)%
	Net Assets, End of Period (in thousands)		$29	$25	$29	$410	$169	$145
	Average Net Assets for the Period (in thousands)		$27	$23	$319	$206	$152	$140
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	19.11%	19.07%	6.63%	4.40%	7.53%	10.33%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.35%	1.39%	1.33%	1.30%	1.29%	1.30%
		Ratio of Net Investment Income/(Loss)	1.03%	1.46%	1.55%	1.46%	0.85%	1.89%
	Portfolio Turnover Rate		44%	99%	66%	132%	116%	84%


Class C Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.11	$10.91	$11.51	$10.44	$9.44	$10.44
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.10	0.13	0.19	0.06	0.01	0.10
		Net realized and unrealized gain/(loss)	1.55	(0.70)	0.17	1.16	1.01	(1.02)
	Total from Investment Operations		1.65	(0.57)	0.36	1.22	1.02	(0.92)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.23)	—	(0.09)	(0.02)	—⁽²⁾
		Distributions (from capital gains)	—	—	(0.96)	(0.06)	—	(0.08)
	Total Dividends and Distributions		(0.14)	(0.23)	(0.96)	(0.15)	(0.02)	(0.08)
	Net Asset Value, End of Period		$11.62	$10.11	$10.91	$11.51	$10.44	$9.44
	Total Return*		16.40%	(5.33)%	3.74%	11.66%	10.85%	(8.77)%
	Net Assets, End of Period (in thousands)		$67	$58	$61	$93	$84	$48
	Average Net Assets for the Period (in thousands)		$62	$58	$60	$108	$52	$46
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	11.89%	10.93%	10.71%	5.29%	8.12%	11.11%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.52%	1.31%	1.31%	2.00%	2.05%	2.08%
		Ratio of Net Investment Income/(Loss)	1.88%	1.30%	1.76%	0.54%	0.14%	1.11%
	Portfolio Turnover Rate		44%	99%	66%	132%	116%	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.


See Notes to Financial Statements.

20	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.07	$10.84	$11.57	$10.47	$9.49	$10.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.08	0.15	0.20	0.15	0.10	0.19
		Net realized and unrealized gain/(loss)	1.54	(0.70)	0.17	1.18	0.99	(1.02)
	Total from Investment Operations		1.62	(0.55)	0.37	1.33	1.09	(0.83)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.22)	(0.14)	(0.17)	(0.11)	(0.09)
		Distributions (from capital gains)	—	—	(0.96)	(0.06)	—	(0.08)
	Total Dividends and Distributions		(0.13)	(0.22)	(1.10)	(0.23)	(0.11)	(0.17)
	Net Asset Value, End of Period		$11.56	$10.07	$10.84	$11.57	$10.47	$9.49
	Total Return*		16.09%	(5.19)%	3.84%	12.68%	11.70%	(7.89)%
	Net Assets, End of Period (in thousands)		$3,975	$3,152	$4,522	$7,047	$4,206	$1,488
	Average Net Assets for the Period (in thousands)		$3,433	$3,991	$4,963	$7,312	$2,602	$1,194
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	7.61%	5.73%	5.63%	3.79%	6.89%	10.26%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.01%	1.14%	1.15%	1.13%	1.22%	1.19%
		Ratio of Net Investment Income/(Loss)	1.39%	1.46%	1.86%	1.27%	1.00%	2.08%
	Portfolio Turnover Rate		44%	99%	66%	132%	116%	84%


Class I Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.09	$10.87	$11.64	$10.48	$9.49	$10.50
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.08	0.14	0.22	0.21	0.10	0.21
		Net realized and unrealized gain/(loss)	1.55	(0.67)	0.12	1.13	1.01	(1.04)
	Total from Investment Operations		1.63	(0.53)	0.34	1.34	1.11	(0.83)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.25)	(0.15)	(0.12)	(0.12)	(0.10)
		Distributions (from capital gains)	—	—	(0.96)	(0.06)	—	(0.08)
	Total Dividends and Distributions		(0.14)	(0.25)	(1.11)	(0.18)	(0.12)	(0.18)
	Net Asset Value, End of Period		$11.58	$10.09	$10.87	$11.64	$10.48	$9.49
	Total Return*		16.23%	(5.05)%	3.59%	12.82%	11.93%	(7.82)%
	Net Assets, End of Period (in thousands)		$346	$331	$41	$102	$831	$664
	Average Net Assets for the Period (in thousands)		$324	$192	$99	$374	$765	$391
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	8.42%	6.97%	8.15%	4.79%	7.62%	9.29%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.01%	1.06%	1.16%	1.18%	1.10%	1.04%
		Ratio of Net Investment Income/(Loss)	1.43%	1.41%	2.05%	1.79%	0.97%	2.30%
	Portfolio Turnover Rate		44%	99%	66%	132%	116%	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.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Emerging Markets Managed Volatility Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year or period ended June 30			2020	2020	2019	2018⁽¹⁾
	Net Asset Value, Beginning of Period		$10.06	$10.85	$11.59	$11.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.10	0.16	0.21	0.15
		Net realized and unrealized gain/(loss)	1.53	(0.70)	0.17	0.58
	Total from Investment Operations		1.63	(0.54)	0.38	0.73
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.25)	(0.16)	(0.18)
		Distributions (from capital gains)	—	—	(0.96)	(0.06)
	Total Dividends and Distributions		(0.26)	(0.25)	(1.12)	(0.24)
	Net Asset Value, End of Period		$11.43	$10.06	$10.85	$11.59
	Total Return*		16.30%	(5.10)%	3.98%	6.57%
	Net Assets, End of Period (in thousands)		$1,259	$1,525	$1,915	$1,614
	Average Net Assets for the Period (in thousands)		$1,450	$1,721	$1,667	$1,086
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	7.32%	5.61%	5.63%	3.50%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.86%	0.98%	0.99%	0.97%
		Ratio of Net Investment Income/(Loss)	1.75%	1.60%	1.95%	1.35%
	Portfolio Turnover Rate		44%	99%	66%	132%


Class S Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.07	$10.86	$11.57	$10.47	$9.48	$10.47
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.08	0.14	0.19	0.14	0.07	0.17
		Net realized and unrealized gain/(loss)	1.54	(0.69)	0.17	1.16	1.01	(1.02)
	Total from Investment Operations		1.62	(0.55)	0.36	1.30	1.08	(0.85)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.24)	(0.11)	(0.14)	(0.09)	(0.06)
		Distributions (from capital gains)	—	—	(0.96)	(0.06)	—	(0.08)
	Total Dividends and Distributions		(0.12)	(0.24)	(1.07)	(0.20)	(0.09)	(0.14)
	Net Asset Value, End of Period		$11.57	$10.07	$10.86	$11.57	$10.47	$9.48
	Total Return*		16.14%	(5.24)%	3.80%	12.38%	11.52%	(8.06)%
	Net Assets, End of Period (in thousands)		$69	$59	$63	$60	$54	$48
	Average Net Assets for the Period (in thousands)		$64	$60	$60	$61	$50	$47
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	12.28%	10.82%	10.71%	5.54%	7.83%	10.55%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.87%	1.22%	1.19%	1.40%	1.42%	1.33%
		Ratio of Net Investment Income/(Loss)	1.53%	1.38%	1.75%	1.15%	0.71%	1.87%
	Portfolio Turnover Rate		44%	99%	66%	132%	116%	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) Period from August 4, 2017 (inception date) through June 30, 2018.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.


See Notes to Financial Statements.

22	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$10.08	$10.84	$11.58	$10.48	$9.49	$10.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.08	0.18	0.19	0.16	0.09	0.19
		Net realized and unrealized gain/(loss)	1.54	(0.74)	0.17	1.16	1.01	(1.02)
	Total from Investment Operations		1.62	(0.56)	0.36	1.32	1.10	(0.83)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.20)	(0.14)	(0.16)	(0.11)	(0.09)
		Distributions (from capital gains)	—	—	(0.96)	(0.06)	—	(0.08)
	Total Dividends and Distributions		(0.14)	(0.20)	(1.10)	(0.22)	(0.11)	(0.17)
	Net Asset Value, End of Period		$11.56	$10.08	$10.84	$11.58	$10.48	$9.49
	Total Return*		16.07%	(5.27)%	3.82%	12.64%	11.78%	(7.89)%
	Net Assets, End of Period (in thousands)		$138	$138	$454	$195	$174	$175
	Average Net Assets for the Period (in thousands)		$134	$227	$310	$207	$170	$155
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	9.71%	6.95%	6.61%	4.51%	7.67%	10.26%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.13%	1.24%	1.21%	1.16%	1.18%	1.11%
		Ratio of Net Investment Income/(Loss)	1.45%	1.72%	1.77%	1.36%	0.93%	2.10%
	Portfolio Turnover Rate		44%	99%	66%	132%	116%	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.


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Emerging Markets Managed Volatility 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 45 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.

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.

It is expected that the conversion of Class C Shares to Class A Shares will not result in a taxable event. Please consult your tax adviser for further information.


24	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

The following accounting policies have been followed by the Fund and are in conformity with United States of America generally accepted accounting principles ("US GAAP").

Investment Valuation

Valuation Inputs Summary

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.


Janus Investment Fund	25

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

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 Fund did not hold a significant amount of Level 3 securities as of December 31, 2020.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations


26	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Dividends and Distributions

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	27

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund’s ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund’s service providers, including Janus Capital or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

Counterparties

Emerging Market Investing

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 Index^SM. 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


28	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

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.

Offsetting Assets and Liabilities

The following table 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.


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

JPMorgan Chase Bank, National Association		$	25,960	$	—	$	(25,960)	$	—

(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.

Real Estate Investing

To the extent that real estate-related securities may be included in the Fund’s named benchmark index, Intech’s mathematical investment process may select 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.

Securities Lending


Janus Investment Fund	29

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. 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, Janus Capital 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 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.

The cash collateral invested by Janus Capital 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 December 31, 2020, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $25,960. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2020 is $26,520, resulting in the net amount due to the counterparty of $560.

3. Investment Advisory Agreements and Other Transactions with Affiliates


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $2 Billion	0.95
Next $1 Billion	0.92
Next $3 Billion	0.90

The Fund’s actual investment advisory fee rate for the reporting period was 0.97% of average annual net assets before any applicable waivers.

Intech Investment Management LLC (“Intech”) serves as subadviser to the Fund. As subadviser, Intech provides day-to-day management of the investment operations of the Fund subject to the general oversight of Janus Capital. Janus Capital owns approximately 97% of Intech.


30	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

Janus Capital pays Intech a subadvisory fee rate equal to 50% of the investment advisory fee paid by the Fund to Janus Capital (net of any fee waivers and expense reimbursements).

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, 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/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.85% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing October 28, 2020. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Fund pays an annual administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services, 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%

The Fund’s actual Class D administrative fee rate was 0.12% for the reporting period.


Janus Investment Fund	31

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with Janus Capital. For all share classes, Janus Services also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Janus Services is compensated for its services related to the 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, a wholly-owned subsidiary of Janus Capital, 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 Janus Henderson Distributors 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. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.


32	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

as money market funds. The Fund is eligible to participate in the cash sweep program (the “Investing Funds”). As adviser, Janus Capital 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.

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 period ended December 31, 2020.

As of December 31, 2020, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	100		1
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	5		1
Class S Shares	100		1
Class T Shares	-		-

4. Federal Income Tax


Janus Investment Fund	33

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)



Capital Loss Carryover Schedule
For the year ended June 30, 2020
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$ (659,426)	$ (78,402)	$ (737,828)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2020 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)
$ 5,023,474	$ 991,946	$ (100,227)	$ 891,719


34	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions



	Period ended December 31, 2020		Year ended June 30, 2020
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	51	$ 565	1,674	$ 17,785
Reinvested dividends and distributions	16	185	-	-
Shares repurchased	(3)	(37)	(1,878)	(20,013)
Net Increase/(Decrease)	64	$ 713	(204)	$ (2,228)
Class C Shares:
Shares sold	-	$ -	-	$ -
Reinvested dividends and distributions	73	830	120	1,314
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	73	$ 830	120	$ 1,314
Class D Shares:
Shares sold	94,948	$1,042,474	97,720	$ 976,176
Reinvested dividends and distributions	3,618	40,886	8,049	87,014
Shares repurchased	(67,865)	(733,242)	(209,848)	(2,045,227)
Net Increase/(Decrease)	30,701	$ 350,118	(104,079)	$ (982,037)
Class I Shares:
Shares sold	10,053	$ 112,749	29,989	$ 328,879
Reinvested dividends and distributions	376	4,248	649	7,033
Shares repurchased	(13,328)	(147,334)	(1,635)	(16,711)
Net Increase/(Decrease)	(2,899)	$ (30,337)	29,003	$ 319,201
Class N Shares:
Shares sold	9,163	$ 98,520	69,274	$ 707,315
Reinvested dividends and distributions	2,539	28,330	4,214	45,472
Shares repurchased	(53,043)	(583,411)	(98,553)	(965,182)
Net Increase/(Decrease)	(41,341)	$ (456,561)	(25,065)	$ (212,395)
Class S Shares:
Shares sold	-	$ -	-	$ -
Reinvested dividends and distributions	64	721	126	1,366
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	64	$ 721	126	$ 1,366
Class T Shares:
Shares sold	2,390	$ 26,086	16,160	$ 162,388
Reinvested dividends and distributions	144	1,626	426	4,610
Shares repurchased	(4,308)	(46,786)	(44,793)	(474,362)
Net Increase/(Decrease)	(1,774)	$ (19,074)	(28,207)	$ (307,364)

6. Purchases and Sales of Investment Securities


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
$ 2,441,453	$ 2,697,489	$ -	$ -


Janus Investment Fund	35

Janus Henderson Emerging Markets Managed Volatility Fund

Notes to Financial Statements (unaudited)

7. Subsequent Event


36	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund’s Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC’s website at http://www.sec.gov; (ii) may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (information on the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 60-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


Janus Investment Fund	37

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Asset Allocation Funds


38	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	39

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds


40	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Multi-Asset U.S. Equity Funds

Quantitative Equity Funds


Janus Investment Fund	41

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

U.S. Equity Funds

Costs of Services Provided


42	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Asset Allocation Funds

Fixed-Income Funds


Janus Investment Fund	43

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

Global and International Equity Funds

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


44	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

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 both share classes.

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 Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Venture Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

Quantitative Equity Funds

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


Janus Investment Fund	45

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

U.S. Equity Funds

· For Janus Henderson Large 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 Mid Cap Value Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.


46	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)

and any subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by Janus Capital.

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	47

Janus Henderson Emerging Markets Managed Volatility Fund

Additional Information (unaudited)


48	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


Janus Investment Fund	49

Janus Henderson Emerging Markets Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

Statements of Changes in Net Assets

Financial Highlights


50	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Useful Information About Your Fund Report (unaudited)

total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.


Janus Investment Fund	51

Janus Henderson Emerging Markets Managed Volatility Fund

Notes

NotesPage1


52	DECEMBER 31, 2020

Janus Henderson Emerging Markets Managed Volatility Fund

Notes

NotesPage2


Janus Investment Fund	53




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, Janus, Henderson, Perkins and Intech are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-24-93012 03-21



		SEMIANNUAL REPORT December 31, 2020

	Janus Henderson Flexible Bond Fund

	Janus Investment Fund

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Flexible Bond Fund


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	21
Statement of Assets and Liabilities	23
Statement of Operations	25
Statements of Changes in Net Assets	27
Financial Highlights	28
Notes to Financial Statements	32
Additional Information	49
Useful Information About Your Fund Report	61

Janus Henderson Flexible Bond Fund (unaudited)

FUND SNAPSHOT

We believe our research-driven investment process, diversified portfolio construction and robust risk management can drive consistent risk-adjusted performance, with excess returns generated primarily through sector and security decisions. Our collaborative investment teams utilize our broad investment flexibility across the investment cycle in an effort to capitalize on attractive opportunities and provide the downside risk management clients expect from their core fixed income portfolio.

Greg Wilensky

co-portfolio manager

Michael Keough

co-portfolio manager

PERFORMANCE OVERVIEW

During the six-month period ended December 31, 2020, Janus Henderson Flexible Bond Fund’s Class I Shares returned 3.70% compared with 1.29% for the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

INVESTMENT ENVIRONMENT

Credit markets rallied as the economic outlook improved, bolstered in part by promising developments in COVID-19 vaccines and a market-friendly election outcome. The high-yield corporate bond market was particularly strong, outperforming investment-grade corporates, both on an absolute and a risk-adjusted basis, as investors became increasingly comfortable taking additional risk. Securitized products such as residential and commercial mortgages benefited from the improved outlook, but performance lagged corporate bonds. Falling Treasury prices partially offset the strength in credit markets as yields longer than two years rose with growing optimism for the economic recovery. The yield on the 10-year note closed December at 0.92%, up from 0.66% in June, while the short end of the yield curve remained relatively anchored on expectations of stable policy rates.

PERFORMANCE DISCUSSION

We maintained a constructive outlook for credit markets over the period given our expectations for continued support from the Federal Reserve (Fed), additional U.S. fiscal stimulus and relatively strong consumer fundamentals. The election outcome in the U.S. coupled with a number of positive developments regarding COVID-19 vaccines led us to become more positive on the high-yield corporate bond market, believing that valuations in this sector had more to gain from improving economic fundamentals in the year ahead.

To reflect our constructive outlook, the Fund was materially overweight corporate credit and held approximately 15% in high-yield corporate bonds at period end, while maintaining an underweight to both Treasuries and agency mortgage-backed securities – positioning that benefited relative returns. Late in the period, as spreads (yields over Treasuries) in corporate bond markets narrowed, we sought to capture gains in some of our strongest-performing positions. While we are not concerned with an outsized jump in inflation, we do believe the risk of inflation is now skewed to the upside. As a result, we added an allocation to Treasury Inflation-Protected Securities (TIPS), which also contributed modestly to returns.

No asset class, industry or corporate issuer materially detracted from relative performance, although the Fund’s lack of exposure to government-related securities, including certain bonds issued by emerging market governments that performed well, weighed modestly on results.

DERIVATIVES USAGE

Please see the Derivative Instruments section in the “Notes to Financial Statements” for a discussion of derivatives used by the Fund.

OUTLOOK

We remain positive on the outlook for credit markets, believing it is appropriate to look past the continued near-term headwinds from elevated COVID-19 cases. Both the economic recovery and the credit repair cycle are in early innings, and this phase of the cycle has historically been positive for returns across spread product sectors. In 2021, we expect a robust recovery in economic activity to result in strong corporate earnings growth and a healthy consumer, aided by a recovery in employment and continued government support.


