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11312 19260 15240 19260 19260 15240 19260 12769 19260 19260 15240 19260 15240 19260 19260 12735 15240 11320 16727 19260 19260 19260 19260 15240 19260 10769 0.052 0.008 13183 0.019 12390 0.070 0.042 14980 19927 0.025 28526 21071 15310 18708 0.035 0.009 12523 10000 14791 11204 0.090 36769 10000 10089 11412 0.181 0.911 11990 0.008 10000 9515 0.052 13118 0.169 0.059 17001 13799 0.084 15278 10000 13876 25248 9975 38789 13309 19273 0.069 38427 0.017 10359 17100 20479 0.990 14820 11582 18062 16746 18358 14743 1.000 0.109 18556 11850 11086 26761 0.073 10000 0.020 0.020 21336 9883 11013 11219 15409 10743 0.090 25248 0.911 10000 12413 9515 20872 9489 10955 19959 9630 0.063 0.042 0.073 25804 0.090 0.009 13061 12403 27630 12457 16563 0.823 10000 38877 12155 0.059 0.035 13715 10520 10136 11249 0.052 21658 7742 0.025 24775 0.105 7762 9943 16805 10760 16168 15166 10000 0.109 9320 0.008 19421 25040 25040 25040 25040 14270 25040 25040 19421 25040 25040 19421 12450 25040 25040 12484 19421 25040 25040 19421 25040 25040 25040 25040 19421 19421 25040 10000 21165 25040 25040 15258 11331 0.052 27236 0.052 0.254 13050 18310 18875 10000 12014 0.020 13698 35997 0.187 12426 28447 25686 11170 0.001 18400 10000 0.020 20875 20528 23338 20425 10468 0.007 28223 9334 25414 0.008 9405 11456 9889 0.020 11173 10114 19988 18709 24202 0.061 24873 21746 20645 0.936 39168 13811 0.066 12762 10000 13889 18793 0.044 12745 9939 15917 35303 18076 0.045 20397 14219 13296 10000 18062 26602 10000 22953 9471 15646 28256 12198 10000 0.084 17236 26987 0.849 9350 20683 10000 9962 0.109 25591 10492 13096 0.020 11478 18745 17108 0.096 9818 10332 12969 11495 16578 22234 13376 21053 10916 23265 10439 16934 10483 45281 14182 10561 9676 19247 0.020 16501 9721 13787 0.254 0.990 0.037 9293 12520 10844 0.069 0.187 14202 0.028 13579 0.157 0.015 19919 44070 15066 9365 0.007 26188 21165 21165 15409 21165 21165 21165 21165 10054 21165 13268 21165 21165 21165 15409 21165 21165 21165 15409 15458 21165 21165 15409 15409 21165 21165 21165 15403 15409 25741 21165 19260 15409 17341 0.069 17820 25731 0.729 17670 16940 0.015 0.055 10317 10149 22193 0.798 32086 10453 0.022 0.012 0.025 17788 20290 0.005 38040 21272 14925 0.849 0.069 0.105 12474 27368 20016 8793 0.007 0.003 30496 0.025 13779 0.045 14216 22470 18479 8940 0.069 0.035 10000 9334 10451 12399 13611 13799 15240 19421 15409 18615 24526 14113 10394 14317 18268 17821 11292 25040 19359 20809 15967 24516 32453 0.063 12019 14198 9564 18037 12836 18466 14305 0.242 0.002 9212 0.002 0.022 0.011 29075 14466 12133 10319 0.020 8924 11869 27138 19924 14429 15440 10000 19704 0.070 10586 25325 17587 21075 9757 11073 33745 0.912 17078 10000 16855 12197 0.007 9939 18128 10813 21550 14000 0.022 20321 17380 11349 25776 9188 10504 30080 10129 9932 14356 0.981 20141 0.990 10106 0.036 24163 29845 9726 12590 18681 0.990 15056 0.045 7766 12810 18279 9661 11691 11152 26411 14043 10000 9318 1.000 9951 22265 0.059 10000 12518 10000 12311 46145 0.729 0.022 16991 22138 0.106 0.049 0.064 9895 10516 0.109 10266 9901 0.002 15328 12450 0.007 23810 10000 33026 13145 16448 0.009 10000 10705 14215 29168 0.011 37403 20139 0.242 16418 13102 11947 0.503 0.912 0.045 10559 0.912 0.015 0.055 18514 25962 13006 13625 0.061 16964 15044 15968 0.073 0.001 10000 16513 14820 0.106 0.025 10000 0.221 17086 0.046 23677 13861 9858 0.242 10404 13588 0.242 16804 0.084 13491 10000 57502 0.084 7740 8503 17452 10559 10000 28706 18193 14591 16597 9880 0.162 10000 10000 0.594 13238 10000 0.028 0.069 9941 16822 18734 0.064 27391 13285 22206 12288 11246 13826 0.023 0.002 11218 0.596 18994 12249 0.063 10601 0.073 9934 16247 13616 0.936 0.008 0.069 10588 12322 9873 0.008 0.037 27659 0.079 18699 0.064 13855 18241 0.035 20735 0.015 19528 0.036 10000 19307 13615 35482 21738 0.003 23422 10430 16840 0.023 10000 9917 10920 0.008 10000 19215 25526 11079 14191 21045 0.003 0.849 10000 0.022 16460 0.049 0.001 0.823 10000 42837 24322 0.036 10639 10231 34257 12043 12281 10000 0.936 0.036 15781 14443 11775 7887 25643 8915 12227 10359 10000 20237 10225 0.106 19660 0.009 14294 0.109 13716 16330 20193 42831 12221 10664 0.017 12632 0.022 13474 15165 0.079 10000 28442 0.008 10000 0.036 0.022 14744 10000 0.594 12336 17875 20670 11433 13438 14312 0.069 14464 0.064 10000 8852 10000 16754 13768 14802 0.049 0.079 0.019 14860 21862 9760 19177 0.157 10416 10000 0.042 0.045 13368 17237 11992 7970 12377 10000 0.069 10000 22039 28069 16109 15199 10451 16308 19510 0.011 10489 0.042 10000 31191 14860 18149 0.798 12431 20208 16521 12185 24214 14099 16514 0.729 10701 9941 11845 0.798 7932 12357 25165 25381 12258 8688 0.022 14934 8937 19640 10000 21533 0.008 0.069 25907 10000 0.022 0.012 0.001 12413 10579 10749 0.151 8675 15728 17366 9882 14890 0.011 0.036 10279 12094 0.049 0.008 11347 27857 0.729 0.011 0.981 20097 11992 16089 14688 11836 0.036 10000 14874 0.066 24930 10197 9668 0.254 0.037 0.042 18746 0.157 15434 1.000 13621 0.069 9685 9894 0.503 26144 18508 11460 29983 0.063 0.020 0.045 14121 24279 0.002 0.037 11641 15800 0.003 11285 8487 18898 11109 0.096 9472 12531 22370 10000 0.017 11048 12229 10884 9410 0.052 8932 10000 13364 0.096 11632 0.154 9067 0.069 12401 26948 9744 11897 9970 0.090 0.017 8908 11159 9982 0.061 0.090 9661 15117 18927 11666 0.079 27530 10145 19031 10388 15375 0.035 27008 10570 10192 10000 13672 18614 12682 11651 0.007 20586 10508 23720 10450 10408 27471 0.187 13821 22833 0.912 10543 22223 0.023 0.005 11180 17439 10191 10000 0.036 34071 10479 0.007 14537 20001 0.020 14653 10378 19919 10000 0.022 0.007 21979 10000 13472 13291 25823 8887 32896 16236 10000 12983 0.066 11170 0.049 10836 17525 0.187 0.151 27032 0.008 13855 0.254 11897 0.044 35610 14280 14904 0.596 23598 10730 19621 19123 19679 13878 0.005 0.990 0.096 9920 19733 10000 8932 0.066 10000 0.035 11187 13818 10253 13455 24526 10000 0.052 16882 10000 12276 9568 0.049 21124 11219 24199 17139 10000 0.002 18346 19726 0.022 14846 26040 10000 0.045 19814 0.020 7813 0.055 13022 0.042 14787 0.055 9981 25446 0.912 14052 0.059 9583 12724 22618 10000 0.154 0.162 19851 10000 10531 22247 0.181 0.877 9717 22076 0.045 39025 14816 0.069 0.105 18136 11423 12914 10000 23691 10661 11064 0.096 0.002 16195 15233 9906 21738 12771 0.079 0.007 20112 0.049 0.015 11450 11180 15033 0.012 0.007 16617 8820 10816 17729 0.003 16102 0.001 18242 26173 17694 0.169 0.154 0.070 0.017 10000 11720 0.052 26386 0.596 0.154 18098 0.079 13757 0.025 0.066 0.221 0.936 19567 16008 58338 10000 22561 26993 0.009 0.035 11222 18206 10000 14421 0.729 10000 12726 9536 14765 0.044 0.036 10294 20604 22552 10053 13449 0.096 9678 14980 25103 18199 0.061 12361 13054 9397 9426 1.000 10567 9648 11392 0.990 12414 10000 0.052 12144 0.042 12398 0.001 24006 11960 0.007 0.912 24869 26484 0.911 10519 0.011 0.912 10677 10000 14201 7685 21362 15946 10270 0.849 14577 0.017 1.000 10331 13099 9377 0.990 35067 12891 9653 0.162 9171 8072 14916 10829 10000 14701 19636 17655 0.035 0.911 25782 11544 15978 13985 0.594 0.066 9124 23585 0.037 10523 10000 0.022 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Investment Fund 2024-09-30 Janus Henderson Balanced Fund Class A Shares JDBAX This annual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund<br/>(Class A Shares/JDBAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>99</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.88<span>%</span></td> </tr> </table> 99 0.0088 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Balanced Fund Class A Shares returned 25.96%. Its broad-based benchmarks, the S&amp;P 500^® Index, and the Bloomberg U.S. Aggregate Bond Index returned 36.35% and 11.57%, respectively. Its performance benchmark, the Balanced Index, returned 25.05%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">The equity allocation performed in line with the S&amp;P 500^® Index, with NVIDIA being a top contributor to relative results. The graphics chip company reported strong earnings supported by robust demand for graphics processor units used in generative artificial intelligence (AI). American Express, another contributor, reported strong profits growth that reflected higher customer balances and healthy spending by affluent cardmembers. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, largely driven by asset allocation decisions. Overweight allocations to both securitized and corporate credit proved beneficial.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Within equities, footwear company Nike detracted relative to the S&amp;P 500 Index as the company’s revenue growth faced headwinds in a challenging environment for consumer discretionary spending. Consulting firm Accenture also detracted when business slowed due to a shift in IT spending toward AI and away from legacy software projects. In the fixed income allocation, security selection within agency mortgage-backed securities hindered results relative to the Bloomberg U.S. Aggregate Bond Index.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277982.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund (Class A Shares/JDBAX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.74<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund (Class A Shares/JDBAX) at Maximum Offering Price - 5.75%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.09<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Balanced Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.34<span>%</span></td> </tr> </table> Janus Henderson Balanced Fund (Class A Shares/JDBAX) at NAV 0.2596 0.0919 0.0874 Janus Henderson Balanced Fund (Class A Shares/JDBAX) at Maximum Offering Price - 5.75% 0.1870 0.0790 0.0809 S&P 500® Index 0.3635 0.1598 0.1338 Bloomberg U.S. Aggregate Bond Index 0.1157 0.0033 0.0184 Balanced Index 0.2505 0.0906 0.0834 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>26,509M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">769</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>135.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">76<span>%</span></td> </tr> </table> 26509000000 769 135400000 0.76 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">61.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">12.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Asset-Backed/Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">10.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">8.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">United States Treasury Notes/Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Bank Loans and Mezzanine Loans</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(2.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277992.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> 0.058 0.049 0.038 0.027 0.025 0.619 0.127 0.106 0.088 0.045 0.029 0.006 -0.020 Janus Henderson Balanced Fund Class C Shares JABCX This annual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund<br/>(Class C Shares/JABCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>182</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.62<span>%</span></td> </tr> </table> 182 0.0162 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Balanced Fund Class C Shares returned 25.03%. Its broad-based benchmarks, the S&amp;P 500^® Index, and the Bloomberg U.S. Aggregate Bond Index returned 36.35% and 11.57%, respectively. Its performance benchmark, the Balanced Index, returned 25.05%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">The equity allocation performed in line with the S&amp;P 500^® Index, with NVIDIA being a top contributor to relative results. The graphics chip company reported strong earnings supported by robust demand for graphics processor units used in generative artificial intelligence (AI). American Express, another contributor, reported strong profits growth that reflected higher customer balances and healthy spending by affluent cardmembers. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, largely driven by asset allocation decisions. Overweight allocations to both securitized and corporate credit proved beneficial.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Within equities, footwear company Nike detracted relative to the S&amp;P 500 Index as the company’s revenue growth faced headwinds in a challenging environment for consumer discretionary spending. Consulting firm Accenture also detracted when business slowed due to a shift in IT spending toward AI and away from legacy software projects. In the fixed income allocation, security selection within agency mortgage-backed securities hindered results relative to the Bloomberg U.S. Aggregate Bond Index.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_278021.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund (Class C Shares/JABCX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.03<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund (Class C Shares/JABCX) with Contingent Deferred Sales Charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.03<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Balanced Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.34<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.</div> </td> </tr> </table> Janus Henderson Balanced Fund (Class C Shares/JABCX) at NAV 0.2503 0.0841 0.0798 Janus Henderson Balanced Fund (Class C Shares/JABCX) with Contingent Deferred Sales Charge 0.2403 0.0841 0.0798 S&P 500® Index 0.3635 0.1598 0.1338 Bloomberg U.S. Aggregate Bond Index 0.1157 0.0033 0.0184 Balanced Index 0.2505 0.0906 0.0834 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>26,509M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">769</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>135.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">76<span>%</span></td> </tr> </table> 26509000000 769 135400000 0.76 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">61.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">12.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Asset-Backed/Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">10.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">8.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">United States Treasury Notes/Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Bank Loans and Mezzanine Loans</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(2.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_278031.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> 0.058 0.049 0.038 0.027 0.025 0.619 0.127 0.106 0.088 0.045 0.029 0.006 -0.020 Janus Henderson Balanced Fund Class D Shares JANBX This annual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span>. You can also request this information by contacting us at 1-800-525-3713. janushenderson.com/reports 1-800-525-3713 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund<br/>(Class D Shares/JANBX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>78</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.69<span>%</span></td> </tr> </table> 78 0.0069 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Balanced Fund Class D Shares returned 26.17%. Its broad-based benchmarks, the S&amp;P 500^® Index, and the Bloomberg U.S. Aggregate Bond Index returned 36.35% and 11.57%, respectively. Its performance benchmark, the Balanced Index, returned 25.05%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">The equity allocation performed in line with the S&amp;P 500^® Index, with NVIDIA being a top contributor to relative results. The graphics chip company reported strong earnings supported by robust demand for graphics processor units used in generative artificial intelligence (AI). American Express, another contributor, reported strong profits growth that reflected higher customer balances and healthy spending by affluent cardmembers. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, largely driven by asset allocation decisions. Overweight allocations to both securitized and corporate credit proved beneficial.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Within equities, footwear company Nike detracted relative to the S&amp;P 500 Index as the company’s revenue growth faced headwinds in a challenging environment for consumer discretionary spending. Consulting firm Accenture also detracted when business slowed due to a shift in IT spending toward AI and away from legacy software projects. In the fixed income allocation, security selection within agency mortgage-backed securities hindered results relative to the Bloomberg U.S. Aggregate Bond Index.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_278060.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund (Class D Shares/JANBX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Balanced Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.34<span>%</span></td> </tr> </table> Janus Henderson Balanced Fund (Class D Shares/JANBX) 0.2617 0.0939 0.0896 S&P 500® Index 0.3635 0.1598 0.1338 Bloomberg U.S. Aggregate Bond Index 0.1157 0.0033 0.0184 Balanced Index 0.2505 0.0906 0.0834 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>26,509M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">769</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>135.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">76<span>%</span></td> </tr> </table> 26509000000 769 135400000 0.76 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">61.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">12.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Asset-Backed/Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">10.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">8.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">United States Treasury Notes/Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Bank Loans and Mezzanine Loans</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(2.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_278070.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> 0.058 0.049 0.038 0.027 0.025 0.619 0.127 0.106 0.088 0.045 0.029 0.006 -0.020 Janus Henderson Balanced Fund Class I Shares JBALX This annual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund<br/>(Class I Shares/JBALX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>75</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.66<span>%</span></td> </tr> </table> 75 0.0066 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Balanced Fund Class I Shares returned 26.23%. Its broad-based benchmarks, the S&amp;P 500^® Index, and the Bloomberg U.S. Aggregate Bond Index returned 36.35% and 11.57%, respectively. Its performance benchmark, the Balanced Index, returned 25.05%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">The equity allocation performed in line with the S&amp;P 500^® Index, with NVIDIA being a top contributor to relative results. The graphics chip company reported strong earnings supported by robust demand for graphics processor units used in generative artificial intelligence (AI). American Express, another contributor, reported strong profits growth that reflected higher customer balances and healthy spending by affluent cardmembers. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, largely driven by asset allocation decisions. Overweight allocations to both securitized and corporate credit proved beneficial.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Within equities, footwear company Nike detracted relative to the S&amp;P 500 Index as the company’s revenue growth faced headwinds in a challenging environment for consumer discretionary spending. Consulting firm Accenture also detracted when business slowed due to a shift in IT spending toward AI and away from legacy software projects. In the fixed income allocation, security selection within agency mortgage-backed securities hindered results relative to the Bloomberg U.S. Aggregate Bond Index.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_278099.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund (Class I Shares/JBALX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.02<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Balanced Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.34<span>%</span></td> </tr> </table> Janus Henderson Balanced Fund (Class I Shares/JBALX) 0.2623 0.0944 0.0902 S&P 500® Index 0.3635 0.1598 0.1338 Bloomberg U.S. Aggregate Bond Index 0.1157 0.0033 0.0184 Balanced Index 0.2505 0.0906 0.0834 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>26,509M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">769</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>135.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">76<span>%</span></td> </tr> </table> 26509000000 769 135400000 0.76 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">61.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">12.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Asset-Backed/Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">10.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">8.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">United States Treasury Notes/Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Bank Loans and Mezzanine Loans</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(2.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_278109.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> 0.058 0.049 0.038 0.027 0.025 0.619 0.127 0.106 0.088 0.045 0.029 0.006 -0.020 Janus Henderson Balanced Fund Class N Shares JABNX This annual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund<br/>(Class N Shares/JABNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>65</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.57<span>%</span></td> </tr> </table> 65 0.0057 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Balanced Fund Class N Shares returned 26.32%. Its broad-based benchmarks, the S&amp;P 500^® Index, and the Bloomberg U.S. Aggregate Bond Index returned 36.35% and 11.57%, respectively. Its performance benchmark, the Balanced Index, returned 25.05%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">The equity allocation performed in line with the S&amp;P 500^® Index, with NVIDIA being a top contributor to relative results. The graphics chip company reported strong earnings supported by robust demand for graphics processor units used in generative artificial intelligence (AI). American Express, another contributor, reported strong profits growth that reflected higher customer balances and healthy spending by affluent cardmembers. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, largely driven by asset allocation decisions. Overweight allocations to both securitized and corporate credit proved beneficial.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Within equities, footwear company Nike detracted relative to the S&amp;P 500 Index as the company’s revenue growth faced headwinds in a challenging environment for consumer discretionary spending. Consulting firm Accenture also detracted when business slowed due to a shift in IT spending toward AI and away from legacy software projects. In the fixed income allocation, security selection within agency mortgage-backed securities hindered results relative to the Bloomberg U.S. Aggregate Bond Index.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_278138.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund (Class N Shares/JABNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.11<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Balanced Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.34<span>%</span></td> </tr> </table> Janus Henderson Balanced Fund (Class N Shares/JABNX) 0.2632 0.0953 0.0911 S&P 500® Index 0.3635 0.1598 0.1338 Bloomberg U.S. Aggregate Bond Index 0.1157 0.0033 0.0184 Balanced Index 0.2505 0.0906 0.0834 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>26,509M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">769</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>135.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">76<span>%</span></td> </tr> </table> 26509000000 769 135400000 0.76 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">61.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">12.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Asset-Backed/Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">10.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">8.