NPORT-EX 2 allocationmoderate_203.htm 203-JH GLOBAL ALLOCATION FUND-MODERATE EDGAR HTML
Janus Henderson Global Allocation Fund – Moderate
Schedule of Investments (unaudited)
March 31, 2026
 
 
Shares
 
Value
Investment Companies – 99.9%
 
 
 
Equity Funds – 43.9%
 
 
 
Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares£
910,401
 
$10,505,972
Janus Henderson Enterprise Fund - Class N Shares£
93,151
 
12,643,268
Janus Henderson European Focus Fund - Class N Shares£
199,570
 
11,331,747
Janus Henderson Growth and Income Fund - Class N Shares£
185,529
 
12,716,090
Janus Henderson Overseas Fund - Class N Shares£
438,204
 
25,069,532
Janus Henderson Research Fund - Class N Shares£
158,077
 
12,696,807
Janus Henderson U.S. Dividend Income Fund - Class N Shares£
268,708
 
3,520,125
 
 
 
88,483,541
Exchange-Traded Funds (ETFs) – 32.4%
 
 
 
iShares Core International Aggregate Bond
504,552
 
25,247,782
iShares Core MSCI Emerging Markets
294,310
 
20,528,122
iShares Russell 2000 Value
36,485
 
6,917,191
Janus Henderson Emerging Markets Debt Hard Currency£
132,453
 
6,948,564
Vanguard Value
28,033
 
5,500,075
 
 
 
65,141,734
Fixed Income Funds – 21.8%
 
 
 
Janus Henderson Developed World Bond Fund - Class N Shares£
2,497,036
 
19,252,100
Janus Henderson Flexible Bond Fund - Class N Shares£
2,634,770
 
24,594,094
 
 
 
43,846,194
Money Markets – 1.8%
 
 
 
Janus Henderson Cash Liquidity Fund LLC, 3.6408%ºº,£
3,682,831
 
3,682,831
Total Investments (total cost $188,362,487) – 99.9%
 
 
201,154,300
Cash, Receivables and Other Assets, net of Liabilities – 0.1%
 
 
224,328
Net Assets – 100%
 
 
$201,378,628
 
Schedule of Affiliated Investments - (% of Net Assets)
Affiliate
Affiliated
Investments,
at Value at
6/30/25
Purchases
Sales
Proceeds
Realized
Gain/(Loss)
Change in
Unrealized
Appreciation/
Depreciation
Affiliated
Investments,
at Value at
3/31/26
Ending
Shares
Dividend
Income
Capital Gain
Distributions
from
Underlying
Funds
Investment Companies - 71.0%
Equity Funds - 43.9%
Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares
 
$11,053,179
$1,533,859
$(1,470,258)
$344,665
$(955,473)
$10,505,972
910,401
$177,862
$935,424
Janus Henderson Enterprise Fund - Class N Shares
 
12,768,121
1,906,718
(869,691)
5,689
(1,167,569)
12,643,268
93,151
55,901
859,872
Janus Henderson European Focus Fund - Class N Shares
 
13,197,583
694,821
(2,877,158)
329,804
(13,303)
11,331,747
199,570
197,682
-
Janus Henderson Growth and Income Fund - Class N Shares
 
13,963,257
2,515,852
(2,487,274)
(32,667)
(1,243,078)
12,716,090
185,529
89,784
1,894,352
Janus Henderson Overseas Fund - Class N Shares
 
21,078,596
3,569,006
(1,565,348)
106,133
1,881,145
25,069,532
438,204
322,532
-
Janus Henderson Research Fund - Class N Shares
 
17,517,819
2,668,814
(5,250,221)
(14,681)
(2,224,924)
12,696,807
158,077
15,752
1,994,069
Janus Henderson Small-Mid Cap Value Fund - Class N Shares
 
379,837
50,766
(470,401)
103,726
(63,928)
-
-
2,135
34,160
Janus Henderson Triton Fund - Class N Shares
 
98,132
14,063
(114,606)
13,662
(11,251)
-
-
108
10,255
Janus Henderson U.S. Dividend Income Fund - Class N Shares
 