Janus Investment Fund	1

Janus Henderson Flexible Bond Fund (unaudited)

With government bond yields near historic lows across the developed world, we expect areas that still offer yield to remain in demand, benefiting credit markets across the various asset classes and the ratings spectrum. But it is important to take note of where the markets ended the year. The sharp drop in government bond yields in the first quarter of 2020 followed by a very strong recovery in credit spreads has resulted in less attractive valuations across U.S. Treasuries and much of the recovery already priced into the highest-quality corporate bonds. In our view, it is the more credit sensitive parts of the market, including the lowest tier of investment grade as well as high yield, that still provide opportunities for active managers to identify attractive risk-adjusted securities.

We expect front-end Treasury yields to remain anchored in 2021 as a result of the Fed’s commitment to ensuring a sustained economic recovery through accommodative monetary policy. But we remain mindful that the risk is more skewed to higher interest rates across the intermediate and long end of the yield curve, driven by the economic recovery and higher inflation expectations. We anticipate navigating the interest rate environment will be a key driver of the strategy’s performance in the year ahead.

2020 was unique and difficult in many ways. However, the volatility offered significant opportunities to demonstrate the value of active management, and the benefits possible for managers with both the flexibility to take significant positions relative to the benchmark and the conviction to take advantage of it. We anticipate index returns will be more modest in 2021, bond market volatility more subdued, and thus believe the opportunity to add incremental returns through active sector and security selection will be paramount.

Thank you for your investment in Janus Henderson Flexible Bond Fund.


2	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund (unaudited)

Fund At A Glance

December 31, 2020


Fund Profile
30-day Current Yield*	Without Reimbursement	With Reimbursement
Class A Shares NAV	0.89%	0.89%
Class A Shares MOP	0.85%	0.85%
Class C Shares**	0.23%	0.23%
Class D Shares	1.14%	1.14%
Class I Shares	1.21%	1.21%
Class N Shares	1.28%	1.28%
Class R Shares	0.53%	0.53%
Class S Shares	0.77%	0.77%
Class T Shares	1.03%	1.03%
Weighted Average Maturity		8.3 Years
Average Effective Duration***		6.4 Years
* Yield will fluctuate.
** Does not include the 1.00% contingent deferred sales charge.
*** A theoretical measure of price volatility.


Ratings^† Summary - (% of Total Investments)
AAA	1.7%
AA	28.9%
A	6.7%
BBB	36.9%
BB	12.0%
B	3.0%
Not Rated	9.3%
Other	1.5%
† 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. "Other" includes cash equivalents, equity securities, and certain derivative instruments.

Significant Areas of Investment - (% of Net Assets)


Asset Allocation - (% of Net Assets)
Corporate Bonds	53.6%
Asset-Backed/Commercial Mortgage-Backed Securities	15.2%
Mortgage-Backed Securities	14.5%
United States Treasury Notes/Bonds	11.0%
Investment Companies	5.7%
Inflation-Indexed Bonds	3.0%
Preferred Stocks	0.7%
Bank Loans and Mezzanine Loans	0.4%
Investments Purchased with Cash Collateral from Securities Lending	0.1%
Other		(4.2)%
		100.0%


Janus Investment Fund	3

Janus Henderson Flexible Bond Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended December 31, 2020						Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	3.43%	10.39%	4.69%	4.18%	6.55%	0.92%	0.89%
Class A Shares at MOP	-1.52%	5.12%	3.69%	3.67%	6.39%
Class C Shares at NAV	3.21%	9.82%	4.04%	3.47%	5.86%	1.52%	1.52%
Class C Shares at CDSC	2.21%	8.82%	4.04%	3.47%	5.86%
Class D Shares	3.67%	10.80%	5.00%	4.43%	6.63%	0.59%	0.59%
Class I Shares	3.70%	10.88%	5.08%	4.48%	6.65%	0.51%	0.51%
Class N Shares	3.65%	10.97%	5.14%	4.54%	6.66%	0.44%	0.44%
Class R Shares	3.37%	10.15%	4.38%	3.81%	6.16%	1.20%	1.20%
Class S Shares	3.47%	10.40%	4.62%	4.06%	6.41%	0.95%	0.95%
Class T Shares	3.62%	10.70%	4.91%	4.33%	6.60%	0.69%	0.69%
Bloomberg Barclays U.S. Aggregate Bond Index	1.29%	7.51%	4.44%	3.84%	6.26%^**
Morningstar Quartile - Class T Shares	-	1st	2nd	2nd	1st
Morningstar Ranking - based on total returns for Intermediate Core - Plus Bond Funds	-	81/613	263/537	219/481	25/100

Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2020.


4	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund (unaudited)

Performance

Class A Shares, Class C Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund’s Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective share class, without the effect of any fee and expense limitations or waivers.

Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Class I Shares commenced operations on July 6, 2009. Performance shown for periods prior to July 6, 2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.

Class N Shares commenced operations on May 31, 2012. Performance shown for periods prior to May 31, 2012, reflects the performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – July 7, 1987

** The Bloomberg Barclays U.S. Aggregate Bond Index’s since inception returns are calculated from June 30, 1987.

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.


Janus Investment Fund	5

Janus Henderson Flexible Bond Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/20)	Ending Account Value (12/31/20)	Expenses Paid During Period (7/1/20 - 12/31/20)†	Beginning Account Value (7/1/20)	Ending Account Value (12/31/20)	Expenses Paid During Period (7/1/20 - 12/31/20)†	Net Annualized Expense Ratio (7/1/20 - 12/31/20)
Class A Shares		$1,000.00	$1,034.30	$4.41	$1,000.00	$1,020.87	$4.38	0.86%
Class C Shares		$1,000.00	$1,032.10	$7.53	$1,000.00	$1,017.80	$7.48	1.47%
Class D Shares		$1,000.00	$1,036.70	$2.98	$1,000.00	$1,022.28	$2.96	0.58%
Class I Shares		$1,000.00	$1,037.00	$2.62	$1,000.00	$1,022.63	$2.60	0.51%
Class N Shares		$1,000.00	$1,036.50	$2.26	$1,000.00	$1,022.99	$2.24	0.44%
Class R Shares		$1,000.00	$1,033.70	$5.95	$1,000.00	$1,019.36	$5.90	1.16%
Class S Shares		$1,000.00	$1,034.70	$4.92	$1,000.00	$1,020.37	$4.89	0.96%
Class T Shares		$1,000.00	$1,036.20	$3.49	$1,000.00	$1,021.78	$3.47	0.68%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


6	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– 15.2%
	208 Park Avenue Mortgage Trust 2017-280P,
	ICE LIBOR USD 1 Month + 0.8800%, 1.0386%, 9/15/34 (144A)^‡	$4,050,930	$4,052,299
	Angel Oak Mortgage Trust I LLC 2018-2,
	ICE LIBOR USD 12 Month + 0.7600%, 3.6740%, 7/27/48 (144A)^‡	724,834	732,096
	Angel Oak Mortgage Trust I LLC 2019-5, 2.5930%, 10/25/49 (144A)^‡	3,028,583	3,066,928
	Angel Oak Mortgage Trust I LLC 2019-6,
	ICE LIBOR USD 12 Month + 0.9500%, 2.6200%, 11/25/59 (144A)^‡	2,794,382	2,829,615
	Angel Oak Mortgage Trust I LLC 2020-3,
	ICE LIBOR USD 12 Month + 1.0000%, 2.4100%, 4/25/65 (144A)^‡	4,354,187	4,396,125
	Angel Oak Mortgage Trust I LLC2020-2,
	ICE LIBOR USD 12 Month + 2.2000%, 2.5310%, 1/26/65 (144A)^‡	4,704,494	4,822,157
	Applebee's Funding LLC / IHOP Funding LLC, 4.1940%, 6/7/49 (144A)	7,494,218	7,334,570
	Arbys Funding LLC 2020-1A, 3.2370%, 7/30/50 (144A)	11,240,828	11,440,707
	Arroyo Mortgage Trust 2018-1,
	ICE LIBOR USD 12 Month + 0.8500%, 3.7630%, 4/25/48 (144A)^‡	3,311,914	3,346,037
	Bank 2018-BN12 A4, 4.2550%, 5/15/61^‡	1,760,650	2,092,087
	Bank 2019-BN17, 3.7140%, 4/15/52	3,864,736	4,503,648
	Bank 2019-BN18, 3.5840%, 5/15/62	6,717,260	7,783,244
	Bank 2019-BN20, 3.0110%, 9/15/62	3,162,497	3,532,644
	Bank 2019-BN23, 2.9200%, 12/15/52	5,689,139	6,324,156
	Bank 2019-BNK24, 2.9600%, 11/15/62	1,656,800	1,849,039
	Barclays Comercial Mortgage Securities LLC 2015-SRCH,
	4.1970%, 8/10/35 (144A)	9,721,000	11,101,041
	Barclays Comercial Mortgage Securities LLC 2017-DELC,
	ICE LIBOR USD 1 Month + 0.8500%, 1.0086%, 8/15/36 (144A)^‡	3,044,000	3,009,931
	Benchmark Mortgage Trust 2020-B16, 2.7320%, 2/15/53	4,045,000	4,442,170
	BVRT Financing Trust, 7/10/32^‡	3,348,000	3,348,000
	BX Commercial Mortgage Trust 2018-IND,
	ICE LIBOR USD 1 Month + 0.7500%, 0.9090%, 11/15/35 (144A)^‡	4,932,946	4,931,146
	BX Commercial Mortgage Trust 2019-XL,
	ICE LIBOR USD 1 Month + 0.9200%, 1.0790%, 10/15/36 (144A)^‡	8,925,298	8,942,463
	BX Commercial Mortgage Trust 2019-XL,
	ICE LIBOR USD 1 Month + 1.0800%, 1.2390%, 10/15/36 (144A)^‡	1,348,003	1,347,890
	BX Commercial Mortgage Trust 2020-FOX A,
	ICE LIBOR USD 1 Month + 1.0000%, 1.1590%, 11/15/32 (144A)^‡	11,604,000	11,621,979
	BX Commercial Mortgage Trust 2020-FOX B,
	ICE LIBOR USD 1 Month + 1.3500%, 1.5090%, 11/15/32 (144A)^‡	2,015,000	2,019,919
	BX Commercial Mortgage Trust 2020-FOX C,
	ICE LIBOR USD 1 Month + 1.5500%, 1.7090%, 11/15/32 (144A)^‡	1,738,000	1,742,321
	BX Trust 2019-OC11, 3.2020%, 12/9/41 (144A)	8,590,000	9,427,349
	BX Trust 2019-OC11, 3.6050%, 12/9/41 (144A)	4,295,000	4,727,872
	BX Trust 2019-OC11, 3.8560%, 12/9/41 (144A)	4,295,000	4,567,580
	BX Trust 2019-OC11, 4.0755%, 12/9/41 (144A)^‡	6,443,000	6,722,244
	BX Trust 2019-OC11, 4.0755%, 12/9/41 (144A)^‡	1,639,000	1,635,679
	BXP Trust 2017-GM, 3.3790%, 6/13/39 (144A)	4,909,000	5,474,924
	Chase Home Lending Mortgage Trust 2019-ATR2,
	ICE LIBOR USD 1 Month + 0.9000%, 1.0480%, 7/25/49 (144A)^‡	817,829	817,791
	Cold Storage Trust 2020-ICE5 A,
	ICE LIBOR USD 1 Month + 0.9000%, 1.0586%, 11/15/37 (144A)^‡	11,184,000	11,185,206
	Cold Storage Trust 2020-ICE5 B,
	ICE LIBOR USD 1 Month + 1.3000%, 1.4586%, 11/15/37 (144A)^‡	4,973,000	4,975,467
	Cold Storage Trust 2020-ICE5 C,
	ICE LIBOR USD 1 Month + 1.6500%, 1.8086%, 11/15/37 (144A)^‡	4,991,000	4,993,396
	COLT Funding LLC 2020-2,
	ICE LIBOR USD 12 Month + 1.5000%, 1.8530%, 3/25/65 (144A)^‡	2,488,583	2,517,927
	COLT Funding LLC 2020-3,
	ICE LIBOR USD 12 Month + 1.2000%, 1.5060%, 4/27/65 (144A)^‡	2,554,571	2,559,012
	Connecticut Avenue Securities Trust 2014-C04,
	ICE LIBOR USD 1 Month + 4.9000%, 5.0480%, 11/25/24^‡	580,720	596,014


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 (unaudited)

December 31, 2020


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Connecticut Avenue Securities Trust 2016-C03,
	ICE LIBOR USD 1 Month + 5.9000%, 6.0480%, 10/25/28^‡	$984,554	$1,031,295
	Connecticut Avenue Securities Trust 2016-C04,
	ICE LIBOR USD 1 Month + 4.2500%, 4.3980%, 1/25/29^‡	2,433,079	2,517,669
	Connecticut Avenue Securities Trust 2016-C06 1M2,
	ICE LIBOR USD 1 Month + 4.2500%, 4.3980%, 4/25/29^‡	2,555,137	2,618,760
	Connecticut Avenue Securities Trust 2017-C01,
	ICE LIBOR USD 1 Month + 3.5500%, 3.6980%, 7/25/29^‡	4,296,724	4,424,610
	Connecticut Avenue Securities Trust 2018-C05,
	ICE LIBOR USD 1 Month + 2.3500%, 2.4980%, 1/25/31^‡	4,092,882	4,088,910
	Connecticut Avenue Securities Trust 2018-R07,
	ICE LIBOR USD 1 Month + 2.4000%, 2.5480%, 4/25/31 (144A)^‡	2,053,895	2,051,765
	Connecticut Avenue Securities Trust 2019-R02,
	ICE LIBOR USD 1 Month + 2.3000%, 2.4480%, 8/25/31 (144A)^‡	2,455,211	2,449,072
	Connecticut Avenue Securities Trust 2019-R03,
	ICE LIBOR USD 1 Month + 2.1500%, 2.2980%, 9/25/31 (144A)^‡	6,422,749	6,402,805
	Connecticut Avenue Securities Trust 2019-R04,
	ICE LIBOR USD 1 Month + 2.1000%, 2.2480%, 6/25/39 (144A)^‡	6,073,152	6,054,320
	Connecticut Avenue Securities Trust 2019-R05,
	ICE LIBOR USD 1 Month + 2.0000%, 2.1480%, 7/25/39 (144A)^‡	6,897,035	6,873,926
	Connecticut Avenue Securities Trust 2019-R06,
	ICE LIBOR USD 1 Month + 2.1000%, 2.2480%, 9/25/39 (144A)^‡	4,306,299	4,297,736
	Connecticut Avenue Securities Trust 2019-R07,
	ICE LIBOR USD 1 Month + 2.1000%, 2.2480%, 10/25/39 (144A)^‡	8,444,086	8,415,425
	Connecticut Avenue Securities Trust 2020-R01,
	ICE LIBOR USD 1 Month + 0.8000%, 0.9480%, 1/25/40 (144A)^‡	981,273	981,576
	Connecticut Avenue Securities Trust 2020-R01 1M2,
	ICE LIBOR USD 1 Month + 2.0500%, 2.1980%, 1/25/40 (144A)^‡	4,550,887	4,522,598
	Connecticut Avenue Securities Trust 2020-R02,
	ICE LIBOR USD 1 Month + 2.0000%, 2.1480%, 1/25/40 (144A)^‡	10,430,356	10,357,051
	Cosmopolitan Hotel Trust 2017,
	ICE LIBOR USD 1 Month + 0.9300%, 1.0886%, 11/15/36 (144A)^‡	3,744,959	3,702,884
	Credit Acceptance Auto Loan Trust 2018-2, 3.9400%, 7/15/27 (144A)	5,714,000	5,842,500
	Credit Suisse Commercial Mortgage Trust 2019-ICE4,
	ICE LIBOR USD 1 Month + 0.9800%, 1.1390%, 5/15/36 (144A)^‡	10,122,000	10,125,898
	Credit Suisse Commercial Mortgage Trust 2019-ICE4 C,
	ICE LIBOR USD 1 Month + 1.4300%, 1.5890%, 5/15/36 (144A)^‡	5,168,000	5,161,566
	Credit Suisse Commercial Mortgage Trust 2020-UNFI, 4.1682%, 12/6/22^‡	2,788,000	2,806,366
	DB Master Finance LLC 2019-1A A23, 4.3520%, 5/20/49 (144A)	3,554,013	3,864,766
	DB Master Finance LLC 2019-1A A2I, 3.7870%, 5/20/49 (144A)	4,191,938	4,338,654
	DB Master Finance LLC 2019-1A A2II, 4.0210%, 5/20/49 (144A)	1,711,338	1,811,280
	Domino's Pizza Master Issuer LLC, 3.0820%, 7/25/47 (144A)	1,555,880	1,574,795
	Domino's Pizza Master Issuer LLC, 4.1180%, 7/25/47 (144A)	2,508,420	2,686,194
	Domino's Pizza Master Issuer LLC, 4.1160%, 7/25/48 (144A)	7,369,373	7,808,018
	Domino's Pizza Master Issuer LLC, 4.3280%, 7/25/48 (144A)	3,924,663	4,262,146
	Domino's Pizza Master Issuer LLC, 3.6680%, 10/25/49 (144A)	13,674,870	14,480,700
	Drive Auto Receivables Trust 2017-1, 5.1700%, 9/16/24	6,197,000	6,399,690
	Drive Auto Receivables Trust 2017-2, 5.2700%, 11/15/24	4,659,000	4,845,099
	Drive Auto Receivables Trust 2017-3, 3.5300%, 12/15/23 (144A)	713,108	723,722
	Drive Auto Receivables Trust 2017-A, 4.1600%, 5/15/24 (144A)	2,184,036	2,210,348
	Exeter Automobile Receivables Trust 2018-1A C, 3.0300%, 1/17/23 (144A)	1,280,254	1,283,862
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 5.0000%, 5.1480%, 7/25/25^‡	3,665,218	3,705,031
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 5.7000%, 5.8480%, 4/25/28^‡	2,148,056	2,244,427
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 2.0000%, 2.1480%, 3/25/31^‡	6,207,830	6,144,744
	Fannie Mae REMICS, 3.0000%, 5/25/48	8,608,154	9,242,558
	Fannie Mae REMICS, 3.0000%, 11/25/49	13,173,369	14,057,481