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">United States Treasury Notes/Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Bank Loans and Mezzanine Loans</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(2.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_278148.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> 0.058 0.049 0.038 0.027 0.025 0.619 0.127 0.106 0.088 0.045 0.029 0.006 -0.020 Janus Henderson Balanced Fund Class R Shares JDBRX This annual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund<br/>(Class R Shares/JDBRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>148</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.31<span>%</span></td> </tr> </table> 148 0.0131 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Balanced Fund Class R Shares returned 25.43%. Its broad-based benchmarks, the S&amp;P 500^® Index, and the Bloomberg U.S. Aggregate Bond Index returned 36.35% and 11.57%, respectively. Its performance benchmark, the Balanced Index, returned 25.05%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">The equity allocation performed in line with the S&amp;P 500^® Index, with NVIDIA being a top contributor to relative results. The graphics chip company reported strong earnings supported by robust demand for graphics processor units used in generative artificial intelligence (AI). American Express, another contributor, reported strong profits growth that reflected higher customer balances and healthy spending by affluent cardmembers. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, largely driven by asset allocation decisions. Overweight allocations to both securitized and corporate credit proved beneficial.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Within equities, footwear company Nike detracted relative to the S&amp;P 500 Index as the company’s revenue growth faced headwinds in a challenging environment for consumer discretionary spending. Consulting firm Accenture also detracted when business slowed due to a shift in IT spending toward AI and away from legacy software projects. In the fixed income allocation, security selection within agency mortgage-backed securities hindered results relative to the Bloomberg U.S. Aggregate Bond Index.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_278177.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund (Class R Shares/JDBRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.30<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Balanced Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.34<span>%</span></td> </tr> </table> Janus Henderson Balanced Fund (Class R Shares/JDBRX) 0.2543 0.0872 0.0830 S&P 500® Index 0.3635 0.1598 0.1338 Bloomberg U.S. Aggregate Bond Index 0.1157 0.0033 0.0184 Balanced Index 0.2505 0.0906 0.0834 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>26,509M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">769</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>135.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">76<span>%</span></td> </tr> </table> 26509000000 769 135400000 0.76 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">61.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">12.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Asset-Backed/Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">10.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">8.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">United States Treasury Notes/Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Bank Loans and Mezzanine Loans</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(2.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_278187.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> 0.058 0.049 0.038 0.027 0.025 0.619 0.127 0.106 0.088 0.045 0.029 0.006 -0.020 Janus Henderson Balanced Fund Class S Shares JABRX This annual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund<br/>(Class S Shares/JABRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>120</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.06<span>%</span></td> </tr> </table> 120 0.0106 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Balanced Fund Class S Shares returned 25.73%. Its broad-based benchmarks, the S&amp;P 500^® Index, and the Bloomberg U.S. Aggregate Bond Index returned 36.35% and 11.57%, respectively. Its performance benchmark, the Balanced Index, returned 25.05%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">The equity allocation performed in line with the S&amp;P 500^® Index, with NVIDIA being a top contributor to relative results. The graphics chip company reported strong earnings supported by robust demand for graphics processor units used in generative artificial intelligence (AI). American Express, another contributor, reported strong profits growth that reflected higher customer balances and healthy spending by affluent cardmembers. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, largely driven by asset allocation decisions. Overweight allocations to both securitized and corporate credit proved beneficial.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Within equities, footwear company Nike detracted relative to the S&amp;P 500 Index as the company’s revenue growth faced headwinds in a challenging environment for consumer discretionary spending. Consulting firm Accenture also detracted when business slowed due to a shift in IT spending toward AI and away from legacy software projects. In the fixed income allocation, security selection within agency mortgage-backed securities hindered results relative to the Bloomberg U.S. Aggregate Bond Index.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_278216.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund (Class S Shares/JABRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Balanced Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.34<span>%</span></td> </tr> </table> Janus Henderson Balanced Fund (Class S Shares/JABRX) 0.2573 0.0899 0.0857 S&P 500® Index 0.3635 0.1598 0.1338 Bloomberg U.S. Aggregate Bond Index 0.1157 0.0033 0.0184 Balanced Index 0.2505 0.0906 0.0834 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>26,509M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">769</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>135.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">76<span>%</span></td> </tr> </table> 26509000000 769 135400000 0.76 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> <div style="padding-left: 10pt; padding-right: 10pt;"> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">61.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">12.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Asset-Backed/Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">10.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">8.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">United States Treasury Notes/Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Bank Loans and Mezzanine Loans</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(2.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_278226.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> 0.058 0.049 0.038 0.027 0.025 0.619 0.127 0.106 0.088 0.045 0.029 0.006 -0.020 Janus Henderson Balanced Fund Class T Shares JABAX This annual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund<br/>(Class T Shares/JABAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>90</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span></td> </tr> </table> 90 0.0080 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Balanced Fund Class T Shares returned 26.05%. Its broad-based benchmarks, the S&amp;P 500^® Index, and the Bloomberg U.S. Aggregate Bond Index returned 36.35% and 11.57%, respectively. Its performance benchmark, the Balanced Index, returned 25.05%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">The equity allocation performed in line with the S&amp;P 500^® Index, with NVIDIA being a top contributor to relative results. The graphics chip company reported strong earnings supported by robust demand for graphics processor units used in generative artificial intelligence (AI). American Express, another contributor, reported strong profits growth that reflected higher customer balances and healthy spending by affluent cardmembers. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, largely driven by asset allocation decisions. Overweight allocations to both securitized and corporate credit proved beneficial.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Within equities, footwear company Nike detracted relative to the S&amp;P 500 Index as the company’s revenue growth faced headwinds in a challenging environment for consumer discretionary spending. Consulting firm Accenture also detracted when business slowed due to a shift in IT spending toward AI and away from legacy software projects. In the fixed income allocation, security selection within agency mortgage-backed securities hindered results relative to the Bloomberg U.S. Aggregate Bond Index.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_278255.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund (Class T Shares/JABAX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Balanced Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.34<span>%</span></td> </tr> </table> Janus Henderson Balanced Fund (Class T Shares/JABAX) 0.2605 0.0927 0.0884 S&P 500® Index 0.3635 0.1598 0.1338 Bloomberg U.S. Aggregate Bond Index 0.1157 0.0033 0.0184 Balanced Index 0.2505 0.0906 0.0834 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>26,509M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">769</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>135.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">76<span>%</span></td> </tr> </table> 26509000000 769 135400000 0.76 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">61.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">12.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Asset-Backed/Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">10.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">8.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">United States Treasury Notes/Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Bank Loans and Mezzanine Loans</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(2.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_278265.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> 0.058 0.049 0.038 0.027 0.025 0.619 0.127 0.106 0.088 0.045 0.029 0.006 -0.020 Janus Henderson Contrarian Fund Class A Shares JCNAX This annual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund<br/>(Class A Shares/JCNAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>104</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.89<span>%</span></td> </tr> </table> 104 0.0089 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Contrarian Fund Class A Shares returned 33.40%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Howmet Aerospace was a top contributor to relative returns. This manufacturer of precision aircraft components delivered several quarters of strong profits growth that surpassed expectations. AST SpaceMobile, another contributor, is an early-stage communications services company building a low-orbit satellite network. The stock rose as the company secured contracts and funding from major telecommunications carriers.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">An underweight in the information technology sector was a notable drag on relative returns. A position in industrial equipment manufacturer Chart Industries also detracted, as delayed deal closings resulted in disappointing earnings. Oil and gas producer Occidental Petroleum, another detractor, reported weaker-than-expected revenue and profits that pressured the stock performance.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277358.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund (Class A Shares/JCNAX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.50<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund (Class A Shares/JCNAX) at Maximum Offering Price - 5.75%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Contrarian Fund (Class A Shares/JCNAX) at NAV 0.3340 0.1382 0.0950 Janus Henderson Contrarian Fund (Class A Shares/JCNAX) at Maximum Offering Price - 5.75% 0.2572 0.1248 0.0885 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,993M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">48</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42<span>%</span></td> </tr> </table> 4993000000 48 22200000 0.42 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vertiv Holdings Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Oracle Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PNC Financial Services Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.4<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277368.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vertiv Holdings Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Oracle Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PNC Financial Services Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> 0.057 0.055 0.051 0.035 0.035 0.991 0.011 0.009 0.003 -0.014 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to a decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the S&amp;P 500^® Index.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to a decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the S&amp;P 500^® Index.</div> Janus Henderson Contrarian Fund Class C Shares JCNCX This annual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund<br/>(Class C Shares/JCNCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>187</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.61<span>%</span></td> </tr> </table> 187 0.0161 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Contrarian Fund Class C Shares returned 32.41%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Howmet Aerospace was a top contributor to relative returns. This manufacturer of precision aircraft components delivered several quarters of strong profits growth that surpassed expectations. AST SpaceMobile, another contributor, is an early-stage communications services company building a low-orbit satellite network. The stock rose as the company secured contracts and funding from major telecommunications carriers.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">An underweight in the information technology sector was a notable drag on relative returns. A position in industrial equipment manufacturer Chart Industries also detracted, as delayed deal closings resulted in disappointing earnings. Oil and gas producer Occidental Petroleum, another detractor, reported weaker-than-expected revenue and profits that pressured the stock performance.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277397.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund (Class C Shares/JCNCX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.03<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.73<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund (Class C Shares/JCNCX) with Contingent Deferred Sales Charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.41<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.03<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.73<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.</div> </td> </tr> </table> Janus Henderson Contrarian Fund (Class C Shares/JCNCX) at NAV 0.3241 0.1303 0.0873 Janus Henderson Contrarian Fund (Class C Shares/JCNCX) with Contingent Deferred Sales Charge 0.3141 0.1303 0.0873 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,993M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">48</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42<span>%</span></td> </tr> </table> 4993000000 48 22200000 0.42 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vertiv Holdings Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Oracle Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PNC Financial Services Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.4<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277407.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vertiv Holdings Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Oracle Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PNC Financial Services Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> 0.057 0.055 0.051 0.035 0.035 0.991 0.011 0.009 0.003 -0.014 Janus Henderson Contrarian Fund Class D Shares JACNX This annual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span>. You can also request this information by contacting us at 1-800-525-3713. janushenderson.com/reports 1-800-525-3713 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund<br/>(Class D Shares/JACNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>75</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.64<span>%</span></td> </tr> </table> 75 0.0064 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Contrarian Fund Class D Shares returned 33.71%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Howmet Aerospace was a top contributor to relative returns. This manufacturer of precision aircraft components delivered several quarters of strong profits growth that surpassed expectations. AST SpaceMobile, another contributor, is an early-stage communications services company building a low-orbit satellite network. The stock rose as the company secured contracts and funding from major telecommunications carriers.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">An underweight in the information technology sector was a notable drag on relative returns. A position in industrial equipment manufacturer Chart Industries also detracted, as delayed deal closings resulted in disappointing earnings. Oil and gas producer Occidental Petroleum, another detractor, reported weaker-than-expected revenue and profits that pressured the stock performance.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277436.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund (Class D Shares/JACNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.71<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.74<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Contrarian Fund (Class D Shares/JACNX) 0.3371 0.1409 0.0974 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,993M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">48</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42<span>%</span></td> </tr> </table> 4993000000 48 22200000 0.42 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vertiv Holdings Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Oracle Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PNC Financial Services Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.4<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277446.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vertiv Holdings Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Oracle Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PNC Financial Services Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> 0.057 0.055 0.051 0.035 0.035 0.991 0.011 0.009 0.003 -0.014 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to a decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the S&amp;P 500^® Index.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to a decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the S&amp;P 500^® Index.</div> Janus Henderson Contrarian Fund Class I Shares JCONX This annual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund<br/>(Class I Shares/JCONX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>72</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.62<span>%</span></td> </tr> </table> 72 0.0062 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Contrarian Fund Class I Shares returned 33.73%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Howmet Aerospace was a top contributor to relative returns. This manufacturer of precision aircraft components delivered several quarters of strong profits growth that surpassed expectations. AST SpaceMobile, another contributor, is an early-stage communications services company building a low-orbit satellite network. The stock rose as the company secured contracts and funding from major telecommunications carriers.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">An underweight in the information technology sector was a notable drag on relative returns. A position in industrial equipment manufacturer Chart Industries also detracted, as delayed deal closings resulted in disappointing earnings. Oil and gas producer Occidental Petroleum, another detractor, reported weaker-than-expected revenue and profits that pressured the stock performance.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277475.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund (Class I Shares/JCONX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.13<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.79<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Contrarian Fund (Class I Shares/JCONX) 0.3373 0.1413 0.0979 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,993M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">48</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42<span>%</span></td> </tr> </table> 4993000000 48 22200000 0.42 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vertiv Holdings Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Oracle Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PNC Financial Services Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.4<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277485.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vertiv Holdings Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Oracle Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PNC Financial Services Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> 0.057 0.055 0.051 0.035 0.035 0.991 0.011 0.009 0.003 -0.014 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to a decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the S&amp;P 500^® Index.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to a decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the S&amp;P 500^® Index.</div> Janus Henderson Contrarian Fund Class N Shares JCNNX This annual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund<br/>(Class N Shares/JCNNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>60</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.51<span>%</span></td> </tr> </table> 60 0.0051 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Contrarian Fund Class N Shares returned 33.91%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Howmet Aerospace was a top contributor to relative returns. This manufacturer of precision aircraft components delivered several quarters of strong profits growth that surpassed expectations. AST SpaceMobile, another contributor, is an early-stage communications services company building a low-orbit satellite network. The stock rose as the company secured contracts and funding from major telecommunications carriers.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">An underweight in the information technology sector was a notable drag on relative returns. A position in industrial equipment manufacturer Chart Industries also detracted, as delayed deal closings resulted in disappointing earnings. Oil and gas producer Occidental Petroleum, another detractor, reported weaker-than-expected revenue and profits that pressured the stock performance.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277514.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund (Class N Shares/JCNNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Contrarian Fund (Class N Shares/JCNNX) 0.3391 0.1425 0.0982 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,993M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">48</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42<span>%</span></td> </tr> </table> 4993000000 48 22200000 0.42 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vertiv Holdings Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Oracle Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PNC Financial Services Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.4<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277524.