NPORT-EX 2 allocationconservative_201.htm 201-JH GLOBAL ALLOCATION FUND-CONSERVATIVE EDGAR HTML
Janus Henderson Global Allocation Fund – Conservative
Schedule of Investments (unaudited)
March 31, 2026
 
 
Shares
 
Value
Investment Companies – 100.1%
 
 
 
Equity Funds – 29.7%
 
 
 
Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares£
429,318
 
$4,954,284
Janus Henderson Enterprise Fund - Class N Shares£
43,717
 
5,933,645
Janus Henderson European Focus Fund - Class N Shares£
93,702
 
5,320,376
Janus Henderson Growth and Income Fund - Class N Shares£
86,746
 
5,945,543
Janus Henderson Overseas Fund - Class N Shares£
205,763
 
11,771,611
Janus Henderson Research Fund - Class N Shares£
74,229
 
5,962,091
Janus Henderson U.S. Dividend Income Fund - Class N Shares£
126,311
 
1,654,664
 
 
 
41,542,214
Exchange-Traded Funds (ETFs) – 35.4%
 
 
 
iShares Core International Aggregate Bond
534,692
 
26,755,988
iShares Core MSCI Emerging Markets
138,358
 
9,650,470
iShares Russell 2000 Value
17,177
 
3,256,587
Janus Henderson Emerging Markets Debt Hard Currency£
140,438
 
7,367,462
Vanguard Value
13,131
 
2,576,302
 
 
 
49,606,809
Fixed Income Funds – 33.0%
 
 
 
Janus Henderson Developed World Bond Fund - Class N Shares£
2,645,384
 
20,395,825
Janus Henderson Flexible Bond Fund - Class N Shares£
2,780,269
 
25,828,621
 
 
 
46,224,446
Money Markets – 2.0%
 
 
 
Janus Henderson Cash Liquidity Fund LLC, 3.6408%ºº,£
2,746,797
 
2,746,797
Total Investments (total cost $134,038,257) – 100.1%
 
 
140,120,266
Liabilities, net of Cash, Receivables and Other Assets – (0.1)%
 
 
(108,370)
Net Assets – 100%
 
 
$140,011,896
 
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 - 70.0%
Equity Funds - 29.7%
Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares
 
$5,332,565
$889,279
$(976,737)
$373,160
$(663,983)
$4,954,284
429,318
$86,547
$455,172
Janus Henderson Enterprise Fund - Class N Shares
 
6,156,632
876,567
(549,164)
3,408
(553,798)
5,933,645
43,717
27,163
417,821
Janus Henderson European Focus Fund - Class N Shares
 
6,353,800
505,983
(1,699,941)
185,871
(25,337)
5,320,376
93,702
95,903
-
Janus Henderson Growth and Income Fund - Class N Shares
 
6,734,020
1,402,029
(1,581,719)
(22,677)
(586,110)
5,945,543
86,746
42,830
921,493
Janus Henderson Overseas Fund - Class N Shares
 
10,167,315
1,608,628
(979,118)
83,699
891,087
11,771,611
205,763
156,764
-
Janus Henderson Research Fund - Class N Shares
 
8,446,253
1,514,223
(2,922,508)
(9,763)
(1,066,114)
5,962,091
74,229
7,653
968,862
Janus Henderson Small-Mid Cap Value Fund - Class N Shares
 
174,577
27,413
(220,193)
48,511
(30,308)
-
-
990
15,840
Janus Henderson Triton Fund - Class N Shares
 
41,665
6,971
(49,621)
5,519
(4,534)
-
-
46
4,397
Janus Henderson U.S. Dividend Income Fund - Class N Shares
 
2,147,347
206,174
(833,991)
203,097
(67,963)
1,654,664
126,311
23,380
45,946
Total Equity Funds - 29.7%
 
$45,554,174
$7,037,267
$(9,812,992)
$870,825
$(2,107,060)
$41,542,214
1,059,786
$441,276
$2,829,531
 
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) - 5.3%
Janus Henderson Emerging Markets Debt Hard Currency
 
$10,382,132
$641,292
$(3,847,576)
$127,863
$63,751
$7,367,462
140,438
$546,427
$-
Janus Henderson Small Cap Growth Alpha
 
73,655
6,854
(86,404)
16,247
(10,352)
-
-
237
-
Total Exchange-Traded Funds (ETFs) - 5.3%
 
$10,455,787
$648,146
$(3,933,980)
$144,110
$53,399
$7,367,462
140,438
$546,664
$-
Fixed Income Funds - 33.0%
Janus Henderson Developed World Bond Fund - Class N Shares
 
17,471,791
4,746,076
(1,611,792)
34,640
(244,890)
20,395,825
2,645,384
516,481
-
Janus Henderson Flexible Bond Fund - Class N Shares
 
22,785,933
5,318,099
(2,082,755)
(102,204)
(90,452)
25,828,621
2,780,269
841,925
-
Janus Henderson High-Yield Fund - Class N Shares
 
689,721
70,164
(771,166)
53,062
(41,781)
-
-
31,427
-
Janus Henderson Short Duration Flexible Bond Fund - Class N Shares
 
160,065
13,975
(174,029)
4,057
(4,068)
-
-
5,113
-
Total Fixed Income Funds - 33.0%
 
$41,107,510
$10,148,314
$(4,639,742)
$(10,445)
$(381,191)
$46,224,446
5,425,653
$1,394,946
$-
Money Markets - 2.0%
Janus Henderson Cash Liquidity Fund LLC, 3.6408%ºº
 
821,184
7,379,432
(5,453,238)
(38)
(543)
2,746,797
2,746,797
47,952
-
Total Affiliated Investments - 70.0%
 
$97,938,655
$25,213,159
$(23,839,952)
$1,004,452
$(2,435,395)
$97,880,919
9,372,674
$2,430,838
$2,829,531
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
$41,542,214
$-
$-
Exchange-Traded Funds (ETFs)
49,606,809
-
-
Fixed Income Funds
46,224,446
-
-
Money Markets
-
2,746,797
-
Total Assets
$137,373,469
$2,746,797
$-
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.
125-35-70267 05-26