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Freddie Mac Structured Agency Credit Risk Debt Notes 2016-DNA1 M3,
	ICE LIBOR USD 1 Month + 5.5500%, 5.7001%, 7/25/28^‡	$2,431,522	$2,532,572
	Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA3 M2,
	ICE LIBOR USD 1 Month + 1.3500%, 1.4980%, 3/25/29^‡	34,150	34,150
	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M1,
	ICE LIBOR USD 1 Month + 0.7500%, 0.8980%, 3/25/30^‡	63,877	63,877
	Freddie Mac Structured Agency Credit Risk Debt Notes 2019-DNA4 M2,
	ICE LIBOR USD 1 Month + 1.9500%, 2.0980%, 10/25/49 (144A)^‡	1,425,306	1,418,241
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-DNA1 M2,
	ICE LIBOR USD 1 Month + 1.7000%, 1.8480%, 1/25/50 (144A)^‡	7,182,000	7,128,263
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-DNA3 M2,
	ICE LIBOR USD 1 Month + 3.0000%, 3.1480%, 6/25/50 (144A)^‡	2,966,856	2,989,722
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-DNA6 M2,
	US 30 Day Average SOFR + 2.0000%, 2.0773%, 12/25/50 (144A)^‡	5,597,000	5,588,048
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA4 M2,
	ICE LIBOR USD 1 Month + 3.1500%, 3.2980%, 9/25/50 (144A)^‡	3,219,000	3,248,566
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA5 M2,
	US 30 Day Average SOFR + 2.6000%, 2.6817%, 11/25/50 (144A)^‡	9,333,000	9,362,299
	Great Wolf Trust,
	ICE LIBOR USD 1 Month + 1.0340%, 1.1930%, 12/15/36 (144A)^‡	2,050,000	2,006,633
	Great Wolf Trust,
	ICE LIBOR USD 1 Month + 1.3340%, 1.4930%, 12/15/36 (144A)^‡	2,296,000	2,158,305
	Great Wolf Trust,
	ICE LIBOR USD 1 Month + 1.6330%, 1.7920%, 12/15/36 (144A)^‡	2,558,000	2,382,203
	GS Mortgage Securities Trust 2018-GS10, 4.1550%, 7/10/51^‡	2,505,214	2,988,355
	GS Mortgage Securities Trust 2018-GS9, 3.9920%, 3/10/51^‡	4,185,984	4,901,097
	GS Mortgage Securities Trust 2020-GC45, 2.9106%, 2/13/53	4,121,000	4,583,307
	GS Mortgage Securities Trust 2020-GC47, 2.3772%, 5/12/53	4,515,000	4,825,783
	Jack in the Box Funding LLC 2019-1A A23, 4.9700%, 8/25/49 (144A)	6,981,107	7,504,688
	Jack in the Box Funding LLC 2019-1A A2I, 3.9820%, 8/25/49 (144A)	6,954,051	7,111,727
	Jack in the Box Funding LLC 2019-1A A2II, 4.4760%, 8/25/49 (144A)	9,239,183	9,676,610
	JP Morgan Mortgage Trust 2019-LTV2,
	ICE LIBOR USD 1 Month + 0.9000%, 1.0480%, 12/25/49 (144A)^‡	2,003,680	2,005,764
	Morgan Stanley Capital I Trust 2016-UB11, 2.7820%, 8/15/49	4,025,000	4,360,050
	Morgan Stanley Capital I Trust 2019-H6, 3.4170%, 6/15/52	2,234,425	2,553,140
	Morgan Stanley Capital I Trust 2015-UBS8, 3.8090%, 12/15/48	2,985,000	3,348,132
	Morgan Stanley Capital I Trust 2018-H3, 4.1770%, 7/15/51	4,192,640	4,980,426
	Morgan Stanley Capital I Trust 2018-H4, 4.3100%, 12/15/51	6,272,995	7,506,493
	New Residential Mortgage Loan Trust 2018-2,
	ICE LIBOR USD 6 Month + 0.6800%, 4.5000%, 2/25/58 (144A)^‡	4,312,005	4,630,208
	NRZ Excess Spread Collateralized Notes 2020-PLS1 A,
	3.8440%, 12/25/25 (144A)	2,579,000	2,578,994
	Oak Street Investment Grade Net Lease Fund 2020-1A A1,
	1.8500%, 11/20/50 (144A)	4,879,898	4,878,565
	Oak Street Investment Grade Net Lease Fund 2020-1A A5,
	3.3900%, 11/20/50 (144A)	6,844,000	6,833,939
	OneMain Direct Auto Receivables Trust 2018-1, 3.8500%, 10/14/25 (144A)	2,347,000	2,437,633
	OneMain Direct Auto Receivables Trust 2018-1, 4.4000%, 1/14/28 (144A)	2,534,000	2,642,157
	Planet Fitness Master Issuer LLC 2018-1A, 4.2620%, 9/5/48 (144A)	3,603,065	3,600,655
	Planet Fitness Master Issuer LLC 2019-1A, 3.8580%, 12/5/49 (144A)	6,561,720	6,383,633
	Preston Ridge Partners Mortgage Trust 2019-3A, 3.3510%, 7/25/24 (144A)^Ç	2,445,762	2,454,144
	Preston Ridge Partners Mortgage Trust 2019-4A, 3.3510%, 11/25/24 (144A)^Ç	4,207,693	4,213,168
	Preston Ridge Partners Mortgage Trust 2020-1A, 2.9810%, 2/25/25 (144A)^Ç	1,797,889	1,801,142
	Preston Ridge Partners Mortgage Trust 2020-2, 3.6710%, 8/25/25 (144A)^Ç	2,630,047	2,639,711
	Preston Ridge Partners Mortgage Trust 2020-3, 2.8570%, 9/25/25 (144A)^Ç	7,628,270	7,668,240
	Preston Ridge Partners Mortgage Trust 2020-4 A1, 2.9510%, 10/25/25 (144A)^Ç	4,591,547	4,592,789
	Preston Ridge Partners Mortgage Trust 2020-5 A1, 3.1040%, 11/25/25 (144A)^Ç	2,484,156	2,488,284
	Santander Drive Auto Receivables Trust 2016-3, 4.2900%, 2/15/24	12,946,000	13,029,190
	Sequoia Mortgage Trust 2013-5, 2.5000%, 5/25/43 (144A)^‡	1,284,095	1,330,774
	Sequoia Mortgage Trust 2020-2, 3.5000%, 3/25/50 (144A)^‡	1,404,299	1,442,791


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 (unaudited)

December 31, 2020


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Spruce Hill Mortgage Loan Trust 2020-SH1 A1,
	ICE LIBOR USD 12 Month + 0.9500%, 2.5210%, 1/28/50 (144A)^‡	$1,130,140	$1,236,483
	Spruce Hill Mortgage Loan Trust 2020-SH1 A2,
	ICE LIBOR USD 12 Month + 1.0500%, 2.6240%, 1/28/50 (144A)^‡	2,213,323	2,410,816
	Spruce Hill Mortgage Loan Trust 2020-SH2, 3.4070%, 6/25/55 (144A)^‡	7,416,469	8,213,493
	Starwood Mortgage Residential Trust 2020-2, 2.7180%, 4/25/60 (144A)^‡	2,276,828	2,307,870
	Taco Bell Funding LLC, 4.3180%, 11/25/48 (144A)	3,784,760	3,844,613
	Taco Bell Funding LLC, 4.9400%, 11/25/48 (144A)	3,340,820	3,666,420
	Towd Point Asset Funding LLC 2019-HE1 A1,
	ICE LIBOR USD 1 Month + 0.9000%, 1.0480%, 4/25/48 (144A)^‡	3,983,745	3,969,317
	Vantage Data Centers LLC 2020-1A A2, 1.6450%, 9/15/45 (144A)	9,359,000	9,368,342
	Vantage Data Centers LLC 2020-2A A2, 1.9920%, 9/15/45 (144A)	4,083,000	4,088,823
	VCAT Asset Securitization LLC 2020-NPL1, 3.6710%, 8/25/50 (144A)^Ç	2,742,198	2,742,167
	Wendy's Funding LLC, 3.5730%, 3/15/48 (144A)	2,624,820	2,713,966
	Wendy's Funding LLC, 3.8840%, 3/15/48 (144A)	707,130	745,883
	Wendy's Funding LLC, 3.7830%, 6/15/49 (144A)	3,809,820	3,991,112
	WFRBS Commercial Mortgage Trust 2014-C25, 3.6310%, 11/15/47	3,411,000	3,773,712
	Wingstop Funding LLC 2020-1A A2, 2.8410%, 12/5/50 (144A)	5,841,000	5,941,467
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $591,620,399)			607,141,872
Bank Loans and Mezzanine Loans– 0.4%
Consumer Non-Cyclical – 0.4%
	Elanco Animal Health Inc, ICE LIBOR USD 1 Month + 1.7500%, 1.9048%, 8/1/27^‡((cost $15,763,622)	15,763,623	15,649,357
Corporate Bonds– 53.6%
Banking – 11.0%
	Banco Santander SA, 2.7490%, 12/3/30	7,800,000	8,050,111
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.0600%, 3.5590%, 4/23/27^‡	15,190,000	17,147,127
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.5120%, 3.7050%, 4/24/28^‡	15,118,000	17,204,704
	Bank of America Corp, SOFR + 2.1500%, 2.5920%, 4/29/31^‡	9,958,000	10,670,904
	Bank of America Corp, ICE LIBOR USD 3 Month + 3.1350%, 5.2000%^‡,µ	3,308,000	3,448,590
	Bank of America Corp, ICE LIBOR USD 3 Month + 3.7050%, 6.2500%^‡,µ	8,722,000	9,677,604
	Bank of America Corp, ICE LIBOR USD 3 Month + 3.8980%, 6.1000%^‡,µ	3,666,000	4,153,761
	Bank of America Corp, ICE LIBOR USD 3 Month + 2.6640%, 4.3000%, 1/24/70^‡	7,346,000	7,574,167
	Bank of New York Mellon Corp,
	US Treasury Yield Curve Rate 5 Year + 4.3580%, 4.7000%^‡,µ	12,222,000	13,478,422
	BNP Paribas SA, ICE LIBOR USD 3 Month + 2.2350%, 4.7050%, 1/10/25 (144A)^‡	5,610,000	6,234,266
	BNP Paribas SA, ICE LIBOR USD 3 Month + 1.1110%, 2.8190%, 11/19/25 (144A)^‡	3,812,000	4,072,636
	BNP Paribas SA, SOFR + 1.5070%, 3.0520%, 1/13/31 (144A)^‡	9,682,000	10,559,693
	BNP Paribas SA,
	US Treasury Yield Curve Rate 5 Year + 2.0500%, 2.5880%, 8/12/35 (144A)^‡	14,963,000	15,288,440
	Citigroup Inc, ICE LIBOR USD 3 Month + 1.5630%, 3.8870%, 1/10/28^‡	7,474,000	8,584,728
	Citigroup Inc, SOFR + 1.4220%, 2.9760%, 11/5/30^‡	3,539,000	3,895,519
	Citigroup Inc, ICE LIBOR USD 3 Month + 4.0680%, 5.9500%^‡,µ	6,373,000	6,689,095
	Citigroup Inc, 5.9000%^µ	807,000	847,754
	Citigroup Inc, ICE LIBOR USD 3 Month + 3.4660%, 5.3500%^‡,µ	4,028,000	4,194,155
	Citigroup Inc, ICE LIBOR USD 3 Month + 3.4230%, 6.3000%^‡,µ	919,000	996,196
	Citigroup Inc, ICE LIBOR USD 3 Month + 3.9050%, 5.9500%^‡,µ	4,180,000	4,566,650
	Citigroup Inc, SOFR + 3.8130%, 5.0000%^‡,µ	4,186,000	4,350,824
	Citigroup Inc, SOFR + 3.2340%, 4.7000%^‡,µ	4,040,000	4,151,464
	Citizens Financial Group Inc, 2.6380%, 9/30/32	15,715,000	16,614,139
	Credit Agricole SA, 4.3750%, 3/17/25 (144A)	4,084,000	4,583,743
	Credit Agricole SA, 3.2500%, 1/14/30 (144A)	11,851,000	12,996,275
	Credit Agricole SA/London, SOFR + 1.6760%, 1.9070%, 6/16/26 (144A)^‡	1,713,000	1,776,370
	Credit Suisse Group AG,
	US Treasury Yield Curve Rate 5 Year + 3.5540%, 4.5000% (144A)^‡,µ	13,461,000	13,526,959
	Goldman Sachs Group Inc, 3.5000%, 4/1/25	10,532,000	11,711,803
	Goldman Sachs Group Inc, ICE LIBOR USD 3 Month + 3.9220%, 4.1279%^‡,µ	12,550,000	12,524,649
	Goldman Sachs Group Inc, ICE LIBOR USD 3 Month + 2.8740%, 5.0000%^‡,#,µ	1,222,000	1,234,220


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Banking– (continued)
	Goldman Sachs Group Inc,
	US Treasury Yield Curve Rate 5 Year + 3.2240%, 4.9500%^‡,µ	$2,755,000	$2,914,570
	HSBC Holdings PLC, SOFR + 1.5380%, 1.6450%, 4/18/26^‡	6,523,000	6,670,144
	HSBC Holdings PLC, SOFR + 1.2900%, 1.5890%, 5/24/27^‡	22,022,000	22,388,987
	HSBC Holdings PLC, SOFR + 1.9470%, 2.3570%, 8/18/31^‡	4,750,000	4,903,086
	JPMorgan Chase & Co, SOFR + 1.8500%, 2.0830%, 4/22/26^‡	9,272,000	9,790,459
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.2450%, 3.9600%, 1/29/27^‡	18,455,000	21,201,651
	JPMorgan Chase & Co, SOFR + 2.5150%, 2.9560%, 5/13/31^‡	18,772,000	20,578,535
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 2.5800%, 4.6250%^‡,#,µ	1,378,000	1,360,574
	JPMorgan Chase & Co, SOFR + 3.3800%, 5.0000%, 7/31/69^‡	3,305,000	3,476,961
	JPMorgan Chase & Co, SOFR + 3.1250%, 4.6000%, 1/23/70^‡	3,489,000	3,602,392
	JPMorgan Chase & Co, SOFR + 2.7450%, 4.0000%, 2/24/70^‡	3,306,000	3,359,723
	Morgan Stanley, SOFR + 1.9900%, 2.1880%, 4/28/26^‡	11,131,000	11,754,690
	Morgan Stanley, 3.9500%, 4/23/27	9,352,000	10,812,147
	Morgan Stanley, SOFR + 1.0340%, 1.7940%, 2/13/32^‡	9,121,000	9,171,858
	Natwest Group PLC,
	US Treasury Yield Curve Rate 5 Year + 2.3500%, 3.0320%, 11/28/35^‡	9,217,000	9,532,314
	Societe Generale SA, 2.6250%, 1/22/25 (144A)	12,470,000	13,204,395
	SVB Financial Group, 3.1250%, 6/5/30	18,693,000	21,035,879
	UBS Group AG,
	US Treasury Yield Curve Rate 1 Year + 1.0800%, 1.3640%, 1/30/27 (144A)^‡	11,901,000	12,031,410
	Westpac Banking Corp,
	US Treasury Yield Curve Rate 5 Year + 1.7500%, 2.6680%, 11/15/35^‡	9,057,000	9,330,159
	Westpac Banking Corp, 2.9630%, 11/16/40	2,680,000	2,849,659
			440,774,561
Basic Industry – 1.5%
	Axalta Coating Systems Ltd, 3.3750%, 2/15/29 (144A)	12,726,000	12,726,000
	Constellium NV, 5.7500%, 5/15/24 (144A)	5,610,000	5,724,556
	Element Solutions Inc, 3.8750%, 9/1/28 (144A)	9,731,000	10,010,766
	Georgia-Pacific LLC, 3.1630%, 11/15/21 (144A)	5,695,000	5,801,657
	Nutrition & Biosciences Inc, 1.8320%, 10/15/27 (144A)	6,756,000	6,960,159
	Nutrition & Biosciences Inc, 3.2680%, 11/15/40 (144A)	2,476,000	2,656,952
	Nutrition & Biosciences Inc, 3.4680%, 12/1/50 (144A)	3,646,000	3,953,294
	Reliance Steel & Aluminum Co, 4.5000%, 4/15/23	11,369,000	12,265,562
			60,098,946
Brokerage – 1.4%
	Charles Schwab Corp,
	US Treasury Yield Curve Rate 5 Year + 4.9710%, 5.3750%^‡,µ	16,925,000	18,850,219
	Charles Schwab Corp,
	US Treasury Yield Curve Rate 10 Year + 3.0790%, 4.0000%^‡,µ	11,362,000	11,958,505
	Intercontinental Exchange Inc, 2.1000%, 6/15/30	6,836,000	7,116,476
	Intercontinental Exchange Inc, 1.8500%, 9/15/32	3,655,000	3,682,446
	Raymond James Financial Inc, 5.6250%, 4/1/24	3,731,000	4,305,280
	Raymond James Financial Inc, 4.6500%, 4/1/30	1,211,000	1,484,727
	Raymond James Financial Inc, 4.9500%, 7/15/46	6,922,000	9,471,318
			56,868,971
Capital Goods – 3.7%
	Avery Dennison Co, 2.6500%, 4/30/30	9,929,000	10,643,916
	BAE Systems PLC, 3.4000%, 4/15/30 (144A)	3,332,000	3,772,764
	BAE Systems PLC, 1.9000%, 2/15/31 (144A)	5,310,000	5,364,962
	Bemis Co Inc, 2.6300%, 6/19/30	10,774,000	11,661,249
	Boeing Co, 4.5080%, 5/1/23	9,194,000	9,936,603
	Boeing Co, 4.8750%, 5/1/25	6,766,000	7,711,173
	Boeing Co, 2.7500%, 2/1/26	3,280,000	3,448,306
	Boeing Co, 2.2500%, 6/15/26	2,136,000	2,190,017
	Boeing Co, 3.2500%, 2/1/28	3,498,000	3,747,327
	Boeing Co, 3.6000%, 5/1/34	8,516,000	8,984,488
	Boeing Co, 5.7050%, 5/1/40	3,206,000	4,145,719
	Boeing Co, 5.9300%, 5/1/60	1,921,000	2,720,212


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 (unaudited)