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vertiv Holdings Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Oracle Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PNC Financial Services Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> 0.057 0.055 0.051 0.035 0.035 0.991 0.011 0.009 0.003 -0.014 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to a decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the S&amp;P 500^® Index.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to a decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the S&amp;P 500^® Index.</div> Janus Henderson Contrarian Fund Class R Shares JCNRX This annual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund<br/>(Class R Shares/JCNRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>157</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> 157 0.0135 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Contrarian Fund Class R Shares returned 32.78%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Howmet Aerospace was a top contributor to relative returns. This manufacturer of precision aircraft components delivered several quarters of strong profits growth that surpassed expectations. AST SpaceMobile, another contributor, is an early-stage communications services company building a low-orbit satellite network. The stock rose as the company secured contracts and funding from major telecommunications carriers.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">An underweight in the information technology sector was a notable drag on relative returns. A position in industrial equipment manufacturer Chart Industries also detracted, as delayed deal closings resulted in disappointing earnings. Oil and gas producer Occidental Petroleum, another detractor, reported weaker-than-expected revenue and profits that pressured the stock performance.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277553.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund (Class R Shares/JCNRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Contrarian Fund (Class R Shares/JCNRX) 0.3278 0.1326 0.0898 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,993M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">48</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42<span>%</span></td> </tr> </table> 4993000000 48 22200000 0.42 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vertiv Holdings Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Oracle Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PNC Financial Services Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.4<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277563.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vertiv Holdings Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Oracle Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PNC Financial Services Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> 0.057 0.055 0.051 0.035 0.035 0.991 0.011 0.009 0.003 -0.014 Janus Henderson Contrarian Fund Class S Shares JCNIX This annual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund<br/>(Class S Shares/JCNIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>127</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.09<span>%</span></td> </tr> </table> 127 0.0109 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Contrarian Fund Class S Shares returned 33.10%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Howmet Aerospace was a top contributor to relative returns. This manufacturer of precision aircraft components delivered several quarters of strong profits growth that surpassed expectations. AST SpaceMobile, another contributor, is an early-stage communications services company building a low-orbit satellite network. The stock rose as the company secured contracts and funding from major telecommunications carriers.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">An underweight in the information technology sector was a notable drag on relative returns. A position in industrial equipment manufacturer Chart Industries also detracted, as delayed deal closings resulted in disappointing earnings. Oil and gas producer Occidental Petroleum, another detractor, reported weaker-than-expected revenue and profits that pressured the stock performance.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277592.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund (Class S Shares/JCNIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.28<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Contrarian Fund (Class S Shares/JCNIX) 0.3310 0.1356 0.0928 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,993M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">48</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42<span>%</span></td> </tr> </table> 4993000000 48 22200000 0.42 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vertiv Holdings Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Oracle Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PNC Financial Services Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.4<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277602.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vertiv Holdings Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Oracle Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PNC Financial Services Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> 0.057 0.055 0.051 0.035 0.035 0.991 0.011 0.009 0.003 -0.014 Janus Henderson Contrarian Fund Class T Shares JSVAX This annual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund<br/>(Class T Shares/JSVAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>86</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.74<span>%</span></td> </tr> </table> 86 0.0074 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Contrarian Fund Class T Shares returned 33.57%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Howmet Aerospace was a top contributor to relative returns. This manufacturer of precision aircraft components delivered several quarters of strong profits growth that surpassed expectations. AST SpaceMobile, another contributor, is an early-stage communications services company building a low-orbit satellite network. The stock rose as the company secured contracts and funding from major telecommunications carriers.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">An underweight in the information technology sector was a notable drag on relative returns. A position in industrial equipment manufacturer Chart Industries also detracted, as delayed deal closings resulted in disappointing earnings. Oil and gas producer Occidental Petroleum, another detractor, reported weaker-than-expected revenue and profits that pressured the stock performance.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277631.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund (Class T Shares/JSVAX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.64<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Contrarian Fund (Class T Shares/JSVAX) 0.3357 0.1398 0.0964 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,993M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">48</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42<span>%</span></td> </tr> </table> 4993000000 48 22200000 0.42 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vertiv Holdings Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Oracle Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PNC Financial Services Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.4<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277641.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vertiv Holdings Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Oracle Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PNC Financial Services Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> 0.057 0.055 0.051 0.035 0.035 0.991 0.011 0.009 0.003 -0.014 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to a decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the S&amp;P 500^® Index.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to a decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the S&amp;P 500^® Index.</div> Janus Henderson Emerging Markets Fund Class A Shares HEMAX This annual shareholder report contains important information about the Janus Henderson Emerging Markets Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Emerging Markets Fund<br/>(Class A Shares/HEMAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>151</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.39<span>%</span></td> </tr> </table> 151 0.0139 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Emerging Markets Fund Class A Shares returned 17.00%. Its broad-based benchmark, the MSCI Emerging Markets Index^SM, returned 26.05%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Several Fund holdings in India contributed to returns relative to the benchmark. Online travel agent MakeMyTrip, a top relative contributor, gained market share and strengthened profit margins as it capitalized on accelerating travel spending by higher-income Indian consumers. Bharti Airtel, another contributor, benefited from its strong competitive positioning as one of two major carriers in India’s telecommunications market.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsung Electronics detracted from returns relative to the benchmark. The South Korea-based global electronics and semiconductor manufacturer faced competitive challenges and uncertainty around the near-term outlook for semiconductor sales. ZJLD Group was another detractor. Worries over the pace of consumer spending in China pressured the beverage company’s shares despite its brand strength in the baijiu liquor market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274355.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Emerging Markets Fund (Class A Shares/HEMAX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.90<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Emerging Markets Fund (Class A Shares/HEMAX) at Maximum Offering Price - 5.75%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.22<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI Emerging Markets Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.02<span>%</span></td> </tr> </table> Janus Henderson Emerging Markets Fund (Class A Shares/HEMAX) at NAV 0.1700 0.0343 0.0190 Janus Henderson Emerging Markets Fund (Class A Shares/HEMAX) at Maximum Offering Price - 5.75% 0.1030 0.0222 0.0130 MSCI Emerging Markets IndexSM 0.2605 0.0575 0.0402 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>32M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">59</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.1M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64<span>%</span></td> </tr> </table> 32000000 59 100000 0.64 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Tencent Holdings Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bharti Airtel Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AIA Group Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.6<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274365.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Tencent Holdings Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bharti Airtel Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AIA Group Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> 0.099 0.067 0.037 0.035 0.032 0.985 0.019 0.002 -0.006 Janus Henderson Emerging Markets Fund Class C Shares HEMCX This annual shareholder report contains important information about the Janus Henderson Emerging Markets Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Emerging Markets Fund<br/>(Class C Shares/HEMCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>229</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.12<span>%</span></td> </tr> </table> 229 0.0212 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Emerging Markets Fund Class C Shares returned 16.17%. Its broad-based benchmark, the MSCI Emerging Markets Index^SM, returned 26.05%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Several Fund holdings in India contributed to returns relative to the benchmark. Online travel agent MakeMyTrip, a top relative contributor, gained market share and strengthened profit margins as it capitalized on accelerating travel spending by higher-income Indian consumers. Bharti Airtel, another contributor, benefited from its strong competitive positioning as one of two major carriers in India’s telecommunications market.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsung Electronics detracted from returns relative to the benchmark. The South Korea-based global electronics and semiconductor manufacturer faced competitive challenges and uncertainty around the near-term outlook for semiconductor sales. ZJLD Group was another detractor. Worries over the pace of consumer spending in China pressured the beverage company’s shares despite its brand strength in the baijiu liquor market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274394.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Emerging Markets Fund (Class C Shares/HEMCX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.14<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Emerging Markets Fund (Class C Shares/HEMCX) with Contingent Deferred Sales Charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.17<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.14<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI Emerging Markets Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.02<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.</div> </td> </tr> </table> Janus Henderson Emerging Markets Fund (Class C Shares/HEMCX) at NAV 0.1617 0.0267 0.0114 Janus Henderson Emerging Markets Fund (Class C Shares/HEMCX) with Contingent Deferred Sales Charge 0.1517 0.0267 0.0114 MSCI Emerging Markets IndexSM 0.2605 0.0575 0.0402 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>32M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">59</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.1M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64<span>%</span></td> </tr> </table> 32000000 59 100000 0.64 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Tencent Holdings Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bharti Airtel Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AIA Group Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.6<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274404.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Tencent Holdings Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bharti Airtel Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AIA Group Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> 0.099 0.067 0.037 0.035 0.032 0.985 0.019 0.002 -0.006 Janus Henderson Emerging Markets Fund Class D Shares HEMDX This annual shareholder report contains important information about the Janus Henderson Emerging Markets Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span>. You can also request this information by contacting us at 1-800-525-3713. janushenderson.com/reports 1-800-525-3713 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Emerging Markets Fund<br/>(Class D Shares/HEMDX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>129</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.19<span>%</span></td> </tr> </table> 129 0.0119 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Emerging Markets Fund Class D Shares returned 17.27%. Its broad-based benchmark, the MSCI Emerging Markets Index^SM, returned 26.05%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Several Fund holdings in India contributed to returns relative to the benchmark. Online travel agent MakeMyTrip, a top relative contributor, gained market share and strengthened profit margins as it capitalized on accelerating travel spending by higher-income Indian consumers. Bharti Airtel, another contributor, benefited from its strong competitive positioning as one of two major carriers in India’s telecommunications market.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsung Electronics detracted from returns relative to the benchmark. The South Korea-based global electronics and semiconductor manufacturer faced competitive challenges and uncertainty around the near-term outlook for semiconductor sales. ZJLD Group was another detractor. Worries over the pace of consumer spending in China pressured the beverage company’s shares despite its brand strength in the baijiu liquor market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274433.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Emerging Markets Fund (Class D Shares/HEMDX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.03<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI Emerging Markets Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.02<span>%</span></td> </tr> </table> Janus Henderson Emerging Markets Fund (Class D Shares/HEMDX) 0.1727 0.0365 0.0203 MSCI Emerging Markets IndexSM 0.2605 0.0575 0.0402 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>32M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">59</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.1M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64<span>%</span></td> </tr> </table> 32000000 59 100000 0.64 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Tencent Holdings Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bharti Airtel Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AIA Group Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.6<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274443.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Tencent Holdings Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bharti Airtel Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AIA Group Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> 0.099 0.067 0.037 0.035 0.032 0.985 0.019 0.002 -0.006 Janus Henderson Emerging Markets Fund Class I Shares HEMIX This annual shareholder report contains important information about the Janus Henderson Emerging Markets Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Emerging Markets Fund<br/>(Class I Shares/HEMIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>122</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.12<span>%</span></td> </tr> </table> 122 0.0112 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Emerging Markets Fund Class I Shares returned 17.34%. Its broad-based benchmark, the MSCI Emerging Markets Index^SM, returned 26.05%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Several Fund holdings in India contributed to returns relative to the benchmark. Online travel agent MakeMyTrip, a top relative contributor, gained market share and strengthened profit margins as it capitalized on accelerating travel spending by higher-income Indian consumers. Bharti Airtel, another contributor, benefited from its strong competitive positioning as one of two major carriers in India’s telecommunications market.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsung Electronics detracted from returns relative to the benchmark. The South Korea-based global electronics and semiconductor manufacturer faced competitive challenges and uncertainty around the near-term outlook for semiconductor sales. ZJLD Group was another detractor. Worries over the pace of consumer spending in China pressured the beverage company’s shares despite its brand strength in the baijiu liquor market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274472.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Emerging Markets Fund (Class I Shares/HEMIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.34<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.17<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI Emerging Markets Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.02<span>%</span></td> </tr> </table> Janus Henderson Emerging Markets Fund (Class I Shares/HEMIX) 0.1734 0.0370 0.0217 MSCI Emerging Markets IndexSM 0.2605 0.0575 0.0402 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>32M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">59</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.1M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64<span>%</span></td> </tr> </table> 32000000 59 100000 0.64 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Tencent Holdings Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bharti Airtel Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AIA Group Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.6<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274482.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Tencent Holdings Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bharti Airtel Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AIA Group Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> 0.099 0.067 0.037 0.035 0.032 0.985 0.019 0.002 -0.006 Janus Henderson Emerging Markets Fund Class N Shares HEMRX This annual shareholder report contains important information about the Janus Henderson Emerging Markets Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Emerging Markets Fund<br/>(Class N Shares/HEMRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>113</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.04<span>%</span></td> </tr> </table> 113 0.0104 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Emerging Markets Fund Class N Shares returned 17.33%. Its broad-based benchmark, the MSCI Emerging Markets Index^SM, returned 26.05%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Several Fund holdings in India contributed to returns relative to the benchmark. Online travel agent MakeMyTrip, a top relative contributor, gained market share and strengthened profit margins as it capitalized on accelerating travel spending by higher-income Indian consumers. Bharti Airtel, another contributor, benefited from its strong competitive positioning as one of two major carriers in India’s telecommunications market.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsung Electronics detracted from returns relative to the benchmark. The South Korea-based global electronics and semiconductor manufacturer faced competitive challenges and uncertainty around the near-term outlook for semiconductor sales. ZJLD Group was another detractor. Worries over the pace of consumer spending in China pressured the beverage company’s shares despite its brand strength in the baijiu liquor market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274511.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Emerging Markets Fund (Class N Shares/HEMRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.18<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI Emerging Markets Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.02<span>%</span></td> </tr> </table> Janus Henderson Emerging Markets Fund (Class N Shares/HEMRX) 0.1733 0.0376 0.0218 MSCI Emerging Markets IndexSM 0.2605 0.0575 0.0402 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>32M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">59</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.1M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64<span>%</span></td> </tr> </table> 32000000 59 100000 0.64 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Tencent Holdings Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bharti Airtel Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AIA Group Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.6<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274521.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Tencent Holdings Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bharti Airtel Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AIA Group Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> 0.099 0.067 0.037 0.035 0.032 0.985 0.019 0.002 -0.006 Janus Henderson Emerging Markets Fund Class S Shares HEMSX This annual shareholder report contains important information about the Janus Henderson Emerging Markets Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Emerging Markets Fund<br/>(Class S Shares/HEMSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>168</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.55<span>%</span></td> </tr> </table> 168 0.0155 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Emerging Markets Fund Class S Shares returned 16.80%. Its broad-based benchmark, the MSCI Emerging Markets Index^SM, returned 26.05%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Several Fund holdings in India contributed to returns relative to the benchmark. Online travel agent MakeMyTrip, a top relative contributor, gained market share and strengthened profit margins as it capitalized on accelerating travel spending by higher-income Indian consumers. Bharti Airtel, another contributor, benefited from its strong competitive positioning as one of two major carriers in India’s telecommunications market.