4,436,664
310,065
(1,498,901)
363,898
(91,601)
3,520,125
268,708
48,785
94,107
Total Equity Funds - 43.9%
 
$94,493,188
$13,263,964
$(16,603,858)
$1,220,229
$(3,889,982)
$88,483,541
2,253,640
$910,541
$5,822,239
 
Affiliate
Affiliated
Investments,
at Value at
6/30/25
Purchases
Sales
Proceeds
Realized
Gain/(Loss)
Change in
Unrealized
Appreciation/
Depreciation
Affiliated
Investments,
at Value at
3/31/26
Ending
Shares
Dividend
Income
Capital Gain
Distributions
from
Underlying
Funds
Investment Companies - (continued)
Exchange-Traded Funds (ETFs) - 3.5%
Janus Henderson Emerging Markets Debt Hard Currency
 
$9,453,182
$347,292
$(3,023,294)
$105,943
$65,441
$6,948,564
132,453
$498,731
$-
Janus Henderson Small Cap Growth Alpha
 
165,657
8,158
(187,305)
36,783
(23,293)
-
-
524
-
Total Exchange-Traded Funds (ETFs) - 3.5%
 
$9,618,839
$355,450
$(3,210,599)
$142,726
$42,148
$6,948,564
132,453
$499,255
$-
Fixed Income Funds - 21.8%
Janus Henderson Developed World Bond Fund - Class N Shares
 
15,932,621
4,667,196
(1,144,791)
19,398
(222,324)
19,252,100
2,497,036
473,261
-
Janus Henderson Flexible Bond Fund - Class N Shares
 
20,788,073
5,483,237
(1,479,774)
(58,194)
(139,248)
24,594,094
2,634,770
772,808
-
Janus Henderson High-Yield Fund - Class N Shares
 
631,141
50,913
(692,400)
47,040
(36,694)
-
-
28,761
-
Janus Henderson Short Duration Flexible Bond Fund - Class N Shares
 
150,872
10,041
(160,909)
3,776
(3,780)
-
-
4,820
-
Total Fixed Income Funds - 21.8%
 
$37,502,707
$10,211,387
$(3,477,874)
$12,020
$(402,046)
$43,846,194
5,131,806
$1,279,650
$-
Money Markets - 1.8%
Janus Henderson Cash Liquidity Fund LLC, 3.6408%ºº
 
1,832,535
6,295,589
(4,444,411)
(56)
(826)
3,682,831
3,682,831
78,546
-
Total Affiliated Investments - 71.0%
 
$143,447,269
$30,126,390
$(27,736,742)
$1,374,919
$(4,250,706)
$142,961,130
11,200,730
$2,767,992
$5,822,239
2
Notes to Schedule of Investments (unaudited) 
LLC
Limited Liability Company
 
ºº
Rate shown is the 7-day yield as of March 31, 2026.
£
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 March 31, 2026. 
Valuation Inputs Summary
 
Level 1 -
Quoted Prices
Level 2 -
Other Significant
Observable Inputs
Level 3 -
Significant
Unobservable Inputs
Assets
Investments In Securities:
Investment Companies
Equity Funds
$88,483,541
$-
$-
Exchange-Traded Funds (ETFs)
65,141,734
-
-
Fixed Income Funds
43,846,194
-
-
Money Markets
-
3,682,831
-
Total Assets
$197,471,469
$3,682,831
$-
3
Investment Valuation
The Fund’s net asset value (“NAV”) is calculated based upon the NAV of each of the underlying funds in which the Fund invests on the day of valuation. The NAV for each class of the underlying funds is computed by dividing the total value of securities and other assets allocated to the class, less liabilities allocated to that class, by the total number of shares
outstanding for the class.
Valuation Inputs Summary
FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:
Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.
Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default
rates and similar data.
Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
The Fund classifies each of its investments in underlying funds as Level 1, without consideration as to the classification level of the specific investments held by the underlying funds. There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.
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 March 31, 2026 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.
4
For additional information on the Fund, please refer to the Fund’s most recent semiannual or annual financial
statements.
125-35-70271 05-26