December 31, 2020


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Capital Goods– (continued)
	General Electric Co, 6.7500%, 3/15/32	$4,704,000	$6,591,444
	Huntington Ingalls Industries Inc, 3.8440%, 5/1/25 (144A)	4,040,000	4,488,305
	Huntington Ingalls Industries Inc, 4.2000%, 5/1/30 (144A)	8,964,000	10,611,888
	Northrop Grumman Corp, 4.4000%, 5/1/30	4,225,000	5,241,587
	United Rentals North America Inc, 3.8750%, 2/15/31	2,673,000	2,804,111
	Vulcan Materials Co, 3.5000%, 6/1/30	4,013,000	4,606,942
	Wabtec Corp, 4.4000%, 3/15/24	3,569,000	3,905,272
	Wabtec Corp, 3.4500%, 11/15/26	5,591,000	6,136,117
	Wabtec Corp, 4.9500%, 9/15/28	16,185,000	19,194,139
	Westinghouse Air Brake Technologies Corp, 3.2000%, 6/15/25	8,049,000	8,682,027
			146,588,568
Communications – 5.6%
	AT&T Inc, 1.6500%, 2/1/28	5,194,000	5,297,006
	AT&T Inc, 3.5000%, 9/15/53 (144A)	2,687,000	2,676,757
	AT&T Inc, 3.5500%, 9/15/55 (144A)	3,851,000	3,830,523
	CCO Holdings LLC / CCO Holdings Capital Corp, 4.2500%, 2/1/31 (144A)	11,008,000	11,600,891
	CCO Holdings LLC / CCO Holdings Capital Corp, 4.5000%, 5/1/32 (144A)	16,559,000	17,680,375
	CenturyLink Inc, 6.4500%, 6/15/21	5,532,000	5,643,802
	CenturyLink Inc, 5.8000%, 3/15/22	3,617,000	3,770,722
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	6.4840%, 10/23/45	1,966,000	2,785,792
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	5.3750%, 5/1/47	1,573,000	1,960,367
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	4.8000%, 3/1/50	7,029,000	8,386,890
	Charter Communications Operating LLC / Charter Communications Operating Capital,
	3.7000%, 4/1/51	3,895,000	4,037,624
	Crown Castle International Corp, 3.6500%, 9/1/27	4,660,000	5,259,052
	Crown Castle International Corp, 4.3000%, 2/15/29	4,317,000	5,124,776
	Crown Castle International Corp, 3.1000%, 11/15/29	9,276,000	10,216,048
	CSC Holdings LLC, 4.1250%, 12/1/30 (144A)	8,738,000	9,136,453
	CSC Holdings LLC, 4.6250%, 12/1/30 (144A)	8,782,000	9,166,212
	CSC Holdings LLC, 3.3750%, 2/15/31 (144A)	6,754,000	6,627,362
	GCI LLC, 4.7500%, 10/15/28 (144A)	16,105,000	17,176,788
	Level 3 Financing Inc, 3.8750%, 11/15/29 (144A)	14,007,000	15,555,054
	Netflix Inc, 3.6250%, 6/15/25 (144A)	18,799,000	20,128,841
	Sirius XM Radio Inc, 4.1250%, 7/1/30 (144A)	12,376,000	13,172,705
	T-Mobile USA Inc, 1.5000%, 2/15/26 (144A)	1,954,000	2,000,642
	T-Mobile USA Inc, 3.7500%, 4/15/27 (144A)	11,042,000	12,574,630
	T-Mobile USA Inc, 2.0500%, 2/15/28 (144A)	3,988,000	4,148,158
	T-Mobile USA Inc, 3.8750%, 4/15/30 (144A)	2,342,000	2,712,059
	T-Mobile USA Inc, 2.5500%, 2/15/31 (144A)	6,821,000	7,162,527
	T-Mobile USA Inc, 3.0000%, 2/15/41 (144A)	5,047,000	5,232,326
	T-Mobile USA Inc, 3.3000%, 2/15/51 (144A)	4,383,000	4,509,362
	Verizon Communications Inc, 3.0000%, 3/22/27	1,362,000	1,508,148
	Verizon Communications Inc, 4.8620%, 8/21/46	3,482,000	4,698,262
			223,780,154
Consumer Cyclical – 6.2%
	1011778 BC ULC / New Red Finance Inc, 4.0000%, 10/15/30 (144A)	17,474,000	17,721,432
	AutoZone Inc, 3.7500%, 4/18/29	3,400,000	3,919,141
	AutoZone Inc, 1.6500%, 1/15/31	4,056,000	4,027,591
	Best Buy Co Inc, 1.9500%, 10/1/30	10,910,000	10,956,062
	Booking Holdings Inc, 4.1000%, 4/13/25	16,568,000	18,786,076
	Booking Holdings Inc, 4.5000%, 4/13/27	5,281,000	6,294,948
	Booking Holdings Inc, 4.6250%, 4/13/30	1,706,000	2,118,768


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Consumer Cyclical– (continued)
	Choice Hotels International Inc, 3.7000%, 12/1/29	$7,884,000	$8,598,763
	Choice Hotels International Inc, 3.7000%, 1/15/31	2,031,000	2,249,373
	Experian Finance PLC, 2.7500%, 3/8/30 (144A)	16,182,000	17,560,441
	Ford Motor Credit Co LLC, 3.3750%, 11/13/25	12,857,000	13,166,339
	Ford Motor Credit Co LLC, 4.0000%, 11/13/30	11,943,000	12,563,200
	General Motors Co, 4.2000%, 10/1/27	2,929,000	3,317,705
	General Motors Co, 5.0000%, 10/1/28	4,389,000	5,220,553
	General Motors Co, 5.4000%, 4/1/48	3,114,000	3,915,639
	General Motors Financial Co Inc, 4.3500%, 4/9/25	2,594,000	2,895,383
	General Motors Financial Co Inc, 4.3000%, 7/13/25	1,903,000	2,134,780
	General Motors Financial Co Inc, 4.3500%, 1/17/27	4,989,000	5,677,462
	GLP Capital LP / GLP Financing II Inc, 3.3500%, 9/1/24	1,482,000	1,555,759
	GLP Capital LP / GLP Financing II Inc, 5.2500%, 6/1/25	3,032,000	3,411,243
	GLP Capital LP / GLP Financing II Inc, 5.3750%, 4/15/26	5,499,000	6,311,037
	GLP Capital LP / GLP Financing II Inc, 5.3000%, 1/15/29	615,000	715,626
	GLP Capital LP / GLP Financing II Inc, 4.0000%, 1/15/30	9,581,000	10,407,457
	GLP Capital LP / GLP Financing II Inc, 4.0000%, 1/15/31	2,166,000	2,363,583
	IHS Markit Ltd, 5.0000%, 11/1/22 (144A)	4,713,000	5,039,263
	IHS Markit Ltd, 4.7500%, 2/15/25 (144A)	11,657,000	13,377,573
	IHS Markit Ltd, 4.0000%, 3/1/26 (144A)	4,615,000	5,286,944
	Lowe's Cos Inc, 4.5000%, 4/15/30	4,437,000	5,520,225
	Lowe's Cos Inc, 5.0000%, 4/15/40	3,148,000	4,275,477
	Marriott International Inc, 5.7500%, 5/1/25	9,058,000	10,593,198
	MDC Holdings Inc, 5.5000%, 1/15/24	6,821,000	7,468,995
	MGM Resorts International, 7.7500%, 3/15/22	1,255,000	1,336,575
	Nordstrom Inc, 4.3750%, 4/1/30	9,438,000	9,290,949
	O'Reilly Automotive Inc, 3.6000%, 9/1/27	207,000	235,595
	O'Reilly Automotive Inc, 4.3500%, 6/1/28	1,597,000	1,898,824
	O'Reilly Automotive Inc, 3.9000%, 6/1/29	8,226,000	9,669,016
	Ross Stores Inc, 1.8750%, 4/15/31	3,225,000	3,235,841
	Service Corp International/US, 3.3750%, 8/15/30	3,516,000	3,657,378
			246,774,214
Consumer Non-Cyclical – 5.0%
	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc,
	4.9000%, 2/1/46	8,648,000	11,254,899
	Anheuser-Busch InBev Worldwide Inc, 4.3500%, 6/1/40	4,829,000	5,917,158
	Aramark Services Inc, 6.3750%, 5/1/25 (144A)^#	13,148,000	14,051,925
	Avantor Funding Inc, 4.6250%, 7/15/28 (144A)	6,402,000	6,770,115
	Baxter International Inc, 3.9500%, 4/1/30 (144A)	3,637,000	4,344,385
	Boston Scientific Corp, 4.0000%, 3/1/29	2,873,000	3,384,307
	Cigna Corp, 2.4000%, 3/15/30	3,682,000	3,923,719
	Cigna Corp, 3.2000%, 3/15/40	1,676,000	1,835,333
	Cigna Corp, 3.4000%, 3/15/50	2,527,000	2,838,271
	Coca-Cola Femsa SAB de CV, 2.7500%, 1/22/30	4,639,000	5,001,402
	CVS Health Corp, 4.3000%, 3/25/28	3,527,000	4,198,164
	CVS Health Corp, 4.1250%, 4/1/40	2,244,000	2,675,528
	CVS Health Corp, 2.7000%, 8/21/40	3,210,000	3,242,702
	CVS Health Corp, 4.2500%, 4/1/50	1,107,000	1,382,313
	DaVita Inc, 4.6250%, 6/1/30 (144A)	7,158,000	7,587,480
	DaVita Inc, 3.7500%, 2/15/31 (144A)	9,328,000	9,471,278
	Elanco Animal Health Inc, 5.2720%, 8/28/23	7,511,000	8,205,767
	Fomento Economico Mexicano SAB de CV, 3.5000%, 1/16/50	6,739,000	7,482,998
	Hasbro Inc, 3.5500%, 11/19/26	6,239,000	6,961,633
	Hasbro Inc, 3.9000%, 11/19/29	14,978,000	16,948,070
	Hasbro Inc, 5.1000%, 5/15/44	7,556,000	8,631,392
	HCA Inc, 5.3750%, 2/1/25	3,932,000	4,421,652
	JBS USA LUX SA / JBS USA Finance Inc, 6.7500%, 2/15/28 (144A)	4,381,000	4,922,053
	JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc,
	6.5000%, 4/15/29 (144A)	6,904,000	8,036,946


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 (unaudited)

December 31, 2020


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Consumer Non-Cyclical– (continued)
	JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc,
	5.5000%, 1/15/30 (144A)	$8,840,000	$10,155,038
	Royalty Pharma PLC, 1.7500%, 9/2/27 (144A)	3,405,000	3,502,136
	Royalty Pharma PLC, 2.2000%, 9/2/30 (144A)	659,000	676,358
	Royalty Pharma PLC, 3.3000%, 9/2/40 (144A)	6,585,000	6,914,239
	Royalty Pharma PLC, 3.5500%, 9/2/50 (144A)	6,571,000	7,000,863
	Sysco Corp, 5.9500%, 4/1/30	6,925,000	9,095,347
	Sysco Corp, 6.6000%, 4/1/40	2,640,000	3,857,085
	Sysco Corp, 6.6000%, 4/1/50	2,515,000	3,867,548
	Upjohn Inc, 1.6500%, 6/22/25 (144A)	1,459,000	1,507,718
			200,065,822
Electric – 2.9%
	AEP Transmission Co LLC, 3.6500%, 4/1/50	2,461,000	2,978,231
	Ameren Corp, 3.5000%, 1/15/31	12,155,000	13,970,414
	Black Hills Corp, 2.5000%, 6/15/30	14,750,827	15,483,930
	CMS Energy Corp,
	US Treasury Yield Curve Rate 5 Year + 4.1160%, 4.7500%, 6/1/50^‡	8,242,000	9,280,211
	Dominion Energy Inc, 3.3750%, 4/1/30	5,893,000	6,709,180
	East Ohio Gas Co/The, 2.0000%, 6/15/30 (144A)	981,000	1,016,121
	IPALCO Enterprises Inc, 4.2500%, 5/1/30 (144A)	16,329,000	18,841,172
	NextEra Energy Capital Holdings Inc, 2.7500%, 5/1/25	3,917,000	4,236,701
	NRG Energy Inc, 7.2500%, 5/15/26	12,986,000	13,700,230
	NRG Energy Inc, 6.6250%, 1/15/27	5,188,000	5,478,736
	NRG Energy Inc, 3.3750%, 2/15/29 (144A)	7,856,000	8,042,973
	NRG Energy Inc, 3.6250%, 2/15/31 (144A)	8,868,000	9,123,398
	PPL WEM Ltd / Western Power Distribution Ltd, 5.3750%, 5/1/21 (144A)	9,003,000	9,035,434
			117,896,731
Energy – 2.7%
	Cheniere Corpus Christi Holdings LLC, 3.7000%, 11/15/29	8,912,000	9,916,610
	Cheniere Energy Inc, 4.6250%, 10/15/28 (144A)	18,007,000	18,907,350
	Continental Resources Inc, 5.7500%, 1/15/31 (144A)	8,826,000	9,796,683
	Energy Transfer Operating LP, 5.8750%, 1/15/24	5,680,000	6,383,007
	Energy Transfer Operating LP, 5.5000%, 6/1/27	1,045,000	1,231,054
	Hess Midstream Operations LP, 5.1250%, 6/15/28 (144A)	13,129,000	13,723,875
	Kinder Morgan Inc/DE, 4.3000%, 3/1/28	2,520,000	2,954,171
	NGPL PipeCo LLC, 4.3750%, 8/15/22 (144A)	12,541,000	13,065,426
	ONEOK Inc, 5.8500%, 1/15/26	2,299,000	2,753,104
	ONEOK Inc, 6.3500%, 1/15/31	4,914,000	6,297,128
	ONEOK Inc, 7.1500%, 1/15/51	1,283,000	1,772,697
	TransCanada PipeLines Ltd, 4.1000%, 4/15/30	5,348,000	6,315,302
	Transcontinental Gas Pipe Line Co LLC, 3.2500%, 5/15/30	7,354,000	8,236,413
	Transcontinental Gas Pipe Line Co LLC, 3.9500%, 5/15/50	4,395,000	4,962,443
			106,315,263
Finance Companies – 0.5%
	Quicken Loans LLC, 3.6250%, 3/1/29 (144A)	7,431,000	7,579,620
	Quicken Loans LLC, 3.8750%, 3/1/31 (144A)	10,861,000	11,268,287
	USAA Capital Corp, 2.1250%, 5/1/30 (144A)	430,000	451,893
			19,299,800
Financial Institutions – 0.2%
	Jones Lang LaSalle Inc, 4.4000%, 11/15/22	8,598,000	9,106,893
Industrial Conglomerates – 0.3%
	General Electric Co, ICE LIBOR USD 3 Month + 3.3300%, 5.0000%^‡,µ	11,873,000	11,009,358
Information Technology Services – 0.2%
	Booz Allen Hamilton Inc, 3.8750%, 9/1/28 (144A)	9,179,000	9,454,370
Insurance – 2.1%
	Brown & Brown Inc, 4.5000%, 3/15/29	5,504,000	6,512,330
	Brown & Brown Inc, 2.3750%, 3/15/31	924,000	966,501
	Centene Corp, 4.2500%, 12/15/27	9,946,000	10,542,760
	Centene Corp, 4.6250%, 12/15/29	12,415,000	13,783,257


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

14	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Insurance– (continued)
	Centene Corp, 3.3750%, 2/15/30	$6,248,000	$6,573,458
	Centene Corp, 3.0000%, 10/15/30	11,159,000	11,827,424
	Molina Healthcare Inc, 4.3750%, 6/15/28 (144A)	18,267,000	19,226,017
	Prudential Financial Inc,
	US Treasury Yield Curve Rate 5 Year + 3.0350%, 3.7000%, 10/1/50^‡	12,925,000	13,671,806
			83,103,553
Real Estate Investment Trusts (REITs) – 2.3%
	Agree LP, 2.9000%, 10/1/30	11,853,000	12,584,370
	Alexandria Real Estate Equities Inc, 4.9000%, 12/15/30	3,802,000	4,835,758
	Lexington Realty Trust, 2.7000%, 9/15/30	17,051,000	17,739,904
	MPT Operating Partnership LP/MPT Finance Corp, 5.0000%, 10/15/27	2,524,000	2,684,905
	MPT Operating Partnership LP/MPT Finance Corp, 4.6250%, 8/1/29	2,390,000	2,569,250
	MPT Operating Partnership LP/MPT Finance Corp, 3.5000%, 3/15/31	24,985,000	25,797,012
	Realty Income Corp, 3.2500%, 1/15/31	7,265,000	8,231,125
	Rexford Industrial Realty Inc, 2.1250%, 12/1/30	8,854,000	8,860,495
	WP Carey Inc, 2.4000%, 2/1/31	6,809,000	7,067,363
			90,370,182
Technology – 8.0%
	Broadcom Inc, 4.7000%, 4/15/25	5,347,000	6,126,349
	Broadcom Inc, 3.1500%, 11/15/25	7,469,000	8,149,538
	Broadcom Inc, 4.1500%, 11/15/30	8,300,000	9,594,501
	Broadcom Inc, 4.3000%, 11/15/32	6,156,000	7,293,321
	Broadridge Financial Solutions Inc, 2.9000%, 12/1/29	8,895,000	9,738,411
	Cadence Design Systems Inc, 4.3750%, 10/15/24	18,270,000	20,517,911
	CoStar Group Inc, 2.8000%, 7/15/30 (144A)	9,647,000	10,018,138
	Equifax Inc, 2.6000%, 12/1/24	13,325,000	14,269,300
	Equifax Inc, 2.6000%, 12/15/25	7,434,000	8,022,408
	Equifax Inc, 3.1000%, 5/15/30	4,325,000	4,808,339
	Equinix Inc, 2.9000%, 11/18/26	3,550,000	3,881,531
	Equinix Inc, 1.8000%, 7/15/27	9,126,000	9,390,313
	Equinix Inc, 3.2000%, 11/18/29	6,727,000	7,410,879
	Gartner Inc, 3.7500%, 10/1/30 (144A)	1,740,000	1,827,000
	Global Payments Inc, 3.2000%, 8/15/29	2,526,000	2,803,709
	Global Payments Inc, 2.9000%, 5/15/30	6,553,000	7,125,182
	Keysight Technologies Inc, 3.0000%, 10/30/29	9,517,000	10,502,214
	Leidos Inc, 2.9500%, 5/15/23 (144A)	1,144,000	1,203,610
	Leidos Inc, 3.6250%, 5/15/25 (144A)	2,678,000	2,994,245
	Leidos Inc, 4.3750%, 5/15/30 (144A)	6,561,000	7,856,469
	Leidos Inc, 2.3000%, 2/15/31 (144A)	6,133,000	6,244,614
	Marvell Technology Group Ltd, 4.2000%, 6/22/23	3,277,000	3,546,016
	Marvell Technology Group Ltd, 4.8750%, 6/22/28	11,268,000	13,304,546
	Microchip Technology Inc, 2.6700%, 9/1/23 (144A)	9,456,000	9,889,014
	Microchip Technology Inc, 4.2500%, 9/1/25 (144A)	7,408,000	7,836,638
	MSCI Inc, 3.8750%, 2/15/31 (144A)	11,796,000	12,474,270
	PayPal Holdings Inc, 2.6500%, 10/1/26	7,624,000	8,378,197
	PayPal Holdings Inc, 2.3000%, 6/1/30	3,795,000	4,061,527
	Qorvo Inc, 3.3750%, 4/1/31 (144A)	10,000,000	10,325,000
	Sensata Technologies Inc, 3.7500%, 2/15/31 (144A)	9,059,000	9,390,378
	Total System Services Inc, 4.8000%, 4/1/26	15,415,000	18,341,149
	Trimble Inc, 4.7500%, 12/1/24	17,150,000	19,598,677
	Trimble Inc, 4.9000%, 6/15/28	17,310,000	20,704,374
	Verisk Analytics Inc, 5.5000%, 6/15/45	6,676,000	9,446,071
	Verisk Analytics Inc, 3.6250%, 5/15/50	698,000	812,035
	VMware Inc, 4.5000%, 5/15/25	4,801,000	5,493,584
	VMware Inc, 4.6500%, 5/15/27	5,687,000	6,652,153
			320,031,611
Total Corporate Bonds (cost $1,977,981,050)			2,141,538,997