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsung Electronics detracted from returns relative to the benchmark. The South Korea-based global electronics and semiconductor manufacturer faced competitive challenges and uncertainty around the near-term outlook for semiconductor sales. ZJLD Group was another detractor. Worries over the pace of consumer spending in China pressured the beverage company’s shares despite its brand strength in the baijiu liquor market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274550.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Emerging Markets Fund (Class S Shares/HEMSX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.76<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI Emerging Markets Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.02<span>%</span></td> </tr> </table> Janus Henderson Emerging Markets Fund (Class S Shares/HEMSX) 0.1680 0.0328 0.0176 MSCI Emerging Markets IndexSM 0.2605 0.0575 0.0402 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>32M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">59</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.1M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64<span>%</span></td> </tr> </table> 32000000 59 100000 0.64 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Tencent Holdings Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bharti Airtel Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AIA Group Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.6<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274560.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Tencent Holdings Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bharti Airtel Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AIA Group Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> 0.099 0.067 0.037 0.035 0.032 0.985 0.019 0.002 -0.006 Janus Henderson Emerging Markets Fund Class T Shares HEMTX This annual shareholder report contains important information about the Janus Henderson Emerging Markets Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Emerging Markets Fund<br/>(Class T Shares/HEMTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>139</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.28<span>%</span></td> </tr> </table> 139 0.0128 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Emerging Markets Fund Class T Shares returned 17.05%. Its broad-based benchmark, the MSCI Emerging Markets Index^SM, returned 26.05%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Several Fund holdings in India contributed to returns relative to the benchmark. Online travel agent MakeMyTrip, a top relative contributor, gained market share and strengthened profit margins as it capitalized on accelerating travel spending by higher-income Indian consumers. Bharti Airtel, another contributor, benefited from its strong competitive positioning as one of two major carriers in India’s telecommunications market.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsung Electronics detracted from returns relative to the benchmark. The South Korea-based global electronics and semiconductor manufacturer faced competitive challenges and uncertainty around the near-term outlook for semiconductor sales. ZJLD Group was another detractor. Worries over the pace of consumer spending in China pressured the beverage company’s shares despite its brand strength in the baijiu liquor market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274589.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Emerging Markets Fund (Class T Shares/HEMTX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.52<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.94<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI Emerging Markets Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.02<span>%</span></td> </tr> </table> Janus Henderson Emerging Markets Fund (Class T Shares/HEMTX) 0.1705 0.0352 0.0194 MSCI Emerging Markets IndexSM 0.2605 0.0575 0.0402 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>32M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">59</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.1M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64<span>%</span></td> </tr> </table> 32000000 59 100000 0.64 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Tencent Holdings Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bharti Airtel Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AIA Group Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.6<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274599.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Samsung Electronics Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Tencent Holdings Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bharti Airtel Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AIA Group Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> 0.099 0.067 0.037 0.035 0.032 0.985 0.019 0.002 -0.006 Janus Henderson Enterprise Fund Class A Shares JDMAX This annual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund<br/>(Class A Shares/JDMAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>125</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.11<span>%</span></td> </tr> </table> 125 0.0111 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Enterprise Fund Class A Shares returned 25.74%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell Midcap^® Growth Index, returned 29.33%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">GoDaddy contributed to returns relative to the performance benchmark. The website domain registration company has augmented its earnings growth by cross-selling other higher-margin services such as website design and digital payments. Software company Constellation Software, another contributor, benefited from strong competitive positioning and pricing power in niche market segments.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns as compared to the performance benchmark were hindered by not owning several stocks that were strong contributors for the index but which we believed carried elevated risk. ON Semiconductor was a relative detractor among owned stocks, as demand for the company’s chips slowed along with electric vehicle sales. Rentokil<span style="white-space: nowrap;"> </span>Initial, another relative detractor, faced business headwinds for its U.S. pest control business.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_278294.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund (Class A Shares/JDMAX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.95<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund (Class A Shares/JDMAX) at Maximum Offering Price - 5.75%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.03<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell Midcap^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.30<span>%</span></td> </tr> </table> Janus Henderson Enterprise Fund (Class A Shares/JDMAX) at NAV 0.2574 0.1095 0.1269 Janus Henderson Enterprise Fund (Class A Shares/JDMAX) at Maximum Offering Price - 5.75% 0.1851 0.0965 0.1203 Russell 3000® Index 0.3519 0.1526 0.1283 Russell Midcap® Growth Index 0.2933 0.1148 0.1130 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,784M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">80</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>128.5M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">15<span>%</span></td> </tr> </table> 22784000000 80 128500000 0.15 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Constellation Software Inc/Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">GoDaddy Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teleflex Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Boston Scientific Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.4<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_278304.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Constellation Software Inc/Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">GoDaddy Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teleflex Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Boston Scientific Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> 0.046 0.036 0.031 0.031 0.029 0.954 0.047 0.003 -0.004 Janus Henderson Enterprise Fund Class C Shares JGRCX This annual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund<br/>(Class C Shares/JGRCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>182</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.62<span>%</span></td> </tr> </table> 182 0.0162 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Enterprise Fund Class C Shares returned 25.12%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell Midcap^® Growth Index, returned 29.33%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">GoDaddy contributed to returns relative to the performance benchmark. The website domain registration company has augmented its earnings growth by cross-selling other higher-margin services such as website design and digital payments. Software company Constellation Software, another contributor, benefited from strong competitive positioning and pricing power in niche market segments.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns as compared to the performance benchmark were hindered by not owning several stocks that were strong contributors for the index but which we believed carried elevated risk. ON Semiconductor was a relative detractor among owned stocks, as demand for the company’s chips slowed along with electric vehicle sales. Rentokil<span style="white-space: nowrap;"> </span>Initial, another relative detractor, faced business headwinds for its U.S. pest control business.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_278333.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund (Class C Shares/JGRCX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.12<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.05<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund (Class C Shares/JGRCX) with Contingent Deferred Sales Charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.12<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.05<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell Midcap^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.30<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.</div> </td> </tr> </table> Janus Henderson Enterprise Fund (Class C Shares/JGRCX) at NAV 0.2512 0.1037 0.1205 Janus Henderson Enterprise Fund (Class C Shares/JGRCX) with Contingent Deferred Sales Charge 0.2412 0.1037 0.1205 Russell 3000® Index 0.3519 0.1526 0.1283 Russell Midcap® Growth Index 0.2933 0.1148 0.1130 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,784M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">80</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>128.5M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">15<span>%</span></td> </tr> </table> 22784000000 80 128500000 0.15 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Constellation Software Inc/Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">GoDaddy Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teleflex Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Boston Scientific Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.4<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_278343.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Constellation Software Inc/Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">GoDaddy Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teleflex Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Boston Scientific Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> 0.046 0.036 0.031 0.031 0.029 0.954 0.047 0.003 -0.004 Janus Henderson Enterprise Fund Class D Shares JANEX This annual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span>. You can also request this information by contacting us at 1-800-525-3713. janushenderson.com/reports 1-800-525-3713 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund<br/>(Class D Shares/JANEX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>89</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.79<span>%</span></td> </tr> </table> 89 0.0079 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Enterprise Fund Class D Shares returned 26.15%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell Midcap^® Growth Index, returned 29.33%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">GoDaddy contributed to returns relative to the performance benchmark. The website domain registration company has augmented its earnings growth by cross-selling other higher-margin services such as website design and digital payments. Software company Constellation Software, another contributor, benefited from strong competitive positioning and pricing power in niche market segments.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns as compared to the performance benchmark were hindered by not owning several stocks that were strong contributors for the index but which we believed carried elevated risk. ON Semiconductor was a relative detractor among owned stocks, as demand for the company’s chips slowed along with electric vehicle sales. Rentokil Initial, another relative detractor, faced business headwinds for its U.S. pest control business.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_278372.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund (Class D Shares/JANEX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell Midcap^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.30<span>%</span></td> </tr> </table> Janus Henderson Enterprise Fund (Class D Shares/JANEX) 0.2615 0.1131 0.1304 Russell 3000® Index 0.3519 0.1526 0.1283 Russell Midcap® Growth Index 0.2933 0.1148 0.1130 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,784M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">80</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>128.5M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">15<span>%</span></td> </tr> </table> 22784000000 80 128500000 0.15 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Constellation Software Inc/Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">GoDaddy Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teleflex Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Boston Scientific Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.4<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_278382.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Constellation Software Inc/Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">GoDaddy Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teleflex Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Boston Scientific Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> 0.046 0.036 0.031 0.031 0.029 0.954 0.047 0.003 -0.004 Janus Henderson Enterprise Fund Class I Shares JMGRX This annual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund<br/>(Class I Shares/JMGRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>86</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.76<span>%</span></td> </tr> </table> 86 0.0076 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Enterprise Fund Class I Shares returned 26.18%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell Midcap^® Growth Index, returned 29.33%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">GoDaddy contributed to returns relative to the performance benchmark. The website domain registration company has augmented its earnings growth by cross-selling other higher-margin services such as website design and digital payments. Software company Constellation Software, another contributor, benefited from strong competitive positioning and pricing power in niche market segments.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns as compared to the performance benchmark were hindered by not owning several stocks that were strong contributors for the index but which we believed carried elevated risk. ON Semiconductor was a relative detractor among owned stocks, as demand for the company’s chips slowed along with electric vehicle sales. Rentokil Initial, another relative detractor, faced business headwinds for its U.S. pest control business.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_278411.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund (Class I Shares/JMGRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell Midcap^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.30<span>%</span></td> </tr> </table> Janus Henderson Enterprise Fund (Class I Shares/JMGRX) 0.2618 0.1135 0.1310 Russell 3000® Index 0.3519 0.1526 0.1283 Russell Midcap® Growth Index 0.2933 0.1148 0.1130 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,784M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">80</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>128.5M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">15<span>%</span></td> </tr> </table> 22784000000 80 128500000 0.15 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Constellation Software Inc/Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">GoDaddy Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teleflex Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Boston Scientific Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.4<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_278421.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Constellation Software Inc/Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">GoDaddy Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teleflex Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Boston Scientific Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> 0.046 0.036 0.031 0.031 0.029 0.954 0.047 0.003 -0.004 Janus Henderson Enterprise Fund Class N Shares JDMNX This annual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund<br/>(Class N Shares/JDMNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>75</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.66<span>%</span></td> </tr> </table> 75 0.0066 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Enterprise Fund Class N Shares returned 26.32%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell Midcap^® Growth Index, returned 29.33%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">GoDaddy contributed to returns relative to the performance benchmark. The website domain registration company has augmented its earnings growth by cross-selling other higher-margin services such as website design and digital payments. Software company Constellation Software, another contributor, benefited from strong competitive positioning and pricing power in niche market segments.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns as compared to the performance benchmark were hindered by not owning several stocks that were strong contributors for the index but which we believed carried elevated risk. ON Semiconductor was a relative detractor among owned stocks, as demand for the company’s chips slowed along with electric vehicle sales. Rentokil Initial, another relative detractor, faced business headwinds for its U.S. pest control business.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_278450.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund (Class N Shares/JDMNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.46<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.21<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell Midcap^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.30<span>%</span></td> </tr> </table> Janus Henderson Enterprise Fund (Class N Shares/JDMNX) 0.2632 0.1146 0.1321 Russell 3000® Index 0.3519 0.1526 0.1283 Russell Midcap® Growth Index 0.2933 0.1148 0.1130 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,784M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">80</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>128.5M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">15<span>%</span></td> </tr> </table> 22784000000 80 128500000 0.15 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Constellation Software Inc/Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">GoDaddy Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teleflex Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Boston Scientific Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.4<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_278460.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Constellation Software Inc/Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">GoDaddy Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teleflex Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Boston Scientific Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> 0.046 0.036 0.031 0.031 0.029 0.954 0.047 0.003 -0.004 Janus Henderson Enterprise Fund Class R Shares JDMRX This annual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund<br/>(Class R Shares/JDMRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>158</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.40<span>%</span></td> </tr> </table> 158 0.0140 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Enterprise Fund Class R Shares returned 25.38%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell Midcap^® Growth Index, returned 29.33%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">GoDaddy contributed to returns relative to the performance benchmark. The website domain registration company has augmented its earnings growth by cross-selling other higher-margin services such as website design and digital payments. Software company Constellation Software, another contributor, benefited from strong competitive positioning and pricing power in niche market segments.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns as compared to the performance benchmark were hindered by not owning several stocks that were strong contributors for the index but which we believed carried elevated risk. ON Semiconductor was a relative detractor among owned stocks, as demand for the company’s chips slowed along with electric vehicle sales. Rentokil Initial, another relative detractor, faced business headwinds for its U.S. pest control business.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_278489.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund (Class R Shares/JDMRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.63<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.37<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell Midcap^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.30<span>%</span></td> </tr> </table> Janus Henderson Enterprise Fund (Class R Shares/JDMRX) 0.2538 0.1063 0.1237 Russell 3000® Index 0.3519 0.1526 0.1283 Russell Midcap® Growth Index 0.2933 0.1148 0.1130 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,784M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">80</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>128.5M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">15<span>%</span></td> </tr> </table> 22784000000 80 128500000 0.15 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Constellation Software Inc/Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">GoDaddy Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teleflex Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Boston Scientific Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.4<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_278499.