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 (unaudited)

December 31, 2020


Shares or Principal Amounts			Value
Inflation-Indexed Bonds– 3.0%
	United States Treasury Inflation Indexed Bonds, 0.1250%, 10/15/25^ÇÇ((cost $119,210,071)	$111,297,974	$121,259,375
Mortgage-Backed Securities– 14.5%
Fannie Mae:
	1.5000%, TBA, 15 Year Maturity	2,307,597	2,374,402
	2.0000%, TBA, 15 Year Maturity	17,396,694	18,196,246
	2.5000%, TBA, 15 Year Maturity	2,932,700	3,057,340
	2.0000%, TBA, 30 Year Maturity	70,467,963	73,239,468
	2.5000%, TBA, 30 Year Maturity	68,916,721	72,665,791
			169,533,247
Fannie Mae Pool:
	3.0000%, 10/1/34	53,131	56,676
	2.5000%, 11/1/34	4,044,282	4,301,091
	3.0000%, 11/1/34	233,353	251,878
	3.0000%, 12/1/34	239,363	256,827
	6.0000%, 2/1/37	1,126,160	1,335,811
	4.5000%, 11/1/42	1,197,508	1,338,540
	3.0000%, 1/1/43	216,094	230,551
	3.0000%, 2/1/43	434,558	466,104
	3.0000%, 5/1/43	1,559,634	1,647,413
	3.5000%, 4/1/44	6,140,696	6,800,430
	5.0000%, 7/1/44	7,218,172	8,181,619
	4.5000%, 10/1/44	2,698,249	3,048,051
	4.5000%, 3/1/45	4,121,707	4,656,046
	4.5000%, 6/1/45	2,386,000	2,660,881
	3.5000%, 12/1/45	5,675,429	6,239,811
	3.5000%, 12/1/45	2,154,452	2,311,577
	4.5000%, 2/1/46	4,453,390	4,977,871
	3.5000%, 7/1/46	10,218,058	11,157,044
	3.0000%, 9/1/46	4,300,709	4,588,163
	3.0000%, 1/1/47	15,629,679	16,674,345
	3.0000%, 2/1/47	58,305,231	62,202,272
	3.5000%, 3/1/47	1,846,736	1,981,419
	3.5000%, 7/1/47	1,535,986	1,648,005
	3.5000%, 8/1/47	3,858,949	4,101,337
	3.0000%, 2/1/48	518,197	559,609
	3.0000%, 5/1/48	256,847	274,095
	5.0000%, 5/1/48	1,313,547	1,454,859
	3.5000%, 7/1/48	45,245,525	48,034,624
	3.0000%, 11/1/48	7,387,891	7,809,602
	4.0000%, 2/1/49	2,440,318	2,602,739
	3.0000%, 8/1/49	2,598,004	2,792,621
	3.0000%, 8/1/49	765,098	822,412
	3.0000%, 9/1/49	357,400	379,608
	2.5000%, 1/1/50	824,143	874,315
	2.5000%, 10/1/50	2,785,750	2,944,000
	3.5000%, 8/1/56	26,481,568	29,308,636
	3.0000%, 2/1/57	14,394,167	15,611,800
	3.0000%, 6/1/57	55,593	60,269
			264,642,951
Freddie Mac Gold Pool:
	3.5000%, 1/1/47	1,218,879	1,322,874
Freddie Mac Pool:
	3.0000%, 5/1/31	15,071,379	16,014,486
	3.0000%, 9/1/32	492,751	527,105
	3.0000%, 10/1/32	632,090	666,453
	3.0000%, 1/1/33	319,768	342,061
	2.5000%, 12/1/33	13,336,845	13,974,289
	3.0000%, 10/1/34	97,596	104,682
	3.0000%, 10/1/34	41,068	43,802


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

16	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Freddie Mac Pool– (continued)
	2.5000%, 11/1/34	$3,393,985	$3,610,140
	2.5000%, 11/1/34	1,548,136	1,646,733
	6.0000%, 4/1/40	1,997,978	2,374,022
	3.5000%, 7/1/42	82,317	89,341
	3.5000%, 8/1/42	106,834	115,950
	3.5000%, 8/1/42	89,065	96,664
	3.5000%, 2/1/43	4,692,553	5,110,384
	3.0000%, 3/1/43	1,242,303	1,325,988
	3.0000%, 6/1/43	240,724	252,714
	3.5000%, 2/1/44	6,534,463	7,116,299
	4.5000%, 5/1/44	2,154,537	2,403,024
	3.5000%, 12/1/44	78,586	85,268
	3.0000%, 1/1/46	141,851	155,022
	4.0000%, 2/1/46	5,029,250	5,552,341
	3.0000%, 8/1/46	1,095,073	1,157,463
	4.0000%, 3/1/47	13,911	15,191
	3.0000%, 4/1/47	1,367,341	1,445,244
	3.5000%, 4/1/47	70,535	77,085
	3.5000%, 9/1/47	27,931	29,598
	4.5000%, 7/1/48	2,520,472	2,740,750
	5.0000%, 9/1/48	680,997	756,322
	3.0000%, 8/1/49	724,117	778,399
	3.0000%, 12/1/49	1,554,128	1,626,120
	3.0000%, 12/1/49	1,056,856	1,105,812
	2.5000%, 1/1/50	347,806	369,030
	3.0000%, 3/1/50	532,151	561,026
			72,268,808
Ginnie Mae:
	2.5000%, TBA, 30 Year Maturity	17,675,329	18,712,341
Ginnie Mae I Pool:
	4.0000%, 8/15/47	2,278,557	2,469,876
	4.0000%, 11/15/47	3,172,646	3,439,038
	4.0000%, 12/15/47	3,908,847	4,237,054
			10,145,968
Ginnie Mae II Pool:
	4.0000%, 8/20/47	633,940	687,768
	4.0000%, 8/20/47	394,719	433,872
	4.5000%, 2/20/48	4,537,677	4,946,161
	4.0000%, 5/20/48	19,357,358	20,825,976
	4.5000%, 5/20/48	1,779,606	1,916,562
	4.0000%, 6/20/48	5,408,866	5,814,158
	5.0000%, 8/20/48	5,806,238	6,320,937
			40,945,434
Total Mortgage-Backed Securities (cost $561,650,733)			577,571,623
United States Treasury Notes/Bonds– 11.0%
	1.1250%, 2/28/22	106,334,500	107,588,915
	0.3750%, 11/30/25	19,104,000	19,126,388
	0.8750%, 11/15/30	23,861,700	23,768,490
	1.1250%, 5/15/40	15,941,000	15,109,079
	1.3750%, 11/15/40	11,914,000	11,759,490
	2.7500%, 8/15/42	60,554,300	74,947,773
	1.2500%, 5/15/50	133,291,400	120,649,544
	1.3750%, 8/15/50	73,582,500	68,753,648
Total United States Treasury Notes/Bonds (cost $438,923,973)			441,703,327
Preferred Stocks– 0.7%
Banks – 0.7%
	First Republic Bank/CA, 4.1250%^µ	472,700	12,498,188


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2020


Shares or Principal Amounts			Value
Preferred Stocks– (continued)
Banks– (continued)
	Truist Financial Corp, 4.7500%^µ	557,825	$15,435,018
Total Preferred Stocks (cost $25,763,125)			27,933,206
Investment Companies– 5.7%
Money Markets – 5.7%
	Janus Henderson Cash Liquidity Fund LLC, 0.1108%^ºº,£((cost $227,050,989)	227,028,286	227,050,989
Investments Purchased with Cash Collateral from Securities Lending– 0.1%
Investment Companies – 0.1%
	Janus Henderson Cash Collateral Fund LLC, 0.0264%^ºº,£	2,478,878	2,478,878
Time Deposits – 0%
	Canadian Imperial Bank of Commerce, 0.0800%, 1/4/21	$619,720	619,720
Total Investments Purchased with Cash Collateral from Securities Lending (cost $3,098,598)			3,098,598
Total Investments (total cost $3,961,062,560) – 104.2%			4,162,947,344
Liabilities, net of Cash, Receivables and Other Assets – (4.2)%			(166,870,368)
Net Assets – 100%			$3,996,076,976


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
United States	$3,915,521,905	94.1	%
United Kingdom	79,228,132	1.9
France	68,715,818	1.6
Switzerland	25,558,369	0.6
Canada	24,036,734	0.6
Belgium	17,172,057	0.4
Mexico	12,484,400	0.3
Australia	12,179,818	0.3
Spain	8,050,111	0.2



Total	$4,162,947,344	100.0	%


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

18	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2020

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 12/31/20
Investment Companies - 5.7%
Money Markets - 5.7%
	Janus Henderson Cash Liquidity Fund LLC, 0.1108%^ºº	$	119,825	$	(13,580)	$	-	$	227,050,989
Investments Purchased with Cash Collateral from Securities Lending - 0.1%
Investment Companies - 0.1%
	Janus Henderson Cash Collateral Fund LLC, 0.0264%^ºº		1,713^∆		-		-		2,478,878
Total Affiliated Investments - 5.8%		$	121,538	$	(13,580)	$	-	$	229,529,867


		Value at 6/30/20		Purchases		Sales Proceeds		Value at 12/31/20
Investment Companies - 5.7%
Money Markets - 5.7%
	Janus Henderson Cash Liquidity Fund LLC, 0.1108%^ºº		232,545,984		1,107,697,292		(1,113,178,707)		227,050,989
Investments Purchased with Cash Collateral from Securities Lending - 0.1%
Investment Companies - 0.1%
	Janus Henderson Cash Collateral Fund LLC, 0.0264%^ºº		2,782,512		19,776,964		(20,080,598)		2,478,878

Schedule of Futures


Description	Number of Contracts	Expiration Date		Value and Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin Asset/(Liability)
Futures Purchased:
10 Year US Treasury Note	10	3/31/21	$	1,563,594	$	(1,719)	$	2,188
5 Year US Treasury Note	55	4/5/21		6,939,023		15,469		2,578
Total - Futures Purchased						13,750		4,766
Futures Sold:
2 Year US Treasury Note	(9)	4/5/21		(1,988,789)		(1,898)		(211)
Total					$	11,852	$	4,555


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Flexible Bond Fund

Schedule of Investments (unaudited)

December 31, 2020

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 December 31, 2020.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2020

					Interest Rate Contracts
Asset Derivatives:
Variation margin receivable					$ 4,766

Liability Derivatives:
Variation margin payable					$ (211)

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended December 31, 2020.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended December 31, 2020

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Interest Rate Contracts
Futures contracts				$ (21,957)



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Interest Rate Contracts
Futures contracts				$ (12,757)

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 Market Value of Derivative Instruments During the Period Ended December 31, 2020

	Market Value
Futures contracts, purchased	$ 8,288,096
Futures contracts, sold	1,514,850


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

20	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Notes to Schedule of Investments and Other Information (unaudited)


Bloomberg Barclays U.S. Aggregate Bond Index	Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based measure of the investment grade, US dollar-denominated, fixed-rate taxable bond market.


ICE	Intercontinental Exchange
LIBOR	London 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.

144A


‡	Variable or floating rate security. Rate shown is the current rate as of December 31, 2020. 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.


ÇÇ	Security is a U.S. Treasury Inflation-Protected Security (TIPS).


ºº	Rate shown is the 7-day yield as of December 31, 2020.


#	Loaned security; a portion of the security is on loan at December 31, 2020.


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.


£	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	21

Janus Henderson Flexible Bond Fund

Notes to Schedule of Investments and Other Information (unaudited)


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 December 31, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

					Level 2 -		Level 3 -
			Level 1 -		Other Significant		Significant
			Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Asset-Backed/Commercial Mortgage-Backed Securities		$	-	$	607,141,872	$	-
Bank Loans and Mezzanine Loans			-		15,649,357		-
Corporate Bonds			-		2,141,538,997		-
Inflation-Indexed Bonds			-		121,259,375		-
Mortgage-Backed Securities			-		577,571,623		-
United States Treasury Notes/Bonds			-		441,703,327		-
Preferred Stocks			-		27,933,206		-
Investment Companies			-		227,050,989		-
Investments Purchased with Cash Collateral from Securities Lending			-		3,098,598		-
Total Investments in Securities		$	-	$	4,162,947,344	$	-
Other Financial Instruments^(a):
Variation Margin Receivable			4,766		-		-
Total Assets		$	4,766	$	4,162,947,344	$	-
Liabilities
Other Financial Instruments^(a):
Variation Margin Payable		$	211	$	-	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


22	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2020

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	3,933,417,477
	Affiliated investments, at value⁽³⁾			229,529,867
	Deposits with brokers for futures			100,000
	Variation margin receivable			4,766
	Non-interested Trustees' deferred compensation			91,687
	Receivables:
		Interest		21,966,107
		Fund shares sold		12,207,786
		Investments sold		887,992
		Dividends from affiliates		22,297
	Other assets			41,667
Total Assets				4,198,269,646
Liabilities:
	Due to custodian			213
	Collateral for securities loaned (Note 3)			3,098,598
	Variation margin payable			211
	Payables:			—
		Investments purchased		186,983,434
		Fund shares repurchased		8,104,994
		Advisory fees		1,499,842
		Dividends		1,105,078
		Transfer agent fees and expenses		523,235
		12b-1 Distribution and shareholder servicing fees		151,422
		Non-interested Trustees' deferred compensation fees		91,687
		Professional fees		54,986
		Affiliated fund administration fees payable		9,199
		Non-interested Trustees' fees and expenses		6,538
		Custodian fees		4,230
		Accrued expenses and other payables		559,003
Total Liabilities				202,192,670
Net Assets			$	3,996,076,976


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Flexible Bond Fund

Statement of Assets and Liabilities (unaudited)

December 31, 2020




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	3,881,744,647
	Total distributable earnings (loss)		114,332,329
Total Net Assets		$	3,996,076,976
Net Assets - Class A Shares		$	148,128,268
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		12,984,472
Net Asset Value Per Share⁽⁴⁾		$	11.41
Maximum Offering Price Per Share⁽⁵⁾		$	11.98
Net Assets - Class C Shares		$	106,401,446
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		9,324,030
Net Asset Value Per Share⁽⁴⁾		$	11.41
Net Assets - Class D Shares		$	692,018,470
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		60,642,329
Net Asset Value Per Share		$	11.41
Net Assets - Class I Shares		$	1,902,676,548
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		166,710,533
Net Asset Value Per Share		$	11.41
Net Assets - Class N Shares		$	488,682,001
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		42,853,366
Net Asset Value Per Share		$	11.40
Net Assets - Class R Shares		$	27,314,997
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,393,291
Net Asset Value Per Share		$	11.41
Net Assets - Class S Shares		$	20,164,995
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,767,027
Net Asset Value Per Share		$	11.41
Net Assets - Class T Shares		$	610,690,251
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		53,525,480
Net Asset Value Per Share		$	11.41

(1) Includes cost of $3,731,532,693.

(2) Includes $3,028,840 of securities on loan. See Note 3 in Notes to Financial Statements.

(3) Includes cost of $229,529,867.

(4) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(5) Maximum offering price is computed at 100/95.25 of net asset value.


See Notes to Financial Statements.

24	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Statement of Operations (unaudited)

For the period ended December 31, 2020



Investment Income:
	Interest		$	52,604,764
	Dividends			276,707
	Dividends from affiliates			119,825
	Affiliated securities lending income, net			1,713
	Unaffiliated securities lending income, net			158
	Other income			486,362
Total Investment Income				53,489,529
Expenses:
	Advisory fees			8,204,926
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		179,119
		Class C Shares		532,534
		Class R Shares		59,285
		Class S Shares		25,251
	Transfer agent administrative fees and expenses:
		Class D Shares		399,297
		Class R Shares		32,780
		Class S Shares		25,251
		Class T Shares		772,404
	Transfer agent networking and omnibus fees:
		Class A Shares		108,777
		Class C Shares		38,873
		Class I Shares		657,819
	Other transfer agent fees and expenses:
		Class A Shares		4,177
		Class C Shares		2,437
		Class D Shares		41,169
		Class I Shares		35,522
		Class N Shares		6,669
		Class R Shares		253
		Class S Shares		121
		Class T Shares		1,732
	Registration fees			138,351
	Shareholder reports expense			113,551
	Affiliated fund administration fees			50,319
	Non-interested Trustees’ fees and expenses			38,526
	Professional fees			30,333
	Custodian fees			19,190
	Other expenses			134,873
Total Expenses				11,653,539
Less: Excess Expense Reimbursement and Waivers				(29,357)
Net Expenses				11,624,182
Net Investment Income/(Loss)				41,865,347


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson Flexible Bond Fund

Statement of Operations (unaudited)

For the period ended December 31, 2020



Net Realized Gain/(Loss) on Investments:
	Investments	$	85,015,453
	Investments in affiliates		(13,580)
	Futures contracts		(21,957)
Total Net Realized Gain/(Loss) on Investments			84,979,916
Change in Unrealized Net Appreciation/Depreciation:
	Investments and non-interested Trustees’ deferred compensation		13,211,807
	Futures contracts		(12,757)
Total Change in Unrealized Net Appreciation/Depreciation			13,199,050
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	140,044,313


See Notes to Financial Statements.

26	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Statements of Changes in Net Assets



			Period ended December 31, 2020 (unaudited)		Year ended June 30, 2020

Operations:
	Net investment income/(loss)		$	41,865,347	$	102,062,919
	Net realized gain/(loss) on investments			84,979,916		220,869,152
	Change in unrealized net appreciation/depreciation			13,199,050		55,686,498
Net Increase/(Decrease) in Net Assets Resulting from Operations				140,044,313		378,618,569
Dividends and Distributions to Shareholders:
		Class A Shares		(1,492,727)		(2,852,027)
		Class C Shares		(846,249)		(2,301,543)
		Class D Shares		(8,112,763)		(16,009,221)
		Class I Shares		(22,702,484)		(51,654,992)
		Class N Shares		(6,853,419)		(19,442,495)
		Class R Shares		(234,904)		(560,400)
		Class S Shares		(200,921)		(565,859)
		Class T Shares		(6,990,254)		(16,275,146)
Net Decrease from Dividends and Distributions to Shareholders				(47,433,721)		(109,661,683)
Capital Share Transactions:
		Class A Shares		26,131,185		(4,457,083)
		Class C Shares		(19,305,140)		(21,304,990)
		Class D Shares		34,271,415		53,867,939
		Class I Shares		113,118,420		(382,143,977)
		Class N Shares		(62,725,405)		(187,507,231)
		Class R Shares		2,245,802		(5,115,315)
		Class S Shares		1,078,266		(10,849,188)
		Class T Shares		(1,530,452)		(84,597,160)
Net Increase/(Decrease) from Capital Share Transactions				93,284,091		(642,107,005)
Net Increase/(Decrease) in Net Assets				185,894,683		(373,150,119)
Net Assets:
	Beginning of period			3,810,182,293		4,183,332,412
	End of period		$	3,996,076,976	$	3,810,182,293


See Notes to Financial Statements.

Janus Investment Fund	27

Janus Henderson Flexible Bond Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$11.14	$10.39	$10.03	$10.39	$10.63	$10.48
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.10	0.25	0.28	0.24	0.23	0.23
		Net realized and unrealized gain/(loss)	0.29	0.76	0.37	(0.34)	(0.20)	0.18
	Total from Investment Operations		0.39	1.01	0.65	(0.10)	0.03	0.41
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.26)	(0.29)	—⁽²⁾	(0.27)	(0.26)
		Return of capital	—	—	—	(0.26)	—	—
	Total Dividends and Distributions		(0.12)	(0.26)	(0.29)	(0.26)	(0.27)	(0.26)
	Net Asset Value, End of Period		$11.41	$11.14	$10.39	$10.03	$10.39	$10.63
	Total Return*		3.52%	9.90%	6.61%	(0.95)%	0.30%	3.97%
	Net Assets, End of Period (in thousands)		$148,128	$118,862	$115,349	$164,453	$369,125	$720,360
	Average Net Assets for the Period (in thousands)		$139,522	$114,334	$137,456	$227,344	$572,984	$728,366
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.86%	0.92%	1.01%	0.95%	0.84%	0.81%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.86%	0.88%	0.91%	0.89%	0.84%	0.81%
		Ratio of Net Investment Income/(Loss)	1.84%	2.30%	2.78%	2.32%	2.15%	2.18%
	Portfolio Turnover Rate		53%⁽³⁾	175%⁽³⁾	219%⁽³⁾	181%⁽³⁾	96%	99%


Class C Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$11.14	$10.39	$10.03	$10.39	$10.63	$10.48
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.07	0.18	0.22	0.18	0.16	0.16
		Net realized and unrealized gain/(loss)	0.29	0.77	0.37	(0.34)	(0.20)	0.18
	Total from Investment Operations		0.36	0.95	0.59	(0.16)	(0.04)	0.34
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.09)	(0.20)	(0.23)	—⁽²⁾	(0.20)	(0.19)
		Return of capital	—	—	—	(0.20)	—	—
	Total Dividends and Distributions		(0.09)	(0.20)	(0.23)	(0.20)	(0.20)	(0.19)
	Net Asset Value, End of Period		$11.41	$11.14	$10.39	$10.03	$10.39	$10.63
	Total Return*		3.21%	9.23%	5.97%	(1.54)%	(0.38)%	3.27%
	Net Assets, End of Period (in thousands)		$106,401	$122,908	$135,639	$194,727	$284,311	$379,168
	Average Net Assets for the Period (in thousands)		$111,030	$123,202	$155,770	$242,549	$343,064	$358,131
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.47%	1.50%	1.52%	1.50%	1.52%	1.49%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.47%	1.50%	1.52%	1.50%	1.52%	1.49%
		Ratio of Net Investment Income/(Loss)	1.23%	1.67%	2.17%	1.74%	1.51%	1.50%
	Portfolio Turnover Rate		53%⁽³⁾	175%⁽³⁾	219%⁽³⁾	181%⁽³⁾	96%	99%

* 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	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$11.14	$10.39	$10.03	$10.39	$10.63	$10.47
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.12	0.28	0.31	0.27	0.26	0.25
		Net realized and unrealized gain/(loss)	0.29	0.77	0.37	(0.33)	(0.20)	0.19
	Total from Investment Operations		0.41	1.05	0.68	(0.06)	0.06	0.44
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.30)	(0.32)	—⁽²⁾	(0.30)	(0.28)
		Return of capital	—	—	—	(0.30)	—	—
	Total Dividends and Distributions		(0.14)	(0.30)	(0.32)	(0.30)	(0.30)	(0.28)
	Net Asset Value, End of Period		$11.41	$11.14	$10.39	$10.03	$10.39	$10.63
	Total Return*		3.67%	10.22%	6.93%	(0.64)%	0.54%	4.28%
	Net Assets, End of Period (in thousands)		$692,018	$641,920	$547,759	$562,065	$622,426	$671,895
	Average Net Assets for the Period (in thousands)		$670,119	$576,119	$538,993	$599,185	$649,107	$644,053
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.58%	0.59%	0.61%	0.59%	0.60%	0.60%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.58%	0.59%	0.61%	0.59%	0.60%	0.60%
		Ratio of Net Investment Income/(Loss)	2.12%	2.58%	3.09%	2.66%	2.44%	2.39%
	Portfolio Turnover Rate		53%⁽³⁾	175%⁽³⁾	219%⁽³⁾	181%⁽³⁾	96%	99%


Class I Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$11.14	$10.39	$10.03	$10.39	$10.63	$10.48
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.12	0.28	0.32	0.28	0.26	0.25
		Net realized and unrealized gain/(loss)	0.29	0.77	0.37	(0.33)	(0.20)	0.18
	Total from Investment Operations		0.41	1.05	0.69	(0.05)	0.06	0.43
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.30)	(0.33)	0.01	(0.30)	(0.28)
		Return of capital	—	—	—	(0.32)	—	—
	Total Dividends and Distributions		(0.14)	(0.30)	(0.33)	(0.31)	(0.30)	(0.28)
	Net Asset Value, End of Period		$11.41	$11.14	$10.39	$10.03	$10.39	$10.63
	Total Return*		3.70%	10.31%	7.02%	(0.55)%	0.59%	4.22%
	Net Assets, End of Period (in thousands)		$1,902,677	$1,746,376	$2,007,132	$4,027,112	$5,490,323	$5,552,671
	Average Net Assets for the Period (in thousands)		$1,823,098	$1,806,163	$3,245,500	$4,996,045	$5,521,703	$5,344,122
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.51%	0.51%	0.52%	0.50%	0.55%	0.56%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.51%	0.51%	0.52%	0.50%	0.55%	0.56%
		Ratio of Net Investment Income/(Loss)	2.19%	2.67%	3.17%	2.73%	2.50%	2.43%
	Portfolio Turnover Rate		53%⁽³⁾	175%⁽³⁾	219%⁽³⁾	181%⁽³⁾	96%	99%

* 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


Class N Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$11.14	$10.38	$10.02	$10.39	$10.62	$10.47
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.13	0.29	0.33	0.29	0.27	0.27
		Net realized and unrealized gain/(loss)	0.27	0.78	0.37	(0.35)	(0.19)	0.18
	Total from Investment Operations		0.40	1.07	0.70	(0.06)	0.08	0.45
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.31)	(0.34)	0.01	(0.31)	(0.30)
		Return of capital	—	—	—	(0.32)	—	—
	Total Dividends and Distributions		(0.14)	(0.31)	(0.34)	(0.31)	(0.31)	(0.30)
	Net Asset Value, End of Period		$11.40	$11.14	$10.38	$10.02	$10.39	$10.62
	Total Return*		3.65%	10.49%	7.10%	(0.59)%	0.79%	4.35%
	Net Assets, End of Period (in thousands)		$488,682	$539,154	$680,664	$1,354,610	$571,544	$613,840
	Average Net Assets for the Period (in thousands)		$535,847	$662,412	$1,190,558	$990,124	$581,190	$592,601
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.44%	0.44%	0.45%	0.44%	0.44%	0.44%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.44%	0.44%	0.45%	0.44%	0.44%	0.44%
		Ratio of Net Investment Income/(Loss)	2.25%	2.74%	3.25%	2.90%	2.60%	2.55%
	Portfolio Turnover Rate		53%⁽²⁾	175%⁽²⁾	219%⁽²⁾	181%⁽²⁾	96%	99%


Class R Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$11.15	$10.39	$10.03	$10.39	$10.63	$10.48
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.09	0.21	0.25	0.21	0.19	0.19
		Net realized and unrealized gain/(loss)	0.27	0.78	0.37	(0.34)	(0.20)	0.18
	Total from Investment Operations		0.36	0.99	0.62	(0.13)	(0.01)	0.37
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.23)	(0.26)	—⁽³⁾	(0.23)	(0.22)
		Return of capital	—	—	—	(0.23)	—	—
	Total Dividends and Distributions		(0.10)	(0.23)	(0.26)	(0.23)	(0.23)	(0.22)
	Net Asset Value, End of Period		$11.41	$11.15	$10.39	$10.03	$10.39	$10.63
	Total Return*		3.27%	9.65%	6.30%	(1.23)%	(0.06)%	3.57%
	Net Assets, End of Period (in thousands)		$27,315	$24,453	$27,580	$36,235	$41,175	$49,255
	Average Net Assets for the Period (in thousands)		$25,553	$25,769	$31,616	$38,913	$44,888	$41,127
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.17%	1.20%	1.21%	1.19%	1.20%	1.20%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.16%	1.20%	1.21%	1.19%	1.20%	1.20%
		Ratio of Net Investment Income/(Loss)	1.54%	1.98%	2.49%	2.07%	1.84%	1.81%
	Portfolio Turnover Rate		53%⁽²⁾	175%⁽²⁾	219%⁽²⁾	181%⁽²⁾	96%	99%

* 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.

(3) Less than $0.005 on a per share basis.


See Notes to Financial Statements.

30	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$11.14	$10.39	$10.03	$10.39	$10.63	$10.48
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.10	0.24	0.27	0.24	0.22	0.21
		Net realized and unrealized gain/(loss)	0.29	0.77	0.37	(0.34)	(0.20)	0.18
	Total from Investment Operations		0.39	1.01	0.64	(0.10)	0.02	0.39
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.26)	(0.28)	—⁽²⁾	(0.26)	(0.24)
		Return of capital	—	—	—	(0.26)	—	—
	Total Dividends and Distributions		(0.12)	(0.26)	(0.28)	(0.26)	(0.26)	(0.24)
	Net Asset Value, End of Period		$11.41	$11.14	$10.39	$10.03	$10.39	$10.63
	Total Return*		3.47%	9.83%	6.56%	(0.98)%	0.20%	3.83%
	Net Assets, End of Period (in thousands)		$20,165	$18,630	$28,020	$36,398	$48,347	$72,406
	Average Net Assets for the Period (in thousands)		$19,706	$23,253	$30,601	$41,035	$60,867	$71,575
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.96%	0.95%	0.96%	0.93%	0.94%	0.94%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.96%	0.95%	0.96%	0.93%	0.94%	0.94%
		Ratio of Net Investment Income/(Loss)	1.74%	2.24%	2.73%	2.31%	2.08%	2.06%
	Portfolio Turnover Rate		53%⁽³⁾	175%⁽³⁾	219%⁽³⁾	181%⁽³⁾	96%	99%


Class T Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$11.14	$10.39	$10.03	$10.39	$10.62	$10.47
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.11	0.27	0.30	0.26	0.25	0.24
		Net realized and unrealized gain/(loss)	0.29	0.77	0.37	(0.33)	(0.19)	0.18
	Total from Investment Operations		0.40	1.04	0.67	(0.07)	0.06	0.42
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.29)	(0.31)	—⁽²⁾	(0.29)	(0.27)
		Return of capital	—	—	—	(0.29)	—	—
	Total Dividends and Distributions		(0.13)	(0.29)	(0.31)	(0.29)	(0.29)	(0.27)
	Net Asset Value, End of Period		$11.41	$11.14	$10.39	$10.03	$10.39	$10.62
	Total Return*		3.62%	10.12%	6.84%	(0.72)%	0.55%	4.10%
	Net Assets, End of Period (in thousands)		$610,690	$597,879	$641,190	$898,156	$1,293,591	$1,574,950
	Average Net Assets for the Period (in thousands)		$603,033	$605,817	$736,901	$1,120,052	$1,476,151	$1,482,943
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.69%	0.69%	0.70%	0.68%	0.69%	0.69%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.68%	0.68%	0.69%	0.67%	0.69%	0.68%
		Ratio of Net Investment Income/(Loss)	2.02%	2.49%	3.00%	2.56%	2.35%	2.31%
	Portfolio Turnover Rate		53%⁽³⁾	175%⁽³⁾	219%⁽³⁾	181%⁽³⁾	96%	99%

* 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	31

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

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 45 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.

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.

It is expected that the conversion of Class C Shares to Class A Shares will not result in a taxable event. Please consult your tax adviser for further information.


32	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

Investment Valuation

Valuation Inputs Summary

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.


Janus Investment Fund	33

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

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.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications


34	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

Dividends and Distributions

Federal Income Taxes

2. Derivative Instruments

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

· 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.


Janus Investment Fund	35

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

· 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.

· 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.

Futures Contracts


36	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

the Statement of Operations (if applicable), equal to the difference between the opening and closing value of the contract.

During the period, the Fund purchased interest rate futures to increase exposure to interest rate risk.

During the period, the Fund sold interest rate futures to decrease exposure to interest rate risk.

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	37

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom voted to exit the EU, commonly known as “Brexit,” which immediately led to significant market volatility around the world, as well as political, economic and legal uncertainty. The United Kingdom formally left the EU on January 31, 2020 and entered into an eleven-month transition period, which expired on December 31, 2020. The negative impact on not only the United Kingdom and European economies could be significant, potentially resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on the United Kingdom and/or Europe for their business activities and revenues. Any further exits from the EU, or an increase in the belief that such exits are likely or possible, would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties.

LIBOR Replacement Risk

The Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate (LIBOR) as a reference rate for various rate calculations. On July 27, 2017, the U.K. Financial Conduct Authority announced that it intends to stop compelling or inducing banks to submit LIBOR rates after 2021. However, it remains unclear if LIBOR will continue to exist in its current, or a modified, form. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate (SOFR), that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. However, global consensus on alternative rates is lacking. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could adversely impact (i) volatility and liquidity in markets that are tied to LIBOR, (ii) the market for, or value of, specific securities or payments linked to those reference rates, (iii) availability or terms of borrowing or refinancing, or (iv) the effectiveness of hedging strategies. For these and other reasons, the elimination of LIBOR or changes to other interest rates may adversely affect the Fund’s performance and/or net asset value. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. Markets are slowly developing in response to these new rates. Uncertainty regarding the process for amending existing contracts or instruments to transition away from LIBOR remains a concern for the Fund. The effect of any changes to, or discontinuation of, LIBOR on the Fund will vary depending, among other things, on (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

Counterparties

Inflation-Linked Securities


38	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

that have a principal value that is periodically adjusted according to the rate of inflation. If an index measuring inflation falls, the principal value of inflation-indexed bonds will typically be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Because of their inflation adjustment feature, inflation-linked bonds typically have lower yields than conventional fixed-rate bonds. In addition, inflation-linked bonds also normally decline in price when real interest rates rise. In the event of deflation, when prices decline over time, the principal and income of inflation-linked bonds would likely decline, resulting in losses to the Fund.

Loans

· 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 London Interbank Offered Rate (“LIBOR”). 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.


Janus Investment Fund	39

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

Mortgage- and Asset-Backed Securities

Offsetting Assets and Liabilities


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

JPMorgan Chase Bank, National Association		$	3,028,840	$	—	$	(3,028,840)	$	—

(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.


40	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

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”). See “Securities Lending” in the “Notes to Financial Statements” for additional information.

Real Estate Investing

Securities Lending

The cash collateral invested by Janus Capital 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 December 31, 2020, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $3,028,840. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2020 is $3,098,598, resulting in the net amount due to the counterparty of $69,758.


Janus Investment Fund	41

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

Sovereign Debt

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 the particular 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 purchase and sale of identical securities, the characteristics of the security delivered to the Fund may be less favorable than the security delivered to the dealer. If the counterparty to a transaction fails to deliver the security, the Fund could suffer a loss.

When-Issued, Delayed Delivery and Forward Commitment Transactions


42	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

4. Investment Advisory Agreements and Other Transactions with Affiliates


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.

Janus Capital has contractually agreed to waive the advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, 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/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.45% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing October 28, 2020. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Fund pays an annual administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services, 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%

The Fund’s actual Class D administrative fee rate was 0.12% for the reporting period.

Janus Services 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. Janus Services expects to use all or a


Janus Investment Fund	43

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

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. Janus Services or its affiliates may also pay fees for services provided by intermediaries to the extent the fees charged by intermediaries exceed the 0.25% of net assets charged to Class R Shares, Class S Shares, and Class T Shares of the Fund. Janus Services 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. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Janus Services is compensated for its services related to the 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, a wholly-owned subsidiary of Janus Capital, 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, of up to 0.50% of the Class R 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 Janus Henderson Distributors 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. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.


44	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

December 31, 2020 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested 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 period ended December 31, 2020 are included in “Non-interested 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 $251,025 were paid by the Trust to the Trustees under the Deferred Plan during the period ended December 31, 2020.

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 period ended December 31, 2020, redeeming shareholders of Class A Shares paid CDSCs of $165 to Janus Henderson Distributors.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by Janus Capital in accordance with Rule 17a-7 under the Investment Company Act of 1940 (“Rule 17a-7”), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the period ended December 31, 2020, the Fund engaged in cross trades amounting to $42,137,239 in purchases and $60,900,726 in sales, resulting in a net realized gain of $4,222,007. The net realized gain is included within the “Net Realized Gain/(Loss) on Investments” section of the Fund’s Statement of Operations.