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Constellation Software Inc/Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">GoDaddy Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teleflex Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Boston Scientific Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> 0.046 0.036 0.031 0.031 0.029 0.954 0.047 0.003 -0.004 Janus Henderson Enterprise Fund Class S Shares JGRTX This annual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund<br/>(Class S Shares/JGRTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>131</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.16<span>%</span></td> </tr> </table> 131 0.0116 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Enterprise Fund Class S Shares returned 25.69%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell Midcap^® Growth Index, returned 29.33%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">GoDaddy contributed to returns relative to the performance benchmark. The website domain registration company has augmented its earnings growth by cross-selling other higher-margin services such as website design and digital payments. Software company Constellation Software, another contributor, benefited from strong competitive positioning and pricing power in niche market segments.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns as compared to the performance benchmark were hindered by not owning several stocks that were strong contributors for the index but which we believed carried elevated risk. ON Semiconductor was a relative detractor among owned stocks, as demand for the company’s chips slowed along with electric vehicle sales. Rentokil Initial, another relative detractor, faced business headwinds for its U.S. pest control business.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_278528.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund (Class S Shares/JGRTX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.65<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell Midcap^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.30<span>%</span></td> </tr> </table> Janus Henderson Enterprise Fund (Class S Shares/JGRTX) 0.2569 0.1091 0.1265 Russell 3000® Index 0.3519 0.1526 0.1283 Russell Midcap® Growth Index 0.2933 0.1148 0.1130 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,784M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">80</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>128.5M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">15<span>%</span></td> </tr> </table> 22784000000 80 128500000 0.15 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Constellation Software Inc/Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">GoDaddy Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teleflex Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Boston Scientific Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.4<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_278538.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Constellation Software Inc/Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">GoDaddy Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teleflex Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Boston Scientific Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> 0.046 0.036 0.031 0.031 0.029 0.954 0.047 0.003 -0.004 Janus Henderson Enterprise Fund Class T Shares JAENX This annual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund<br/>(Class T Shares/JAENX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>102</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span></td> </tr> </table> 102 0.0090 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Enterprise Fund Class T Shares returned 26.02%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell Midcap^® Growth Index, returned 29.33%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">GoDaddy contributed to returns relative to the performance benchmark. The website domain registration company has augmented its earnings growth by cross-selling other higher-margin services such as website design and digital payments. Software company Constellation Software, another contributor, benefited from strong competitive positioning and pricing power in niche market segments.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns as compared to the performance benchmark were hindered by not owning several stocks that were strong contributors for the index but which we believed carried elevated risk. ON Semiconductor was a relative detractor among owned stocks, as demand for the company’s chips slowed along with electric vehicle sales. Rentokil Initial, another relative detractor, faced business headwinds for its U.S. pest control business.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_278567.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund (Class T Shares/JAENX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.93<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell Midcap^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.30<span>%</span></td> </tr> </table> Janus Henderson Enterprise Fund (Class T Shares/JAENX) 0.2602 0.1119 0.1293 Russell 3000® Index 0.3519 0.1526 0.1283 Russell Midcap® Growth Index 0.2933 0.1148 0.1130 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,784M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">80</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>128.5M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">15<span>%</span></td> </tr> </table> 22784000000 80 128500000 0.15 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Constellation Software Inc/Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">GoDaddy Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teleflex Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Boston Scientific Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.4<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_278577.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Constellation Software Inc/Canada</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">GoDaddy Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teleflex Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Boston Scientific Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> 0.046 0.036 0.031 0.031 0.029 0.954 0.047 0.003 -0.004 Janus Henderson European Focus Fund Class A Shares HFEAX This annual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund<br/>(Class A Shares/HFEAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>147</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.29<span>%</span></td> </tr> </table> 147 0.0129 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson European Focus Fund Class A Shares returned 27.55%. Its broad-based benchmark, the MSCI Europe Index^SM, returned 25.23%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Our holdings in BE Semiconductor, ASML, and ASM International (all semiconductor stocks) benefited returns relative to the benchmark. On the back of a<span style="white-space: nowrap;"> </span>troughing semiconductor cycle in early 2023 and further boosted by the artificial intelligence investment wave, semiconductor stocks performed strongly over the first nine months of the period. This strong performance triggered profit-taking in the last three months. However, we believe the prospects of our semiconductor holdings have not changed.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Our underweight position in Sanofi (a French pharmaceutical company) detracted from relative performance. The company announced a lower profit outlook and a spinout of its consumer care unit in October 2023. However, it recovered strongly over the rest of the period. Universal Music Group, the Dutch music company, detracted due to unexpectedly slowing subscription growth in July. Anglo American, the mining company, also detracted as Chinese macroeconomic negativity led to weakness in mining stocks.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274628.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund (Class A Shares/HFEAX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund (Class A Shares/HFEAX) at Maximum Offering Price - 5.75%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.22<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.89<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI Europe Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.59<span>%</span></td> </tr> </table> Janus Henderson European Focus Fund (Class A Shares/HFEAX) at NAV 0.2755 0.1417 0.0552 Janus Henderson European Focus Fund (Class A Shares/HFEAX) at Maximum Offering Price - 5.75% 0.2022 0.1283 0.0489 MSCI Europe IndexSM 0.2523 0.0890 0.0559 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>504M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">43</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4.1M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">168<span>%</span></td> </tr> </table> 504000000 43 4100000 1.68 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">LVMH Moet Hennessy Louis Vuitton SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">TotalEnergies SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274638.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">LVMH Moet Hennessy Louis Vuitton SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">TotalEnergies SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.043 0.041 0.039 0.038 0.036 0.991 0.006 0.003 Janus Henderson European Focus Fund Class C Shares HFECX This annual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund<br/>(Class C Shares/HFECX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>229</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.02<span>%</span></td> </tr> </table> 229 0.0202 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson European Focus Fund Class C Shares returned 26.61%. Its broad-based benchmark, the MSCI Europe Index^SM, returned 25.23%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Our holdings in BE Semiconductor, ASML, and ASM International (all semiconductor stocks) benefited returns relative to the benchmark. On the back of a<span style="white-space: nowrap;"> </span>troughing semiconductor cycle in early 2023 and further boosted by the artificial intelligence investment wave, semiconductor stocks performed strongly over the first nine months of the period. This strong performance triggered profit-taking in the last three months. However, we believe the prospects of our semiconductor holdings have not changed.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Our underweight position in Sanofi (a French pharmaceutical company) detracted from relative performance. The company announced a lower profit outlook and a spinout of its consumer care unit in October 2023. However, it recovered strongly over the rest of the period. Universal Music Group, the Dutch music company, detracted due to unexpectedly slowing subscription growth in July. Anglo American, the mining company, also detracted as Chinese macroeconomic negativity led to weakness in mining stocks.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274667.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund (Class C Shares/HFECX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.71<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund (Class C Shares/HFECX) with Contingent Deferred Sales Charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.61<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.71<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI Europe Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.59<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.</div> </td> </tr> </table> Janus Henderson European Focus Fund (Class C Shares/HFECX) at NAV 0.2661 0.1331 0.0471 Janus Henderson European Focus Fund (Class C Shares/HFECX) with Contingent Deferred Sales Charge 0.2561 0.1331 0.0471 MSCI Europe IndexSM 0.2523 0.0890 0.0559 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>504M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">43</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4.1M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">168<span>%</span></td> </tr> </table> 504000000 43 4100000 1.68 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">LVMH Moet Hennessy Louis Vuitton SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">TotalEnergies SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274677.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">LVMH Moet Hennessy Louis Vuitton SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">TotalEnergies SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.043 0.041 0.039 0.038 0.036 0.991 0.006 0.003 Janus Henderson European Focus Fund Class D Shares HFEDX This annual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span>. You can also request this information by contacting us at 1-800-525-3713. janushenderson.com/reports 1-800-525-3713 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund<br/>(Class D Shares/HFEDX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>125</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.10<span>%</span></td> </tr> </table> 125 0.0110 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson European Focus Fund Class D Shares returned 27.82%. Its broad-based benchmark, the MSCI Europe Index^SM, returned 25.23%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Our holdings in BE Semiconductor, ASML, and ASM International (all semiconductor stocks) benefited returns relative to the benchmark. On the back of a<span style="white-space: nowrap;"> </span>troughing semiconductor cycle in early 2023 and further boosted by the artificial intelligence investment wave, semiconductor stocks performed strongly over the first nine months of the period. This strong performance triggered profit-taking in the last three months. However, we believe the prospects of our semiconductor holdings have not changed.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Our underweight position in Sanofi (a French pharmaceutical company) detracted from relative performance. The company announced a lower profit outlook and a spinout of its consumer care unit in October 2023. However, it recovered strongly over the rest of the period. Universal Music Group, the Dutch music company, detracted due to unexpectedly slowing subscription growth in July. Anglo American, the mining company, also detracted as Chinese macroeconomic negativity led to weakness in mining stocks.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274706.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund (Class D Shares/HFEDX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.66<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI Europe Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.59<span>%</span></td> </tr> </table> Janus Henderson European Focus Fund (Class D Shares/HFEDX) 0.2782 0.1439 0.0566 MSCI Europe IndexSM 0.2523 0.0890 0.0559 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>504M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">43</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4.1M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">168<span>%</span></td> </tr> </table> 504000000 43 4100000 1.68 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">LVMH Moet Hennessy Louis Vuitton SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">TotalEnergies SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274716.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">LVMH Moet Hennessy Louis Vuitton SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">TotalEnergies SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.043 0.041 0.039 0.038 0.036 0.991 0.006 0.003 Janus Henderson European Focus Fund Class I Shares HFEIX This annual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund<br/>(Class I Shares/HFEIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>120</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.05<span>%</span></td> </tr> </table> 120 0.0105 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson European Focus Fund Class I Shares returned 27.85%. Its broad-based benchmark, the MSCI Europe Index^SM, returned 25.23%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Our holdings in BE Semiconductor, ASML, and ASM International (all semiconductor stocks) benefited returns relative to the benchmark. On the back of a<span style="white-space: nowrap;"> </span>troughing semiconductor cycle in early 2023 and further boosted by the artificial intelligence investment wave, semiconductor stocks performed strongly over the first nine months of the period. This strong performance triggered profit-taking in the last three months. However, we believe the prospects of our semiconductor holdings have not changed.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Our underweight position in Sanofi (a French pharmaceutical company) detracted from relative performance. The company announced a lower profit outlook and a spinout of its consumer care unit in October 2023. However, it recovered strongly over the rest of the period. Universal Music Group, the Dutch music company, detracted due to unexpectedly slowing subscription growth in July. Anglo American, the mining company, also detracted as Chinese macroeconomic negativity led to weakness in mining stocks.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274745.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund (Class I Shares/HFEIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.46<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.79<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI Europe Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.59<span>%</span></td> </tr> </table> Janus Henderson European Focus Fund (Class I Shares/HFEIX) 0.2785 0.1446 0.0579 MSCI Europe IndexSM 0.2523 0.0890 0.0559 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>504M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">43</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4.1M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">168<span>%</span></td> </tr> </table> 504000000 43 4100000 1.68 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">LVMH Moet Hennessy Louis Vuitton SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">TotalEnergies SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274755.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">LVMH Moet Hennessy Louis Vuitton SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">TotalEnergies SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.043 0.041 0.039 0.038 0.036 0.991 0.006 0.003 Janus Henderson European Focus Fund Class N Shares HFERX This annual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund<br/>(Class N Shares/HFERX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>109</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.96<span>%</span></td> </tr> </table> 109 0.0096 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson European Focus Fund Class N Shares returned 27.93%. Its broad-based benchmark, the MSCI Europe Index^SM, returned 25.23%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Our holdings in BE Semiconductor, ASML, and ASM International (all semiconductor stocks) benefited returns relative to the benchmark. On the back of a<span style="white-space: nowrap;"> </span>troughing semiconductor cycle in early 2023 and further boosted by the artificial intelligence investment wave, semiconductor stocks performed strongly over the first nine months of the period. This strong performance triggered profit-taking in the last three months. However, we believe the prospects of our semiconductor holdings have not changed.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Our underweight position in Sanofi (a French pharmaceutical company) detracted from relative performance. The company announced a lower profit outlook and a spinout of its consumer care unit in October 2023. However, it recovered strongly over the rest of the period. Universal Music Group, the Dutch music company, detracted due to unexpectedly slowing subscription growth in July. Anglo American, the mining company, also detracted as Chinese macroeconomic negativity led to weakness in mining stocks.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274784.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund (Class N Shares/HFERX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.93<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.80<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI Europe Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.59<span>%</span></td> </tr> </table> Janus Henderson European Focus Fund (Class N Shares/HFERX) 0.2793 0.1454 0.0580 MSCI Europe IndexSM 0.2523 0.0890 0.0559 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>504M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">43</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4.1M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">168<span>%</span></td> </tr> </table> 504000000 43 4100000 1.68 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">LVMH Moet Hennessy Louis Vuitton SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">TotalEnergies SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274794.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">LVMH Moet Hennessy Louis Vuitton SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">TotalEnergies SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.043 0.041 0.039 0.038 0.036 0.991 0.006 0.003 Janus Henderson European Focus Fund Class S Shares HFESX This annual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund<br/>(Class S Shares/HFESX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>159</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.40<span>%</span></td> </tr> </table> 159 0.0140 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson European Focus Fund Class S Shares returned 27.42%. Its broad-based benchmark, the MSCI Europe Index^SM, returned 25.23%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Our holdings in BE Semiconductor, ASML, and ASM International (all semiconductor stocks) benefited returns relative to the benchmark. On the back of a<span style="white-space: nowrap;"> </span>troughing semiconductor cycle in early 2023 and further boosted by the artificial intelligence investment wave, semiconductor stocks performed strongly over the first nine months of the period. This strong performance triggered profit-taking in the last three months. However, we believe the prospects of our semiconductor holdings have not changed.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Our underweight position in Sanofi (a French pharmaceutical company) detracted from relative performance. The company announced a lower profit outlook and a spinout of its consumer care unit in October 2023. However, it recovered strongly over the rest of the period. Universal Music Group, the Dutch music company, detracted due to unexpectedly slowing subscription growth in July. Anglo American, the mining company, also detracted as Chinese macroeconomic negativity led to weakness in mining stocks.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274823.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund (Class S Shares/HFESX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.51<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI Europe Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.59<span>%</span></td> </tr> </table> Janus Henderson European Focus Fund (Class S Shares/HFESX) 0.2742 0.1423 0.0551 MSCI Europe IndexSM 0.2523 0.0890 0.0559 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>504M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">43</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4.1M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">168<span>%</span></td> </tr> </table> 504000000 43 4100000 1.68 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">LVMH Moet Hennessy Louis Vuitton SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">TotalEnergies SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274833.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">LVMH Moet Hennessy Louis Vuitton SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">TotalEnergies SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.043 0.041 0.039 0.038 0.036 0.991 0.006 0.003 Janus Henderson European Focus Fund Class T Shares HFETX This annual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund<br/>(Class T Shares/HFETX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>138</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.21<span>%</span></td> </tr> </table> 138 0.0121 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson European Focus Fund Class T Shares returned 27.66%. Its broad-based benchmark, the MSCI Europe Index^SM, returned 25.23%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Our holdings in BE Semiconductor, ASML, and ASM International (all semiconductor stocks) benefited returns relative to the benchmark. On the back of a<span style="white-space: nowrap;"> </span>troughing semiconductor cycle in early 2023 and further boosted by the artificial intelligence investment wave, semiconductor stocks performed strongly over the first nine months of the period. This strong performance triggered profit-taking in the last three months. However, we believe the prospects of our semiconductor holdings have not changed.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Our underweight position in Sanofi (a French pharmaceutical company) detracted from relative performance. The company announced a lower profit outlook and a spinout of its consumer care unit in October 2023. However, it recovered strongly over the rest of the period. Universal Music Group, the Dutch music company, detracted due to unexpectedly slowing subscription growth in July. Anglo American, the mining company, also detracted as Chinese macroeconomic negativity led to weakness in mining stocks.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274862.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund (Class T Shares/HFETX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.59<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI Europe Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.59<span>%</span></td> </tr> </table> Janus Henderson European Focus Fund (Class T Shares/HFETX) 0.2766 0.1427 0.0559 MSCI Europe IndexSM 0.2523 0.0890 0.0559 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>504M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">43</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4.1M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">168<span>%</span></td> </tr> </table> 504000000 43 4100000 1.68 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">LVMH Moet Hennessy Louis Vuitton SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">TotalEnergies SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt; white-space: nowrap;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274872.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">LVMH Moet Hennessy Louis Vuitton SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">TotalEnergies SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.043 0.041 0.039 0.038 0.036 0.991 0.006 0.003 Janus Henderson Forty Fund Class A Shares JDCAX This annual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund<br/>(Class A Shares/JDCAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>102</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> </tr> </table> 102 0.0084 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Forty Fund Class A Shares returned 42.41%. Its broad-based benchmark, the Russell 1000^® Index, returned 35.68%. Its performance benchmark, the Russell 1000^® Growth Index, returned 42.19%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Howmet Aerospace was a top contributor to returns relative to the performance benchmark. This manufacturer of precision aircraft components delivered several quarters of strong profits growth that surpassed expectations. Enterprise software company Oracle also contributed, supported by growing demand for artificial intelligence and its strong market positioning in cloud infrastructure.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Real estate analytics company CoStar Group was a notable detractor from returns relative to the performance benchmark. Higher interest rates pressured CoStar’s core commercial real estate business through the first half of the 2024. Agricultural equipment maker Deere &amp; Company, another detractor, faced uncertainties around farm fundamentals and elevated interest rates in key markets such as Brazil.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275876.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund (Class A Shares/JDCAX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.66<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund (Class A Shares/JDCAX) at Maximum Offering Price - 5.75%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">34.22<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Forty Fund (Class A Shares/JDCAX) at NAV 0.4241 0.1636 0.1566 Janus Henderson Forty Fund (Class A Shares/JDCAX) at Maximum Offering Price - 5.75% 0.3422 0.1499 0.1498 Russell 1000® Index 0.3568 0.1564 0.1310 Russell 1000® Growth Index 0.4219 0.1974 0.1652 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,096M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">40</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>98.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 22096000000 40 98000000.0 0.36 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="padding-right: 10pt; padding-left: 0px;"> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> </div> <div style="padding-right: 10pt; padding-left: 0px;"> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> </div> <div style="padding-left: 10pt; padding-right: 10pt;"> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> </div> <div style="padding-left: 10pt; padding-right: 10pt;"> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.3<span>)</span></td> </tr> </table> </div> <div style="padding-left: 10pt; padding-right: 0px;"> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> </div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275886.jpg" style="width: 172.8pt;"/> </div> <div style="padding-right: 10pt; padding-left: 0px;"> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> </div> <div style="padding-right: 10pt; padding-left: 0px;"> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> </div> 0.097 0.080 0.066 0.064 0.054 0.991 0.012 -0.003 Janus Henderson Forty Fund Class C Shares JACCX This annual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund<br/>(Class C Shares/JACCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>183</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.52<span>%</span></td> </tr> </table> 183 0.0152 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Forty Fund Class C Shares returned 41.44%. Its broad-based benchmark, the Russell 1000^® Index, returned 35.68%. Its performance benchmark, the Russell 1000^® Growth Index, returned 42.19%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Howmet Aerospace was a top contributor to returns relative to the performance benchmark. This manufacturer of precision aircraft components delivered several quarters of strong profits growth that surpassed expectations. Enterprise software company Oracle also contributed, supported by growing demand for artificial intelligence and its strong market positioning in cloud infrastructure.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Real estate analytics company CoStar Group was a notable detractor from returns relative to the performance benchmark. Higher interest rates pressured CoStar’s core commercial real estate business through the first half of the 2024. Agricultural equipment maker Deere &amp; Company, another detractor, faced uncertainties around farm fundamentals and elevated interest rates in key markets such as Brazil.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275915.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund (Class C Shares/JACCX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">41.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.94<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund (Class C Shares/JACCX) with Contingent Deferred Sales Charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">40.44<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.94<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.</div> </td> </tr> </table> Janus Henderson Forty Fund (Class C Shares/JACCX) at NAV 0.4144 0.1558 0.1494 Janus Henderson Forty Fund (Class C Shares/JACCX) with Contingent Deferred Sales Charge 0.4044 0.1558 0.1494 Russell 1000® Index 0.3568 0.1564 0.1310 Russell 1000® Growth Index 0.4219 0.1974 0.1652 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,096M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">40</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>98.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 22096000000 40 98000000.0 0.36 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="padding-right: 10pt; padding-left: 0px;"> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> </div> <div style="padding-right: 10pt; padding-left: 0px;"> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> </div> <div style="padding-left: 10pt; padding-right: 10pt;"> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> </div> <div style="padding-left: 10pt; padding-right: 10pt;"> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.3<span>)</span></td> </tr> </table> </div> <div style="padding-left: 10pt; padding-right: 0px;"> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> </div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275925.jpg" style="width: 172.8pt;"/> </div> <div style="padding-right: 10pt; padding-left: 0px;"> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> </div> <div style="padding-right: 10pt; padding-left: 0px;"> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> </div> 0.097 0.080 0.066 0.064 0.054 0.991 0.012 -0.003 Janus Henderson Forty Fund Class D Shares JFRDX This annual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span>. You can also request this information by contacting us at 1-800-525-3713. janushenderson.com/reports 1-800-525-3713 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund<br/>(Class D Shares/JFRDX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>76</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.63<span>%</span></td> </tr> </table> 76 0.0063 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Forty Fund Class D Shares returned 42.68%. Its broad-based benchmark, the Russell 1000^® Index, returned 35.68%. Its performance benchmark, the Russell 1000^® Growth Index, returned 42.19%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Howmet Aerospace was a top contributor to returns relative to the performance benchmark. This manufacturer of precision aircraft components delivered several quarters of strong profits growth that surpassed expectations. Enterprise software company Oracle also contributed, supported by growing demand for artificial intelligence and its strong market positioning in cloud infrastructure.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Real estate analytics company CoStar Group was a notable detractor from returns relative to the performance benchmark. Higher interest rates pressured CoStar’s core commercial real estate business through the first half of the 2024. Agricultural equipment maker Deere &amp; Company, another detractor, faced uncertainties around farm fundamentals and elevated interest rates in key markets such as Brazil.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275954.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund (Class D Shares/JFRDX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Forty Fund (Class D Shares/JFRDX) 0.4268 0.1660 0.1584 Russell 1000® Index 0.3568 0.1564 0.1310 Russell 1000® Growth Index 0.4219 0.1974 0.1652 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,096M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">40</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>98.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 22096000000 40 98000000.0 0.36 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="padding-right: 10pt; padding-left: 0px;"> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> </div> <div style="padding-right: 10pt; padding-left: 0px;"> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> </div> <div style="padding-left: 10pt; padding-right: 10pt;"> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> </div> <div style="padding-left: 10pt; padding-right: 10pt;"> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.3<span>)</span></td> </tr> </table> </div> <div style="padding-left: 10pt; padding-right: 0px;"> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> </div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275964.jpg" style="width: 172.8pt;"/> </div> <div style="padding-right: 10pt; padding-left: 0px;"> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> </div> <div style="padding-right: 10pt; padding-left: 0px;"> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> </div> 0.097 0.080 0.066 0.064 0.054 0.991 0.012 -0.003 Janus Henderson Forty Fund Class I Shares JCAPX This annual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund<br/>(Class I Shares/JCAPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>72</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.59<span>%</span></td> </tr> </table> 72 0.0059 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Forty Fund Class I Shares returned 42.76%. Its broad-based benchmark, the Russell 1000^® Index, returned 35.68%. Its performance benchmark, the Russell 1000^® Growth Index, returned 42.19%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Howmet Aerospace was a top contributor to returns relative to the performance benchmark. This manufacturer of precision aircraft components delivered several quarters of strong profits growth that surpassed expectations. Enterprise software company Oracle also contributed, supported by growing demand for artificial intelligence and its strong market positioning in cloud infrastructure.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Real estate analytics company CoStar Group was a notable detractor from returns relative to the performance benchmark. Higher interest rates pressured CoStar’s core commercial real estate business through the first half of the 2024. Agricultural equipment maker Deere &amp; Company, another detractor, faced uncertainties around farm fundamentals and elevated interest rates in key markets such as Brazil.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275993.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund (Class I Shares/JCAPX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.99<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Forty Fund (Class I Shares/JCAPX) 0.4276 0.1666 0.1599 Russell 1000® Index 0.3568 0.1564 0.1310 Russell 1000® Growth Index 0.4219 0.1974 0.1652 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,096M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">40</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>98.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 22096000000 40 98000000.0 0.36 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.3<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276003.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> 0.097 0.080 0.066 0.064 0.054 0.991 0.012 -0.003 Janus Henderson Forty Fund Class N Shares JFRNX This annual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund<br/>(Class N Shares/JFRNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>63</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.52<span>%</span></td> </tr> </table> 63 0.0052 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Forty Fund Class N Shares returned 42.86%. Its broad-based benchmark, the Russell 1000^® Index, returned 35.68%. Its performance benchmark, the Russell 1000^® Growth Index, returned 42.19%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Howmet Aerospace was a top contributor to returns relative to the performance benchmark. This manufacturer of precision aircraft components delivered several quarters of strong profits growth that surpassed expectations. Enterprise software company Oracle also contributed, supported by growing demand for artificial intelligence and its strong market positioning in cloud infrastructure.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Real estate analytics company CoStar Group was a notable detractor from returns relative to the performance benchmark. Higher interest rates pressured CoStar’s core commercial real estate business through the first half of the 2024. Agricultural equipment maker Deere &amp; Company, another detractor, faced uncertainties around farm fundamentals and elevated interest rates in key markets such as Brazil.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276032.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund (Class N Shares/JFRNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.08<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Forty Fund (Class N Shares/JFRNX) 0.4286 0.1674 0.1608 Russell 1000® Index 0.3568 0.1564 0.1310 Russell 1000® Growth Index 0.4219 0.1974 0.1652 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,096M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">40</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>98.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 22096000000 40 98000000.0 0.36 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.3<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276042.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> 0.097 0.080 0.066 0.064 0.054 0.991 0.012 -0.003 Janus Henderson Forty Fund Class R Shares JDCRX This annual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund<br/>(Class R Shares/JDCRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>152</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.26<span>%</span></td> </tr> </table> 152 0.0126 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Forty Fund Class R Shares returned 41.79%. Its broad-based benchmark, the Russell 1000^® Index, returned 35.68%. Its performance benchmark, the Russell 1000^® Growth Index, returned 42.19%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Howmet Aerospace was a top contributor to returns relative to the performance benchmark. This manufacturer of precision aircraft components delivered several quarters of strong profits growth that surpassed expectations. Enterprise software company Oracle also contributed, supported by growing demand for artificial intelligence and its strong market positioning in cloud infrastructure.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Real estate analytics company CoStar Group was a notable detractor from returns relative to the performance benchmark. Higher interest rates pressured CoStar’s core commercial real estate business through the first half of the 2024. Agricultural equipment maker Deere &amp; Company, another detractor, faced uncertainties around farm fundamentals and elevated interest rates in key markets such as Brazil.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276071.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund (Class R Shares/JDCRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">41.79<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.22<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Forty Fund (Class R Shares/JDCRX) 0.4179 0.1588 0.1522 Russell 1000® Index 0.3568 0.1564 0.1310 Russell 1000® Growth Index 0.4219 0.1974 0.1652 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,096M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">40</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>98.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 22096000000 40 98000000.0 0.36 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.3<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276081.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> 0.097 0.080 0.066 0.064 0.054 0.991 0.012 -0.003 Janus Henderson Forty Fund Class S Shares JARTX This annual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund<br/>(Class S Shares/JARTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>121</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.00<span>%</span></td> </tr> </table> 121 0.0100 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Forty Fund Class S Shares returned 42.18%. Its broad-based benchmark, the Russell 1000^® Index, returned 35.68%. Its performance benchmark, the Russell 1000^® Growth Index, returned 42.19%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Howmet Aerospace was a top contributor to returns relative to the performance benchmark. This manufacturer of precision aircraft components delivered several quarters of strong profits growth that surpassed expectations. Enterprise software company Oracle also contributed, supported by growing demand for artificial intelligence and its strong market positioning in cloud infrastructure.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Real estate analytics company CoStar Group was a notable detractor from returns relative to the performance benchmark. Higher interest rates pressured CoStar’s core commercial real estate business through the first half of the 2024. Agricultural equipment maker Deere &amp; Company, another detractor, faced uncertainties around farm fundamentals and elevated interest rates in key markets such as Brazil.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276110.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund (Class S Shares/JARTX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Forty Fund (Class S Shares/JARTX) 0.4218 0.1618 0.1552 Russell 1000® Index 0.3568 0.1564 0.1310 Russell 1000® Growth Index 0.4219 0.1974 0.1652 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,096M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">40</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>98.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 22096000000 40 98000000.0 0.36 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.3<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276120.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> 0.097 0.080 0.066 0.064 0.054 0.991 0.012 -0.003 Janus Henderson Forty Fund Class T Shares JACTX This annual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund<br/>(Class T Shares/JACTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>90</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.74<span>%</span></td> </tr> </table> 90 0.0074 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Forty Fund Class T Shares returned 42.52%. Its broad-based benchmark, the Russell 1000^® Index, returned 35.68%. Its performance benchmark, the Russell 1000^® Growth Index, returned 42.19%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Howmet Aerospace was a top contributor to returns relative to the performance benchmark. This manufacturer of precision aircraft components delivered several quarters of strong profits growth that surpassed expectations. Enterprise software company Oracle also contributed, supported by growing demand for artificial intelligence and its strong market positioning in cloud infrastructure.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Real estate analytics company CoStar Group was a notable detractor from returns relative to the performance benchmark. Higher interest rates pressured CoStar’s core commercial real estate business through the first half of the 2024. Agricultural equipment maker Deere &amp; Company, another detractor, faced uncertainties around farm fundamentals and elevated interest rates in key markets such as Brazil.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276149.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund (Class T Shares/JACTX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.52<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.81<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Forty Fund (Class T Shares/JACTX) 0.4252 0.1647 0.1581 Russell 1000® Index 0.3568 0.1564 0.1310 Russell 1000® Growth Index 0.4219 0.1974 0.1652 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22,096M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">40</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>98.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 22096000000 40 98000000.0 0.36 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.3<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276159.