Janus Investment Fund	45

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

5. Federal Income Tax



Capital Loss Carryover Schedule
For the year ended June 30, 2020
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(165,081,100)	$ -	$ (165,081,100)

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2020 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)
$ 3,965,475,291	$206,830,849	$ (9,358,796)	$ 197,472,053


46	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

Information on the tax components of derivatives as of December 31, 2020 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ -	$ 15,469	$ (3,617)	$ 11,852

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

6. Capital Share Transactions



	Period ended December 31, 2020		Year ended June 30, 2020
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	3,859,419	$ 43,568,825	4,930,912	$ 52,440,288
Reinvested dividends and distributions	88,300	997,733	175,621	1,878,459
Shares repurchased	(1,632,846)	(18,435,373)	(5,541,939)	(58,775,830)
Net Increase/(Decrease)	2,314,873	$ 26,131,185	(435,406)	$ (4,457,083)
Class C Shares:
Shares sold	1,234,612	$ 13,922,434	2,516,346	$ 26,797,489
Reinvested dividends and distributions	68,364	772,812	174,035	1,860,314
Shares repurchased	(3,008,252)	(34,000,386)	(4,715,901)	(49,962,793)
Net Increase/(Decrease)	(1,705,276)	$ (19,305,140)	(2,025,520)	$ (21,304,990)
Class D Shares:
Shares sold	7,257,298	$ 81,910,457	13,810,260	$ 148,161,617
Reinvested dividends and distributions	676,784	7,648,852	1,404,034	15,021,708
Shares repurchased	(4,897,533)	(55,287,894)	(10,336,184)	(109,315,386)
Net Increase/(Decrease)	3,036,549	$ 34,271,415	4,878,110	$ 53,867,939
Class I Shares:
Shares sold	27,749,876	$313,517,123	45,559,398	$ 485,990,200
Reinvested dividends and distributions	1,631,177	18,443,845	3,941,251	42,123,281
Shares repurchased	(19,374,923)	(218,842,548)	(85,923,640)	(910,257,458)
Net Increase/(Decrease)	10,006,130	$113,118,420	(36,422,991)	$(382,143,977)
Class N Shares:
Shares sold	6,419,760	$ 72,416,401	23,289,845	$ 247,212,778
Reinvested dividends and distributions	539,958	6,097,900	1,664,677	17,770,394
Shares repurchased	(12,520,986)	(141,239,706)	(42,083,607)	(452,490,403)
Net Increase/(Decrease)	(5,561,268)	$ (62,725,405)	(17,129,085)	$(187,507,231)
Class R Shares:
Shares sold	642,373	$ 7,247,541	972,318	$ 10,214,759
Reinvested dividends and distributions	19,742	223,245	45,178	483,196
Shares repurchased	(462,836)	(5,224,984)	(1,477,733)	(15,813,270)
Net Increase/(Decrease)	199,279	$ 2,245,802	(460,237)	$ (5,115,315)
Class S Shares:
Shares sold	345,774	$ 3,901,216	528,478	$ 5,638,782
Reinvested dividends and distributions	17,748	200,627	52,875	563,997
Shares repurchased	(268,183)	(3,023,577)	(1,606,538)	(17,051,967)
Net Increase/(Decrease)	95,339	$ 1,078,266	(1,025,185)	$ (10,849,188)
Class T Shares:
Shares sold	5,531,787	$ 62,469,561	12,756,421	$ 136,381,795
Reinvested dividends and distributions	611,476	6,910,671	1,506,574	16,101,934
Shares repurchased	(6,280,485)	(70,910,684)	(22,327,870)	(237,080,889)
Net Increase/(Decrease)	(137,222)	$ (1,530,452)	(8,064,875)	$ (84,597,160)


Janus Investment Fund	47

Janus Henderson Flexible Bond Fund

Notes to Financial Statements (unaudited)

7. Purchases and Sales of Investment Securities


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
$1,083,566,706	$1,310,546,211	$ 873,213,549	$ 643,600,187

8. Recent Accounting Pronouncements

9. Subsequent Event


48	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


Janus Investment Fund	49

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Asset Allocation Funds


50	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	51

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds


52	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

Multi-Asset U.S. Equity Funds

Quantitative Equity Funds


Janus Investment Fund	53

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

U.S. Equity Funds

Costs of Services Provided


54	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

Asset Allocation Funds

Fixed-Income Funds


Janus Investment Fund	55

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

Global and International Equity Funds

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


56	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

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 both share classes.

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 Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Venture Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

Quantitative Equity Funds

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


Janus Investment Fund	57

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

U.S. Equity Funds

· For Janus Henderson Large 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 Mid Cap Value Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.


58	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)

and any subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by Janus Capital.

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	59

Janus Henderson Flexible Bond Fund

Additional Information (unaudited)


60	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Useful Information About Your Fund Report (unaudited)

Management Commentary

Performance Overviews

Schedule of Investments

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


Janus Investment Fund	61

Janus Henderson Flexible Bond Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

Statements of Changes in Net Assets

Financial Highlights


62	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Useful Information About Your Fund Report (unaudited)

total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.


Janus Investment Fund	63

Janus Henderson Flexible Bond Fund

Notes

NotesPage1


64	DECEMBER 31, 2020

Janus Henderson Flexible Bond Fund

Notes

NotesPage2


Janus Investment Fund	65




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, Janus, Henderson, Perkins and Intech are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-24-93019 03-21



		SEMIANNUAL REPORT December 31, 2020

	Janus Henderson Global Allocation Fund – Conservative

	Janus Investment Fund

HIGHLIGHTS

· Portfolio management perspective

· Investment strategy behind your fund

· Fund performance, characteristics
and holdings

Table of Contents

Janus Henderson Global Allocation Fund - Conservative


Management Commentary and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	10
Statement of Assets and Liabilities	11
Statement of Operations	12
Statements of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	17
Additional Information	24
Useful Information About Your Fund Report	36

Janus Henderson Global Allocation Fund - Conservative (unaudited)

FUND SNAPSHOT

This fund of funds offers broad global diversification for investors by utilizing the full spectrum of Janus Henderson’s investment expertise and solutions, with the goal of providing higher risk-adjusted returns than the broad markets.

Ashwin Alankar

portfolio manager

PERFORMANCE OVERVIEW

Janus Henderson Global Allocation Fund – Conservative’s Class I Shares returned 14.72% for the six-month period ended December 31, 2020. This compares with a return of 6.03% for the Bloomberg Barclays Global Aggregate Bond Index, the Fund’s primary benchmark, and a return of 13.11% for its secondary benchmark, the Global Conservative Allocation Index, an internally calculated, hypothetical combination of total returns from the Bloomberg Barclays Global Aggregate Bond Index (60%) and the MSCI All Country World Index^SM(40%).

INVESTMENT ENVIRONMENT

The rally in global financial markets that began during the nadir of the early-spring COVID-19 lockdowns continued through the second half of the year despite numerous potential sources of volatility. Investors had to navigate additional waves of the pandemic, the final stages of the Brexit saga and a contentious U.S. presidential election. Outweighing these were continued large-scale accommodation from global central banks and government as well as rapid progress on the vaccine front. Led by the tech sector, some U.S. equities indices finished the year in record territory. The expectation of a resumption of global economic activity was perhaps best illustrated by emerging markets leading all regions higher. With interest rates already pegged near 0%, gains in the fixed income market were driven largely by higher prices for corporate credits.

INVESTMENT PROCESS

Janus Henderson Global Allocation Fund – Conservative invests across a broad set of Janus Henderson funds that span a wide range of global asset categories with a base allocation of 30% to 50% equities, 50% to 65% fixed income and 0% to 20% alternative investments that are rebalanced quarterly. Janus Henderson Global Allocation Fund – Conservative is structured as a “fund of funds” portfolio that provides investors with broad, diversified exposure to various types of investments with an emphasis on managing investment risk. The Fund is also designed to blend the three core competencies that Janus Henderson practices as an organization: mathematically driven strategies, risk-managed strategies and fundamentally driven growth- and value-oriented strategies. We believe that combining these very different approaches in a single investment can potentially produce a portfolio with a unique and powerful performance profile.

The investment process involves setting return expectations for a broad range of Janus Henderson mutual funds that we believe best represent the full opportunity set available to today’s investor. We then establish an “ideal model” portfolio based upon the specific risk/return objective of Janus Henderson Global Allocation Fund – Conservative. Finally, we select the appropriate Janus Henderson funds that replicate our desired exposure. The allocations assigned to each selected underlying fund are consistent with our view of current market conditions and the long-term trade-off between risk and reward potential that each of these investment types represent. However, as a result of changing market conditions, both the mix of underlying funds and the allocations to these funds will change from time to time. Any portfolio risk management process we’ve discussed includes an effort to monitor and manage risk and should not be confused with nor does it imply low risk or the ability to control risk.

PERFORMANCE DISCUSSION

All components of the portfolio generated positive returns as the market’s recovery continued over the six-month period. A leading contributor was the Janus Henderson Global Bond Fund. The combination of low interest rates and the narrowing of differentials between the yield on corporate bonds and those on their risk-free benchmarks as sentiment improved kept fixed income securities buoyant. Toward the end of the period, as positive news around COVID-19 vaccines emerged, mid-cap stocks outperformed as investors positioned themselves for a


Janus Investment Fund	1

Janus Henderson Global Allocation Fund - Conservative (unaudited)

broader reopening of the economy. Consequently, the Janus Henderson Triton Fund was another top performer. Similarly, the Janus Henderson Contrarian Fund was a strong contributor as the strategy seeks to identify companies well positioned to benefit from an emerging catalyst. Contributing least were the Janus Henderson International Managed Volatility Fund, the Janus Henderson Flexible Bond Fund and the Janus Henderson Global Research Fund.

OUTLOOK

The exuberance in equities and other risk markets continues, but we are beginning to see signs that the road ahead might be bumpier. We are particularly worried about the divergence we have recently seen in the fixed income markets between inflation expectations and real interest rates, which is a measurement of nominal interest rates less inflation. Over the last quarter, U.S. real rates plunged as inflation expectations rose sharply. This would suggest that the fixed income market is pricing in stagflation going forward. Yet, equities found solace in this and churned out a near-record quarterly return. This disconnect is not only surprising but worrisome.

We are concerned that equity valuations are driven solely by these low real rates. A simple discounted cash flow model indicates that all of the rise in equities over the past year is attributable to the fall in interest rates. Earnings forecasts for the S&P 500 Index for 2022 are lower today than they were at the start of 2020, yet the S&P 500^{^®} is nearly 20% higher. Valuations are being driven by multiple expansion, not expectations for earnings growth.

Thank you for investing in Janus Henderson Global Allocation Fund – Conservative.


2	DECEMBER 31, 2020

Janus Henderson Global Allocation Fund - Conservative (unaudited)

Fund At A Glance

December 31, 2020


Holdings - (% of Net Assets)
Janus Henderson Global Bond Fund - Class N Shares	32.8	%
Janus Henderson Multi-Sector Income Fund - Class N Shares	12.9
Janus Henderson Flexible Bond Fund - Class N Shares	7.0
Janus Henderson Adaptive Global Allocation Fund - Class N Shares	5.2
Janus Henderson Triton Fund - Class N Shares	4.1
Janus Henderson Enterprise Fund - Class N Shares	3.9
Janus Henderson Contrarian Fund - Class N Shares	3.7
Janus Henderson Emerging Markets Fund - Class N Shares	3.6
Janus Henderson Forty Fund - Class N Shares	3.4
Janus Henderson Large Cap Value Fund - Class N Shares	3.1
Janus Henderson Mid Cap Value Fund - Class N Shares	2.9
Janus Henderson U.S. Managed Volatility Fund - Class N Shares	2.9
Janus Henderson Small Cap Value Fund - Class N Shares	2.4
Janus Henderson International Value Fund - Class N Shares	2.2
Janus Henderson Global Select Fund - Class N Shares	2.2
Janus Henderson Global Research Fund - Class N Shares	2.1
Janus Henderson Overseas Fund - Class N Shares	1.6
Janus Henderson Asia Equity Fund - Class N Shares	1.3
Janus Henderson Global Real Estate Fund - Class N Shares	1.2
Janus Henderson International Managed Volatility Fund - Class N Shares	1.0
Janus Henderson European Focus Fund - Class N Shares	0.3


Asset Allocation - (% of Net Assets)
Fixed Income Funds	52.8%
Equity Funds	47.0%
Other		0.2%
		100.0%


Janus Investment Fund	3

Janus Henderson Global Allocation Fund - Conservative (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended December 31, 2020						Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	14.59%	13.94%	6.82%	5.75%	6.09%	1.12%	1.12%
Class A Shares at MOP	7.99%	7.42%	5.55%	5.12%	5.67%
Class C Shares at NAV	14.22%	13.09%	6.14%	5.07%	5.38%	1.85%	1.85%
Class C Shares at CDSC	13.22%	12.09%	6.14%	5.07%	5.38%
Class D Shares	14.69%	14.14%	7.02%	5.95%	6.30%	0.93%	0.92%
Class I Shares	14.72%	14.17%	7.09%	6.01%	6.35%	0.86%	0.86%
Class S Shares	14.46%	13.62%	6.64%	5.57%	5.88%	1.28%	1.28%
Class T Shares	14.62%	14.06%	6.94%	5.88%	6.25%	1.03%	1.03%
Bloomberg Barclays Global Aggregate Bond Index	6.03%	9.20%	4.79%	2.83%	4.09%
Global Conservative Allocation Index	13.11%	12.62%	7.98%	5.52%	5.61%
Morningstar Quartile - Class T Shares	-	1st	3rd	3rd	2nd
Morningstar Ranking - based on total returns for World Allocation Funds	-	76/481	237/416	167/301	65/219

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2020.

Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk


4	DECEMBER 31, 2020

Janus Henderson Global Allocation Fund - Conservative (unaudited)

Performance

Performance of the Global Allocation Funds depends on that of the underlying funds. They are subject to the volatility of the financial markets. Because Janus Capital Management is the adviser to the Fund and to the underlying affiliated funds held within the Fund, it is subject to certain potential conflicts of interest.

Class A Shares, Class C Shares, Class I Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund’s Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective share class, without the effect of any fee and expense limitations or waivers.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – December 30, 2005

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.


Janus Investment Fund	5

Janus Henderson Global Allocation Fund - Conservative (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (7/1/20)	Ending Account Value (12/31/20)	Expenses Paid During Period (7/1/20 - 12/31/20)†	Beginning Account Value (7/1/20)	Ending Account Value (12/31/20)	Expenses Paid During Period (7/1/20 - 12/31/20)†	Net Annualized Expense Ratio (7/1/20 - 12/31/20)††
Class A Shares		$1,000.00	$1,145.90	$2.65	$1,000.00	$1,022.74	$2.50	0.49%
Class C Shares		$1,000.00	$1,142.20	$6.32	$1,000.00	$1,019.31	$5.96	1.17%
Class D Shares		$1,000.00	$1,146.90	$1.46	$1,000.00	$1,023.84	$1.38	0.27%
Class I Shares		$1,000.00	$1,147.20	$1.19	$1,000.00	$1,024.10	$1.12	0.22%
Class S Shares		$1,000.00	$1,144.60	$3.57	$1,000.00	$1,021.88	$3.36	0.66%
Class T Shares		$1,000.00	$1,146.20	$1.95	$1,000.00	$1,023.39	$1.84	0.36%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.
††	Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.


6	DECEMBER 31, 2020

Janus Henderson Global Allocation Fund - Conservative

Schedule of Investments (unaudited)

December 31, 2020


Shares			Value
Investment Companies^£– 99.8%
Equity Funds – 47.0%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares	940,807	$10,508,763
	Janus Henderson Asia Equity Fund - Class N Shares	189,264	2,721,855
	Janus Henderson Contrarian Fund - Class N Shares	281,862	7,548,894
	Janus Henderson Emerging Markets Fund - Class N Shares	622,029	7,377,835
	Janus Henderson Enterprise Fund - Class N Shares	50,356	7,992,332
	Janus Henderson European Focus Fund - Class N Shares	15,245	592,441
	Janus Henderson Forty Fund - Class N Shares	136,339	6,938,448
	Janus Henderson Global Real Estate Fund - Class N Shares	176,969	2,334,230
	Janus Henderson Global Research Fund - Class N Shares	44,322	4,318,777
	Janus Henderson Global Select Fund - Class N Shares	248,620	4,351,110
	Janus Henderson International Managed Volatility Fund - Class N Shares	216,346	1,986,288
	Janus Henderson International Value Fund - Class N Shares	441,909	4,476,483
	Janus Henderson Large Cap Value Fund - Class N Shares	453,687	6,192,796
	Janus Henderson Mid Cap Value Fund - Class N Shares	378,104	5,886,824
	Janus Henderson Overseas Fund - Class N Shares	80,821	3,172,605
	Janus Henderson Small Cap Value Fund - Class N Shares	224,411	4,759,631
	Janus Henderson Triton Fund - Class N Shares	214,792	8,394,733
	Janus Henderson U.S. Managed Volatility Fund - Class N Shares	502,350	5,822,009
			95,376,054
Fixed Income Funds – 52.8%
	Janus Henderson Flexible Bond Fund - Class N Shares	1,243,856	14,179,998
	Janus Henderson Global Bond Fund - Class N Shares	6,338,810	66,557,079
	Janus Henderson Multi-Sector Income Fund - Class N Shares	2,617,977	26,258,418
			106,995,495
Total Investments (total cost $172,530,073) – 99.8%			202,371,549
Cash, Receivables and Other Assets, net of Liabilities – 0.2%			494,419
Net Assets – 100%			$202,865,968


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	7

Janus Henderson Global Allocation Fund - Conservative

Schedule of Investments (unaudited)

December 31, 2020

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Capital Gain Distributions from Underlying Funds⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 12/31/20
Investment Companies - 99.8%
Equity Funds - 47.0%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares	$	316,684	$	(795)	$	-	$	1,233,915	$	10,508,763
	Janus Henderson Asia Equity Fund - Class N Shares		4,171		9,843		-		693,132		2,721,855
	Janus Henderson Contrarian Fund - Class N Shares		68,710		17,955		65,006		1,707,964		7,548,894
	Janus Henderson Emerging Markets Fund - Class N Shares		82,165		15,994		-		1,714,003		7,377,835
	Janus Henderson Enterprise Fund - Class N Shares		30,591		32,339		595,363		1,083,515		7,992,332
	Janus Henderson European Focus Fund - Class N Shares		3,126		495		-		110,130		592,441
	Janus Henderson Forty Fund - Class N Shares		10,468		66,777		477,217		800,899		6,938,448
	Janus Henderson Global Real Estate Fund - Class N Shares		25,497		(5,255)		-		269,987		2,334,230
	Janus Henderson Global Research Fund - Class N Shares		21,762		33,407		139,324		421,324		4,318,777
	Janus Henderson Global Select Fund - Class N Shares		72,518		6,759		142,914		788,143		4,351,110
	Janus Henderson International Managed Volatility Fund - Class N Shares		-		30,665		42,746		202,223		1,986,288
	Janus Henderson International Value Fund - Class N Shares		84,808		(16,341)		-		664,046		4,476,483
	Janus Henderson Large Cap Value Fund - Class N Shares		146,210		(36,332)		201,523		826,520		6,192,796
	Janus Henderson Mid Cap Value Fund - Class N Shares		71,516		(33,617)		-		975,850		5,886,824
	Janus Henderson Overseas Fund - Class N Shares		31,161		529,390		-		436,045		3,172,605
	Janus Henderson Small Cap Value Fund - Class N Shares		56,642		(51,301)		-		878,412		4,759,631
	Janus Henderson Triton Fund - Class N Shares		16,305		28,768		311,535		1,893,240		8,394,733
	Janus Henderson U.S. Managed Volatility Fund - Class N Shares		274,931		16,036		406,536		113,872		5,822,009
Total Equity Funds		$	1,317,265	$	644,787	$	2,382,164	$	14,813,220	$	95,376,054
Fixed Income Funds - 52.8%
	Janus Henderson Flexible Bond Fund - Class N Shares		187,076		97,758		-		243,426		14,179,998
	Janus Henderson Global Bond Fund - Class N Shares		1,907,918		640,592		570,439		2,087,456		66,557,079
	Janus Henderson Multi-Sector Income Fund - Class N Shares		597,077		6,273		-		1,456,417		26,258,418
Total Fixed Income Funds		$	2,692,071	$	744,623	$	570,439	$	3,787,299	$	106,995,495
Total Affiliated Investments - 99.8%		$	4,009,336	$	1,389,410	$	2,952,603	$	18,600,519	$	202,371,549

(1) For securities that were affiliated for a portion of the period ended December 31, 2020, this column reflects amounts for the entire period ended December 31, 2020 and not just the period in which the security was affiliated.