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> 0.097 0.080 0.066 0.064 0.054 0.991 0.012 -0.003 Janus Henderson Global Equity Income Fund Class A Shares HFQAX This annual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund<br/>(Class A Shares/HFQAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>127</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.15<span>%</span></td> </tr> </table> 127 0.0115 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Equity Income Fund Class A Shares returned 21.09%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 24.84%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">U.S. semiconductor manufacturer Qualcomm and electronics companies Taiwan Semiconductor and Hon Hai were key contributors relative to the broad-based benchmark, as enthusiasm for artificial intelligence-related stocks continued until near period end. UK bank NatWest and UK food retailer Tesco also contributed to results. NatWest benefited from the higher interest rate environment and its exposure to a strengthening UK economy, while Tesco saw stronger sales as inflation fell, making grocery spend a smaller part of household expenses.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Energy companies BP and Equinor detracted, as volatility around oil prices caused by escalating tensions in the Middle East and a weakening demand outlook hurt their share price. Korean technology company Samsung Electronics also hindered results as lower-than-expected demand for memory chips weighed on the share price. Daimler Trucks was another relative detractor as it experienced a slowing of orders within Europe and difficult performance in China due to the macroeconomic weakness of the region.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274901.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund (Class A Shares/HFQAX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund (Class A Shares/HFQAX) at Maximum Offering Price - 5.75%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.16<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.48<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.41<span>%</span></td> </tr> </table> Janus Henderson Global Equity Income Fund (Class A Shares/HFQAX) at NAV 0.2109 0.0742 0.0510 Janus Henderson Global Equity Income Fund (Class A Shares/HFQAX) at Maximum Offering Price - 5.75% 0.1410 0.0616 0.0448 MSCI World IndexSM 0.3243 0.1304 0.1007 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index 0.2484 0.0810 0.0541 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,869M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">71</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>37.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">155<span>%</span></td> </tr> </table> 5869000000 71 37400000 1.55 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Verizon Communications Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Unilever PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Pernod Ricard SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rio Tinto PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">93.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274911.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Verizon Communications Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Unilever PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Pernod Ricard SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rio Tinto PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> </table> 0.039 0.032 0.031 0.030 0.027 0.935 0.037 0.017 0.011 Janus Henderson Global Equity Income Fund Class C Shares HFQCX This annual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund<br/>(Class C Shares/HFQCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>191</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.73<span>%</span></td> </tr> </table> 191 0.0173 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Equity Income Fund Class C Shares returned 20.29%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 24.84%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">U.S. semiconductor manufacturer Qualcomm and electronics companies Taiwan Semiconductor and Hon Hai were key contributors relative to the broad-based benchmark, as enthusiasm for artificial intelligence-related stocks continued until near period end. UK bank NatWest and UK food retailer Tesco also contributed to results. NatWest benefited from the higher interest rate environment and its exposure to a strengthening UK economy, while Tesco saw stronger sales as inflation fell, making grocery spend a smaller part of household expenses.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Energy companies BP and Equinor detracted, as volatility around oil prices caused by escalating tensions in the Middle East and a weakening demand outlook hurt their share price. Korean technology company Samsung Electronics also hindered results as lower-than-expected demand for memory chips weighed on the share price. Daimler Trucks was another relative detractor as it experienced a slowing of orders within Europe and difficult performance in China due to the macroeconomic weakness of the region.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274940.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund (Class C Shares/HFQCX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.29<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund (Class C Shares/HFQCX) with Contingent Deferred Sales Charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.29<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.41<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.</div> </td> </tr> </table> Janus Henderson Global Equity Income Fund (Class C Shares/HFQCX) at NAV 0.2029 0.0669 0.0438 Janus Henderson Global Equity Income Fund (Class C Shares/HFQCX) with Contingent Deferred Sales Charge 0.1929 0.0669 0.0438 MSCI World IndexSM 0.3243 0.1304 0.1007 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index 0.2484 0.0810 0.0541 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,869M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">71</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>37.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">155<span>%</span></td> </tr> </table> 5869000000 71 37400000 1.55 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Verizon Communications Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Unilever PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Pernod Ricard SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rio Tinto PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">93.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274950.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Verizon Communications Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Unilever PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Pernod Ricard SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rio Tinto PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> </table> 0.039 0.032 0.031 0.030 0.027 0.935 0.037 0.017 0.011 Janus Henderson Global Equity Income Fund Class D Shares HFQDX This annual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span>. You can also request this information by contacting us at 1-800-525-3713. janushenderson.com/reports 1-800-525-3713 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund<br/>(Class D Shares/HFQDX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>96</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.87<span>%</span></td> </tr> </table> 96 0.0087 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Equity Income Fund Class D Shares returned 21.48%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 24.84%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">U.S. semiconductor manufacturer Qualcomm and electronics companies Taiwan Semiconductor and Hon Hai were key contributors relative to the broad-based benchmark, as enthusiasm for artificial intelligence-related stocks continued until near period end. UK bank NatWest and UK food retailer Tesco also contributed to results. NatWest benefited from the higher interest rate environment and its exposure to a strengthening UK economy, while Tesco saw stronger sales as inflation fell, making grocery spend a smaller part of household expenses.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Energy companies BP and Equinor detracted, as volatility around oil prices caused by escalating tensions in the Middle East and a weakening demand outlook hurt their share price. Korean technology company Samsung Electronics also hindered results as lower-than-expected demand for memory chips weighed on the share price. Daimler Trucks was another relative detractor as it experienced a slowing of orders within Europe and difficult performance in China due to the macroeconomic weakness of the region.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274979.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund (Class D Shares/HFQDX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.27<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.41<span>%</span></td> </tr> </table> Janus Henderson Global Equity Income Fund (Class D Shares/HFQDX) 0.2148 0.0766 0.0527 MSCI World IndexSM 0.3243 0.1304 0.1007 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index 0.2484 0.0810 0.0541 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,869M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">71</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>37.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">155<span>%</span></td> </tr> </table> 5869000000 71 37400000 1.55 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Verizon Communications Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Unilever PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Pernod Ricard SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rio Tinto PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">93.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274989.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Verizon Communications Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Unilever PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Pernod Ricard SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rio Tinto PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> </table> 0.039 0.032 0.031 0.030 0.027 0.935 0.037 0.017 0.011 Janus Henderson Global Equity Income Fund Class I Shares HFQIX This annual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund<br/>(Class I Shares/HFQIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>87</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.79<span>%</span></td> </tr> </table> 87 0.0079 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Equity Income Fund Class I Shares returned 21.39%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 24.84%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">U.S. semiconductor manufacturer Qualcomm and electronics companies Taiwan Semiconductor and Hon Hai were key contributors relative to the broad-based benchmark, as enthusiasm for artificial intelligence-related stocks continued until near period end. UK bank NatWest and UK food retailer Tesco also contributed to results. NatWest benefited from the higher interest rate environment and its exposure to a strengthening UK economy, while Tesco saw stronger sales as inflation fell, making grocery spend a smaller part of household expenses.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Energy companies BP and Equinor detracted, as volatility around oil prices caused by escalating tensions in the Middle East and a weakening demand outlook hurt their share price. Korean technology company Samsung Electronics also hindered results as lower-than-expected demand for memory chips weighed on the share price. Daimler Trucks was another relative detractor as it experienced a slowing of orders within Europe and difficult performance in China due to the macroeconomic weakness of the region.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275018.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund (Class I Shares/HFQIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.42<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.41<span>%</span></td> </tr> </table> Janus Henderson Global Equity Income Fund (Class I Shares/HFQIX) 0.2139 0.0774 0.0542 MSCI World IndexSM 0.3243 0.1304 0.1007 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index 0.2484 0.0810 0.0541 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,869M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">71</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>37.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">155<span>%</span></td> </tr> </table> 5869000000 71 37400000 1.55 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Verizon Communications Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Unilever PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Pernod Ricard SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rio Tinto PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">93.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275028.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Verizon Communications Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Unilever PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Pernod Ricard SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rio Tinto PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> </table> 0.039 0.032 0.031 0.030 0.027 0.935 0.037 0.017 0.011 Janus Henderson Global Equity Income Fund Class N Shares HFQRX This annual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund<br/>(Class N Shares/HFQRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>78</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.70<span>%</span></td> </tr> </table> 78 0.0070 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Equity Income Fund Class N Shares returned 21.50%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 24.84%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">U.S. semiconductor manufacturer Qualcomm and electronics companies Taiwan Semiconductor and Hon Hai were key contributors relative to the broad-based benchmark, as enthusiasm for artificial intelligence-related stocks continued until near period end. UK bank NatWest and UK food retailer Tesco also contributed to results. NatWest benefited from the higher interest rate environment and its exposure to a strengthening UK economy, while Tesco saw stronger sales as inflation fell, making grocery spend a smaller part of household expenses.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Energy companies BP and Equinor detracted, as volatility around oil prices caused by escalating tensions in the Middle East and a weakening demand outlook hurt their share price. Korean technology company Samsung Electronics also hindered results as lower-than-expected demand for memory chips weighed on the share price. Daimler Trucks was another relative detractor as it experienced a slowing of orders within Europe and difficult performance in China due to the macroeconomic weakness of the region.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275057.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund (Class N Shares/HFQRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.50<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.46<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.41<span>%</span></td> </tr> </table> Janus Henderson Global Equity Income Fund (Class N Shares/HFQRX) 0.2150 0.0782 0.0546 MSCI World IndexSM 0.3243 0.1304 0.1007 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index 0.2484 0.0810 0.0541 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,869M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">71</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>37.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">155<span>%</span></td> </tr> </table> 5869000000 71 37400000 1.55 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Verizon Communications Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Unilever PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Pernod Ricard SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rio Tinto PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">93.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275067.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Verizon Communications Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Unilever PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Pernod Ricard SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rio Tinto PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> </table> 0.039 0.032 0.031 0.030 0.027 0.935 0.037 0.017 0.011 Janus Henderson Global Equity Income Fund Class S Shares HFQSX This annual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund<br/>(Class S Shares/HFQSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>133</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.20<span>%</span></td> </tr> </table> 133 0.0120 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Equity Income Fund Class S Shares returned 20.89%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 24.84%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">U.S. semiconductor manufacturer Qualcomm and electronics companies Taiwan Semiconductor and Hon Hai were key contributors relative to the broad-based benchmark, as enthusiasm for artificial intelligence-related stocks continued until near period end. UK bank NatWest and UK food retailer Tesco also contributed to results. NatWest benefited from the higher interest rate environment and its exposure to a strengthening UK economy, while Tesco saw stronger sales as inflation fell, making grocery spend a smaller part of household expenses.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Energy companies BP and Equinor detracted, as volatility around oil prices caused by escalating tensions in the Middle East and a weakening demand outlook hurt their share price. Korean technology company Samsung Electronics also hindered results as lower-than-expected demand for memory chips weighed on the share price. Daimler Trucks was another relative detractor as it experienced a slowing of orders within Europe and difficult performance in China due to the macroeconomic weakness of the region.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275096.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund (Class S Shares/HFQSX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.89<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.41<span>%</span></td> </tr> </table> Janus Henderson Global Equity Income Fund (Class S Shares/HFQSX) 0.2089 0.0725 0.0496 MSCI World IndexSM 0.3243 0.1304 0.1007 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index 0.2484 0.0810 0.0541 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,869M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">71</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>37.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">155<span>%</span></td> </tr> </table> 5869000000 71 37400000 1.55 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Verizon Communications Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Unilever PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Pernod Ricard SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rio Tinto PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">93.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275106.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Verizon Communications Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Unilever PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Pernod Ricard SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rio Tinto PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> </table> 0.039 0.032 0.031 0.030 0.027 0.935 0.037 0.017 0.011 Janus Henderson Global Equity Income Fund Class T Shares HFQTX This annual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund<br/>(Class T Shares/HFQTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>103</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td> </tr> </table> 103 0.0093 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Equity Income Fund Class T Shares returned 21.21%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 24.84%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">U.S. semiconductor manufacturer Qualcomm and electronics companies Taiwan Semiconductor and Hon Hai were key contributors relative to the broad-based benchmark, as enthusiasm for artificial intelligence-related stocks continued until near period end. UK bank NatWest and UK food retailer Tesco also contributed to results. NatWest benefited from the higher interest rate environment and its exposure to a strengthening UK economy, while Tesco saw stronger sales as inflation fell, making grocery spend a smaller part of household expenses.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Energy companies BP and Equinor detracted, as volatility around oil prices caused by escalating tensions in the Middle East and a weakening demand outlook hurt their share price. Korean technology company Samsung Electronics also hindered results as lower-than-expected demand for memory chips weighed on the share price. Daimler Trucks was another relative detractor as it experienced a slowing of orders within Europe and difficult performance in China due to the macroeconomic weakness of the region.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275135.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund (Class T Shares/HFQTX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.21<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.22<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.41<span>%</span></td> </tr> </table> Janus Henderson Global Equity Income Fund (Class T Shares/HFQTX) 0.2121 0.0758 0.0522 MSCI World IndexSM 0.3243 0.1304 0.1007 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index 0.2484 0.0810 0.0541 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,869M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">71</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>37.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">155<span>%</span></td> </tr> </table> 5869000000 71 37400000 1.55 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Verizon Communications Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Unilever PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Pernod Ricard SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rio Tinto PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">93.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">3.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275145.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">British American Tobacco PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Verizon Communications Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Unilever PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Pernod Ricard SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rio Tinto PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> </table> 0.039 0.032 0.031 0.030 0.027 0.935 0.037 0.017 0.011 Janus Henderson Global Life Sciences Fund Class A Shares JFNAX This annual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund<br/>(Class A Shares/JFNAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>111</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.98<span>%</span></td> </tr> </table> 111 0.0098 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Life Sciences Fund Class A Shares returned 26.28%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its performance benchmark, the MSCI World Health Care Index^SM, returned 20.84%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vaxcyte was a key contributor relative to the performance benchmark, aided by positive clinical trial results for its vaccine that targets 31 strains of invasive pneumococcal disease. ImmunoGen, another relative contributor, has sought to develop antibody-drug conjugates to improve cancer treatment. The company was acquired for a premium by pharmaceutical company AbbVie, benefiting the share price performance.