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8	DECEMBER 31, 2020

Janus Henderson Global Allocation Fund - Conservative

Schedule of Investments (unaudited)

December 31, 2020


		Value at 6/30/20		Purchases		Sales Proceeds		Value at 12/31/20
Investment Companies – 99.8%
Equity Funds - 47.0%
	Janus Henderson Adaptive Global Allocation Fund - Class N Shares		9,354,366		572,809		(651,532)		10,508,763
	Janus Henderson Asia Equity Fund - Class N Shares		2,002,304		138,444		(121,868)		2,721,855
	Janus Henderson Contrarian Fund - Class N Shares		4,699,158		1,434,195		(310,378)		7,548,894
	Janus Henderson Emerging Markets Fund - Class N Shares		5,817,567		252,013		(421,742)		7,377,835
	Janus Henderson Enterprise Fund - Class N Shares		5,487,278		1,729,333		(340,133)		7,992,332
	Janus Henderson European Focus Fund - Class N Shares		310,034		194,912		(23,130)		592,441
	Janus Henderson Forty Fund - Class N Shares		4,985,683		1,396,096		(311,007)		6,938,448
	Janus Henderson Global Real Estate Fund - Class N Shares		1,975,493		206,627		(112,622)		2,334,230
	Janus Henderson Global Research Fund - Class N Shares		488,729		3,496,419		(121,102)		4,318,777
	Janus Henderson Global Select Fund - Class N Shares		3,336,110		416,027		(195,929)		4,351,110
	Janus Henderson International Managed Volatility Fund - Class N Shares		1,826,426		91,959		(164,985)		1,986,288
	Janus Henderson International Value Fund - Class N Shares		3,220,353		803,229		(194,804)		4,476,483
	Janus Henderson Large Cap Value Fund - Class N Shares		5,107,820		580,515		(285,727)		6,192,796
	Janus Henderson Mid Cap Value Fund - Class N Shares		3,851,753		1,338,277		(245,439)		5,886,824
	Janus Henderson Overseas Fund - Class N Shares		5,699,404		127,638		(3,619,872)		3,172,605
	Janus Henderson Small Cap Value Fund - Class N Shares		3,855,647		289,000		(212,127)		4,759,631
	Janus Henderson Triton Fund - Class N Shares		4,699,743		2,091,945		(318,963)		8,394,733
	Janus Henderson U.S. Managed Volatility Fund - Class N Shares		5,326,722		828,168		(462,789)		5,822,009
Fixed Income Funds - 52.8%
	Janus Henderson Flexible Bond Fund - Class N Shares		15,424,732		564,543		(2,150,461)		14,179,998
	Janus Henderson Global Bond Fund - Class N Shares		70,014,668		3,654,896		(9,840,533)		66,557,079
	Janus Henderson Multi-Sector Income Fund - Class N Shares		23,663,053		2,451,338		(1,318,663)		26,258,418


See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund	9

Janus Henderson Global Allocation Fund - Conservative

Notes to Schedule of Investments and Other Information (unaudited)


Bloomberg Barclays Global Aggregate Bond Index	Bloomberg Barclays Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets.
Global Conservative Allocation Index	Global Conservative Allocation Index is an internally-calculated, hypothetical combination of total returns from the Bloomberg Barclays Global Aggregate Bond Index (60%) and the MSCI All Country World Index^SM (40%).
MSCI All Country World Index^SM	MSCI All Country World Index^SMreflects the equity market performance of global developed and emerging markets.


£	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 December 31, 2020. See Notes to Financial Statements for more information.

Valuation Inputs Summary

				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Investment Companies
Equity Funds	$	95,376,054	$	-	$	-
Fixed Income Funds		106,995,495		-		-
Total Assets	$	202,371,549	$	-	$	-


10	DECEMBER 31, 2020

Janus Henderson Global Allocation Fund - Conservative

Statement of Assets and Liabilities (unaudited)

December 31, 2020



Assets:
	Affiliated investments, at value⁽¹⁾		$	202,371,549
	Cash			2
	Non-interested Trustees' deferred compensation			4,657
	Receivables:
		Dividends		2,217,326
		Fund shares sold		173,425
		Investments sold		81,737
	Other assets			1,275
Total Assets				204,849,971
Liabilities:
	Payables:			—
		Investments purchased		1,646,886
		Fund shares repurchased		216,100
		Transfer agent fees and expenses		27,224
		Professional fees		26,804
		12b-1 Distribution and shareholder servicing fees		11,221
		Advisory fees		10,410
		Non-interested Trustees' deferred compensation fees		4,657
		Custodian fees		1,967
		Non-interested Trustees' fees and expenses		270
		Accrued expenses and other payables		38,464
Total Liabilities				1,984,003
Net Assets			$	202,865,968
Net Assets Consist of:
	Capital (par value and paid-in surplus)		$	170,990,181
	Total distributable earnings (loss)			31,875,787
Total Net Assets			$	202,865,968
Net Assets - Class A Shares			$	5,694,310
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			421,874
Net Asset Value Per Share⁽²⁾			$	13.50
Maximum Offering Price Per Share⁽³⁾			$	14.32
Net Assets - Class C Shares			$	10,806,176
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			815,849
Net Asset Value Per Share⁽²⁾			$	13.25
Net Assets - Class D Shares			$	165,942,123
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			12,235,538
Net Asset Value Per Share			$	13.56
Net Assets - Class I Shares			$	3,002,572
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			221,362
Net Asset Value Per Share			$	13.56
Net Assets - Class S Shares			$	129,902
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			9,618
Net Asset Value Per Share			$	13.51
Net Assets - Class T Shares			$	17,290,885
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)			1,277,298
Net Asset Value Per Share			$	13.54

(1) Includes cost of $172,530,073.

(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	11

Janus Henderson Global Allocation Fund - Conservative

Statement of Operations (unaudited)

For the period ended December 31, 2020



Investment Income:
	Dividends from affiliates		$	4,009,336
Total Investment Income				4,009,336
Expenses:
	Advisory fees			48,628
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		6,528
		Class C Shares		49,620
		Class S Shares		160
	Transfer agent administrative fees and expenses:
		Class D Shares		92,444
		Class S Shares		163
		Class T Shares		20,474
	Transfer agent networking and omnibus fees:
		Class A Shares		2,248
		Class C Shares		3,370
		Class I Shares		1,137
	Other transfer agent fees and expenses:
		Class A Shares		174
		Class C Shares		273
		Class D Shares		9,413
		Class I Shares		82
		Class S Shares		11
		Class T Shares		94
	Registration fees			50,190
	Professional fees			19,118
	Shareholder reports expense			15,125
	Custodian fees			6,228
	Non-interested Trustees’ fees and expenses			1,810
	Other expenses			8,030
Total Expenses				335,320
Less: Excess Expense Reimbursement and Waivers				(16,290)
Net Expenses				319,030
Net Investment Income/(Loss)				3,690,306
Net Realized Gain/(Loss) on Investments:
	Investments in affiliates			1,389,410
	Capital gain distributions from underlying funds			2,952,603
Total Net Realized Gain/(Loss) on Investments				4,342,013
Change in Unrealized Net Appreciation/Depreciation:
	Investments in affiliates			18,600,519
Total Change in Unrealized Net Appreciation/Depreciation				18,600,519
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	26,632,838


See Notes to Financial Statements.

12	DECEMBER 31, 2020

Janus Henderson Global Allocation Fund - Conservative

Statements of Changes in Net Assets



			Period ended December 31, 2020 (unaudited)		Year ended June 30, 2020

Operations:
	Net investment income/(loss)		$	3,690,306	$	2,378,335
	Net realized gain/(loss) on investments			4,342,013		7,064,599
	Change in unrealized net appreciation/depreciation			18,600,519		(4,771,544)
Net Increase/(Decrease) in Net Assets Resulting from Operations				26,632,838		4,671,390
Dividends and Distributions to Shareholders:
		Class A Shares		(247,607)		(204,890)
		Class C Shares		(399,435)		(477,832)
		Class D Shares		(7,418,407)		(7,276,513)
		Class I Shares		(135,889)		(166,244)
		Class S Shares		(5,074)		(16,463)
		Class T Shares		(741,868)		(815,963)
Net Decrease from Dividends and Distributions to Shareholders				(8,948,280)		(8,957,905)
Capital Share Transactions:
		Class A Shares		1,208,731		(337,827)
		Class C Shares		(856,151)		(2,430,172)
		Class D Shares		3,832,293		(8,427,261)
		Class I Shares		(650,209)		(330,320)
		Class S Shares		(8,797)		(633,525)
		Class T Shares		608,151		(1,955,403)
Net Increase/(Decrease) from Capital Share Transactions				4,134,018		(14,114,508)
Net Increase/(Decrease) in Net Assets				21,818,576		(18,401,023)
Net Assets:
	Beginning of period			181,047,392		199,448,415
	End of period		$	202,865,968	$	181,047,392


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Global Allocation Fund - Conservative

Financial Highlights


Class A Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$12.28	$12.53	$12.58	$12.73	$12.10	$12.83
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.25	0.14	0.05	0.16	0.10	0.15
		Net realized and unrealized gain/(loss)	1.58	0.19	0.35	0.43	0.62	(0.11)
	Total from Investment Operations		1.83	0.33	0.40	0.59	0.72	0.04
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.13)	(0.10)	(0.20)	(0.05)	(0.12)
		Distributions (from capital gains)	(0.35)	(0.45)	(0.35)	(0.54)	(0.04)	(0.65)
	Total Dividends and Distributions		(0.61)	(0.58)	(0.45)	(0.74)	(0.09)	(0.77)
	Net Asset Value, End of Period		$13.50	$12.28	$12.53	$12.58	$12.73	$12.10
	Total Return*		14.93%	2.58%	3.47%	4.55%	6.01%	0.41%
	Net Assets, End of Period (in thousands)		$5,694	$4,030	$4,505	$4,407	$4,507	$11,944
	Average Net Assets for the Period (in thousands)		$5,091	$4,381	$4,379	$4,494	$7,313	$11,826
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽²⁾	0.49%	0.47%	0.46%	0.47%	0.46%	0.46%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽²⁾	0.49%	0.47%	0.46%	0.47%	0.46%	0.46%
		Ratio of Net Investment Income/(Loss)⁽²⁾	3.84%	1.13%	0.43%	1.27%	0.83%	1.27%
	Portfolio Turnover Rate		11%	57%	5%	14%	25%	5%


Class C Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$12.01	$12.26	$12.30	$12.47	$11.88	$12.64
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.19	0.05	(0.02)	0.07	0.03	0.09
		Net realized and unrealized gain/(loss)	1.55	0.18	0.33	0.41	0.62	(0.13)
	Total from Investment Operations		1.74	0.23	0.31	0.48	0.65	(0.04)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.15)	(0.03)	—⁽³⁾	(0.11)	(0.02)	(0.07)
		Distributions (from capital gains)	(0.35)	(0.45)	(0.35)	(0.54)	(0.04)	(0.65)
	Total Dividends and Distributions		(0.50)	(0.48)	(0.35)	(0.65)	(0.06)	(0.72)
	Net Asset Value, End of Period		$13.25	$12.01	$12.26	$12.30	$12.47	$11.88
	Total Return*		14.57%	1.85%	2.78%	3.81%	5.50%	(0.18)%
	Net Assets, End of Period (in thousands)		$10,806	$10,655	$13,392	$15,665	$16,752	$20,972
	Average Net Assets for the Period (in thousands)		$10,309	$12,057	$14,347	$16,576	$18,722	$20,085
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽²⁾	1.17%	1.18%	1.18%	1.14%	1.00%	0.97%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽²⁾	1.17%	1.18%	1.18%	1.14%	1.00%	0.97%
		Ratio of Net Investment Income/(Loss)⁽²⁾	2.97%	0.41%	(0.13)%	0.58%	0.22%	0.72%
	Portfolio Turnover Rate		11%	57%	5%	14%	25%	5%


See Notes to Financial Statements.

14	DECEMBER 31, 2020

Janus Henderson Global Allocation Fund - Conservative

Financial Highlights


Class D Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$12.34	$12.59	$12.63	$12.77	$12.18	$12.91
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.26	0.16	0.09	0.19	0.11	0.18
		Net realized and unrealized gain/(loss)	1.59	0.20	0.34	0.43	0.63	(0.12)
	Total from Investment Operations		1.85	0.36	0.43	0.62	0.74	0.06
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.28)	(0.16)	(0.12)	(0.22)	(0.11)	(0.14)
		Distributions (from capital gains)	(0.35)	(0.45)	(0.35)	(0.54)	(0.04)	(0.65)
	Total Dividends and Distributions		(0.63)	(0.61)	(0.47)	(0.76)	(0.15)	(0.79)
	Net Asset Value, End of Period		$13.56	$12.34	$12.59	$12.63	$12.77	$12.18
	Total Return*		15.03%	2.77%	3.70%	4.78%	6.19%	0.61%
	Net Assets, End of Period (in thousands)		$165,942	$147,682	$159,468	$177,717	$178,971	$194,171
	Average Net Assets for the Period (in thousands)		$155,238	$152,767	$163,822	$182,877	$184,411	$199,014
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽²⁾	0.29%	0.28%	0.29%	0.27%	0.26%	0.27%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽²⁾	0.27%	0.27%	0.27%	0.27%	0.26%	0.27%
		Ratio of Net Investment Income/(Loss)⁽²⁾	3.92%	1.32%	0.76%	1.46%	0.90%	1.45%
	Portfolio Turnover Rate		11%	57%	5%	14%	25%	5%


Class I Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$12.34	$12.58	$12.63	$12.77	$12.18	$12.91
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.25	0.17	0.11	0.20	0.10	0.19
		Net realized and unrealized gain/(loss)	1.60	0.20	0.32	0.43	0.65	(0.13)
	Total from Investment Operations		1.85	0.37	0.43	0.63	0.75	0.06
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.28)	(0.16)	(0.13)	(0.23)	(0.12)	(0.14)
		Distributions (from capital gains)	(0.35)	(0.45)	(0.35)	(0.54)	(0.04)	(0.65)
	Total Dividends and Distributions		(0.63)	(0.61)	(0.48)	(0.77)	(0.16)	(0.79)
	Net Asset Value, End of Period		$13.56	$12.34	$12.58	$12.63	$12.77	$12.18
	Total Return*		15.06%	2.89%	3.71%	4.85%	6.29%	0.64%
	Net Assets, End of Period (in thousands)		$3,003	$3,381	$3,786	$5,601	$5,078	$3,628
	Average Net Assets for the Period (in thousands)		$3,022	$3,491	$4,489	$5,375	$4,411	$3,582
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽²⁾	0.23%	0.21%	0.21%	0.22%	0.21%	0.20%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽²⁾	0.22%	0.21%	0.21%	0.22%	0.21%	0.20%
		Ratio of Net Investment Income/(Loss)⁽²⁾	3.78%	1.37%	0.92%	1.54%	0.82%	1.54%
	Portfolio Turnover Rate		11%	57%	5%	14%	25%	5%


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Global Allocation Fund - Conservative

Financial Highlights


Class S Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$12.25	$12.45	$12.51	$12.66	$12.07	$12.79
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.22	0.11	0.09	0.16	0.07	0.13
		Net realized and unrealized gain/(loss)	1.59	0.20	0.29	0.40	0.63	(0.12)
	Total from Investment Operations		1.81	0.31	0.38	0.56	0.70	0.01
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.20)	(0.06)	(0.09)	(0.17)	(0.07)	(0.08)
		Distributions (from capital gains)	(0.35)	(0.45)	(0.35)	(0.54)	(0.04)	(0.65)
	Total Dividends and Distributions		(0.55)	(0.51)	(0.44)	(0.71)	(0.11)	(0.73)
	Net Asset Value, End of Period		$13.51	$12.25	$12.45	$12.51	$12.66	$12.07
	Total Return*		14.80%	2.43%	3.32%	4.35%	5.84%	0.24%
	Net Assets, End of Period (in thousands)		$130	$126	$765	$960	$1,541	$1,579
	Average Net Assets for the Period (in thousands)		$128	$407	$860	$1,266	$1,573	$2,044
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽²⁾	0.66%	0.63%	0.56%	0.68%	0.61%	0.62%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽²⁾	0.66%	0.63%	0.56%	0.64%	0.61%	0.61%
		Ratio of Net Investment Income/(Loss)⁽²⁾	3.39%	0.90%	0.76%	1.28%	0.58%	1.04%
	Portfolio Turnover Rate		11%	57%	5%	14%	25%	5%


Class T Shares
For a share outstanding during the period ended December 31, 2020 (unaudited) and the year ended June 30			2020	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$12.32	$12.56	$12.61	$12.75	$12.15	$12.89
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.25	0.16	0.10	0.18	0.11	0.18
		Net realized and unrealized gain/(loss)	1.59	0.20	0.31	0.43	0.63	(0.13)
	Total from Investment Operations		1.84	0.36	0.41	0.61	0.74	0.05
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.27)	(0.15)	(0.11)	(0.21)	(0.10)	(0.14)
		Distributions (from capital gains)	(0.35)	(0.45)	(0.35)	(0.54)	(0.04)	(0.65)
	Total Dividends and Distributions		(0.62)	(0.60)	(0.46)	(0.75)	(0.14)	(0.79)
	Net Asset Value, End of Period		$13.54	$12.32	$12.56	$12.61	$12.75	$12.15
	Total Return*		14.96%	2.78%	3.51%	4.71%	6.21%	0.51%
	Net Assets, End of Period (in thousands)		$17,291	$15,174	$17,532	$23,342	$24,104	$29,425
	Average Net Assets for the Period (in thousands)		$15,982	$16,406	$19,653	$23,661	$26,862	$30,113
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses⁽²⁾	0.40%	0.38%	0.39%	0.38%	0.36%	0.37%
		Ratio of Net Expenses (After Waivers and Expense Offsets)⁽²⁾	0.36%	0.36%	0.37%	0.35%	0.33%	0.27%
		Ratio of Net Investment Income/(Loss)⁽²⁾	3.84%	1.27%	0.78%	1.41%	0.91%	1.46%
	Portfolio Turnover Rate		11%	57%	5%	14%	25%	5%


See Notes to Financial Statements.

16	DECEMBER 31, 2020

Janus Henderson Global Allocation Fund - Conservative

Notes to Financial Statements (unaudited)

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 Janus Henderson funds (the “underlying funds”). The Trust offers 45 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.

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.

It is expected that the conversion of Class C Shares to Class A Shares will not result in a taxable event. Please consult your tax adviser for further information.


Janus Investment Fund	17

Janus Henderson Growth And Income Fund (JADGX) N-CSRSCertified semi-annual shareholder report (management investment company)