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">89bio and Akero Therapeutics detracted relative to the performance benchmark. Both companies are seeking to develop treatments for liver disease, and both faced uncertainty around clinical trials that pressured their share performance. We felt these concerns were unwarranted and held onto the stocks.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276812.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund (Class A Shares/JFNAX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.80<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund (Class A Shares/JFNAX) at Maximum Offering Price - 5.75%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.14<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Health Care Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Global Life Sciences Fund (Class A Shares/JFNAX) at NAV 0.2628 0.1402 0.1080 Janus Henderson Global Life Sciences Fund (Class A Shares/JFNAX) at Maximum Offering Price - 5.75% 0.1902 0.1268 0.1014 MSCI World IndexSM 0.3243 0.1304 0.1007 MSCI World Health Care IndexSM 0.2084 0.1161 0.0896 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,732M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">113</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>32.8M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">35<span>%</span></td> </tr> </table> 5732000000 113 32800000 0.35 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Eli Lilly &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Investment in Public Equity (PIPES)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Convertible Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Rights</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276822.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Eli Lilly &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.084 0.068 0.046 0.036 0.036 0.984 0.009 0.002 0.002 0.000 0.000 0.000 0.000 0.003 Janus Henderson Global Life Sciences Fund Class C Shares JFNCX This annual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund<br/>(Class C Shares/JFNCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>196</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.74<span>%</span></td> </tr> </table> 196 0.0174 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Life Sciences Fund Class C Shares returned 25.34%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its performance benchmark, the MSCI World Health Care Index^SM, returned 20.84%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vaxcyte was a key contributor relative to the performance benchmark, aided by positive clinical trial results for its vaccine that targets 31 strains of invasive pneumococcal disease. ImmunoGen, another relative contributor, has sought to develop antibody-drug conjugates to improve cancer treatment. The company was acquired for a premium by pharmaceutical company AbbVie, benefiting the share price performance.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">89bio and Akero Therapeutics detracted relative to the performance benchmark. Both companies are seeking to develop treatments for liver disease, and both faced uncertainty around clinical trials that pressured their share performance. We felt these concerns were unwarranted and held onto the stocks.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276851.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund (Class C Shares/JFNCX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.34<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.21<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.99<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund (Class C Shares/JFNCX) with Contingent Deferred Sales Charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.34<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.21<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.99<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Health Care Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.</div> </td> </tr> </table> Janus Henderson Global Life Sciences Fund (Class C Shares/JFNCX) at NAV 0.2534 0.1321 0.0999 Janus Henderson Global Life Sciences Fund (Class C Shares/JFNCX) with Contingent Deferred Sales Charge 0.2434 0.1321 0.0999 MSCI World IndexSM 0.3243 0.1304 0.1007 MSCI World Health Care IndexSM 0.2084 0.1161 0.0896 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,732M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">113</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>32.8M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">35<span>%</span></td> </tr> </table> 5732000000 113 32800000 0.35 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Eli Lilly &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Investment in Public Equity (PIPES)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Convertible Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Rights</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276861.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Eli Lilly &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.084 0.068 0.046 0.036 0.036 0.984 0.009 0.002 0.002 0.000 0.000 0.000 0.000 0.003 Janus Henderson Global Life Sciences Fund Class D Shares JNGLX This annual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span>. You can also request this information by contacting us at 1-800-525-3713. janushenderson.com/reports 1-800-525-3713 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund<br/>(Class D Shares/JNGLX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>91</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span></td> </tr> </table> 91 0.0080 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Life Sciences Fund Class D Shares returned 26.52%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its performance benchmark, the MSCI World Health Care Index^SM, returned 20.84%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vaxcyte was a key contributor relative to the performance benchmark, aided by positive clinical trial results for its vaccine that targets 31 strains of invasive pneumococcal disease. ImmunoGen, another relative contributor, has sought to develop antibody-drug conjugates to improve cancer treatment. The company was acquired for a premium by pharmaceutical company AbbVie, benefiting the share price performance.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">89bio and Akero Therapeutics detracted relative to the performance benchmark. Both companies are seeking to develop treatments for liver disease, and both faced uncertainty around clinical trials that pressured their share performance. We felt these concerns were unwarranted and held onto the stocks.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276890.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund (Class D Shares/JNGLX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.52<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.22<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.00<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Health Care Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Global Life Sciences Fund (Class D Shares/JNGLX) 0.2652 0.1422 0.1100 MSCI World IndexSM 0.3243 0.1304 0.1007 MSCI World Health Care IndexSM 0.2084 0.1161 0.0896 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,732M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">113</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>32.8M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">35<span>%</span></td> </tr> </table> 5732000000 113 32800000 0.35 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Eli Lilly &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Investment in Public Equity (PIPES)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Convertible Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Rights</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276900.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Eli Lilly &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.084 0.068 0.046 0.036 0.036 0.984 0.009 0.002 0.002 0.000 0.000 0.000 0.000 0.003 Janus Henderson Global Life Sciences Fund Class I Shares JFNIX This annual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund<br/>(Class I Shares/JFNIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>87</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.77<span>%</span></td> </tr> </table> 87 0.0077 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Life Sciences Fund Class I Shares returned 26.56%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its performance benchmark, the MSCI World Health Care Index^SM, returned 20.84%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vaxcyte was a key contributor relative to the performance benchmark, aided by positive clinical trial results for its vaccine that targets 31 strains of invasive pneumococcal disease. ImmunoGen, another relative contributor, has sought to develop antibody-drug conjugates to improve cancer treatment. The company was acquired for a premium by pharmaceutical company AbbVie, benefiting the share price performance.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">89bio and Akero Therapeutics detracted relative to the performance benchmark. Both companies are seeking to develop treatments for liver disease, and both faced uncertainty around clinical trials that pressured their share performance. We felt these concerns were unwarranted and held onto the stocks.</div> <div style="break-inside: avoid;"> <div style="margin-bottom: 10pt;"> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> </div> </div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276929.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund (Class I Shares/JFNIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.05<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Health Care Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Global Life Sciences Fund (Class I Shares/JFNIX) 0.2656 0.1427 0.1105 MSCI World IndexSM 0.3243 0.1304 0.1007 MSCI World Health Care IndexSM 0.2084 0.1161 0.0896 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,732M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">113</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>32.8M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">35<span>%</span></td> </tr> </table> 5732000000 113 32800000 0.35 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Eli Lilly &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Investment in Public Equity (PIPES)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Convertible Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Rights</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276939.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Eli Lilly &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.084 0.068 0.046 0.036 0.036 0.984 0.009 0.002 0.002 0.000 0.000 0.000 0.000 0.003 Janus Henderson Global Life Sciences Fund Class N Shares JFNNX This annual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund<br/>(Class N Shares/JFNNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>77</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.68<span>%</span></td> </tr> </table> 77 0.0068 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Life Sciences Fund Class N Shares returned 26.69%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its performance benchmark, the MSCI World Health Care Index^SM, returned 20.84%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vaxcyte was a key contributor relative to the performance benchmark, aided by positive clinical trial results for its vaccine that targets 31 strains of invasive pneumococcal disease. ImmunoGen, another relative contributor, has sought to develop antibody-drug conjugates to improve cancer treatment. The company was acquired for a premium by pharmaceutical company AbbVie, benefiting the share price performance.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">89bio and Akero Therapeutics detracted relative to the performance benchmark. Both companies are seeking to develop treatments for liver disease, and both faced uncertainty around clinical trials that pressured their share performance. We felt these concerns were unwarranted and held onto the stocks.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276968.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund (Class N Shares/JFNNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.06<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Health Care Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Global Life Sciences Fund (Class N Shares/JFNNX) 0.2669 0.1437 0.1106 MSCI World IndexSM 0.3243 0.1304 0.1007 MSCI World Health Care IndexSM 0.2084 0.1161 0.0896 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,732M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">113</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>32.8M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">35<span>%</span></td> </tr> </table> 5732000000 113 32800000 0.35 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Eli Lilly &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Investment in Public Equity (PIPES)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Convertible Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Rights</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276978.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Eli Lilly &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.084 0.068 0.046 0.036 0.036 0.984 0.009 0.002 0.002 0.000 0.000 0.000 0.000 0.003 Janus Henderson Global Life Sciences Fund Class S Shares JFNSX This annual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund<br/>(Class S Shares/JFNSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>133</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.18<span>%</span></td> </tr> </table> 133 0.0118 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Life Sciences Fund Class S Shares returned 26.04%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its performance benchmark, the MSCI World Health Care Index^SM, returned 20.84%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vaxcyte was a key contributor relative to the performance benchmark, aided by positive clinical trial results for its vaccine that targets 31 strains of invasive pneumococcal disease. ImmunoGen, another relative contributor, has sought to develop antibody-drug conjugates to improve cancer treatment. The company was acquired for a premium by pharmaceutical company AbbVie, benefiting the share price performance.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">89bio and Akero Therapeutics detracted relative to the performance benchmark. Both companies are seeking to develop treatments for liver disease, and both faced uncertainty around clinical trials that pressured their share performance. We felt these concerns were unwarranted and held onto the stocks.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277007.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund (Class S Shares/JFNSX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.60<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Health Care Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Global Life Sciences Fund (Class S Shares/JFNSX) 0.2604 0.1380 0.1060 MSCI World IndexSM 0.3243 0.1304 0.1007 MSCI World Health Care IndexSM 0.2084 0.1161 0.0896 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,732M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">113</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>32.8M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">35<span>%</span></td> </tr> </table> 5732000000 113 32800000 0.35 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Eli Lilly &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Investment in Public Equity (PIPES)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Convertible Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Rights</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277017.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Eli Lilly &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.084 0.068 0.046 0.036 0.036 0.984 0.009 0.002 0.002 0.000 0.000 0.000 0.000 0.003 Janus Henderson Global Life Sciences Fund Class T Shares JAGLX This annual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund<br/>(Class T Shares/JAGLX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>103</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.91<span>%</span></td> </tr> </table> 103 0.0091 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Life Sciences Fund Class T Shares returned 26.38%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its performance benchmark, the MSCI World Health Care Index^SM, returned 20.84%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vaxcyte was a key contributor relative to the performance benchmark, aided by positive clinical trial results for its vaccine that targets 31 strains of invasive pneumococcal disease. ImmunoGen, another relative contributor, has sought to develop antibody-drug conjugates to improve cancer treatment. The company was acquired for a premium by pharmaceutical company AbbVie, benefiting the share price performance.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">89bio and Akero Therapeutics detracted relative to the performance benchmark. Both companies are seeking to develop treatments for liver disease, and both faced uncertainty around clinical trials that pressured their share performance. We felt these concerns were unwarranted and held onto the stocks.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277046.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund (Class T Shares/JAGLX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.89<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Health Care Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Global Life Sciences Fund (Class T Shares/JAGLX) 0.2638 0.1410 0.1089 MSCI World IndexSM 0.3243 0.1304 0.1007 MSCI World Health Care IndexSM 0.2084 0.1161 0.0896 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,732M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">113</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>32.8M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">35<span>%</span></td> </tr> </table> 5732000000 113 32800000 0.35 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Eli Lilly &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Investment in Public Equity (PIPES)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Convertible Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Rights</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277056.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Eli Lilly &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Novo Nordisk A/S - Class B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.084 0.068 0.046 0.036 0.036 0.984 0.009 0.002 0.002 0.000 0.000 0.000 0.000 0.003 Janus Henderson Global Real Estate Fund Class A Shares JERAX This annual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund<br/>(Class A Shares/JERAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>112</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.99<span>%</span></td> </tr> </table> 112 0.0099 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Real Estate Fund Class A Shares returned 25.87%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 29.06%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned 27.80%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Australian logistics-focused company Goodman was the leading contributor relative to the performance benchmark. CBRE was another key contributor, due to posting strong results over the period and an improved outlook for office leasing and real estate transactions. A position in U.S. net lease owner Spirit Realty Capital also contributed relative to the performance<span style="white-space: nowrap;"> </span>benchmark after the company’s share price rose following the merger between Spirt and larger peer Realty Income early in the review period.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">China Resources was the leading detractor from returns relative to the performance benchmark. Cold storage owner/operator Americold Realty Trust also detracted after it was affected by negative sentiment around the potential demand implications from new weight-loss drugs. Mexican industrial property company Vesta contributed negatively. Its share price fell following the surprise results of the Mexican election in June, when the Morena party won a supermajority in both houses, heightening fears of undemocratic constitutional changes.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_273185.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund (Class A Shares/JERAX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.87<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund (Class A Shares/JERAX) at Maximum Offering Price - 5.75%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.63<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.00<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Net Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.76<span>%</span></td> </tr> </table> Janus Henderson Global Real Estate Fund (Class A Shares/JERAX) at NAV 0.2587 0.0284 0.0563 Janus Henderson Global Real Estate Fund (Class A Shares/JERAX) at Maximum Offering Price - 5.75% 0.1860 0.0163 0.0500 MSCI World IndexSM 0.3243 0.1304 0.1007 FTSE EPRA Nareit Global Index 0.2906 0.0176 0.0467 FTSE EPRA Nareit Global Net Index 0.2780 0.0084 0.0376 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>425M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">87<span>%</span></td> </tr> </table> 425000000 64 2200000 0.87 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Equinix Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Realty Income Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Welltower Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Prologis Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Rights</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt; white-space: nowrap;">(1.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273195.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Equinix Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Realty Income Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Welltower Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Prologis Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> </table> 0.062 0.051 0.050 0.047 0.042 0.995 0.013 0.004 0.000 -0.012 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the FTSE EPRA/NAREIT Global Index.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the FTSE EPRA/NAREIT Global Index.</div> Janus Henderson Global Real Estate Fund Class C Shares JERCX This annual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund<br/>(Class C Shares/JERCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>201</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.79<span>%</span></td> </tr> </table> 201 0.0179 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Real Estate Fund Class C Shares returned 24.87%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 29.06%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned 27.80%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Australian logistics-focused company Goodman was the leading contributor relative to the performance benchmark. CBRE was another key contributor, due to posting strong results over the period and an improved outlook for office leasing and real estate transactions. A position in U.S. net lease owner Spirit Realty Capital also contributed relative to the performance<span style="white-space: nowrap;"> </span>benchmark after the company’s share price rose following the merger between Spirt and larger peer Realty Income early in the review period.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">China Resources was the leading detractor from returns relative to the performance benchmark. Cold storage owner/operator Americold Realty Trust also detracted after it was affected by negative sentiment around the potential demand implications from new weight-loss drugs. Mexican industrial property company Vesta contributed negatively. Its share price fell following the surprise results of the Mexican election in June, when the Morena party won a supermajority in both houses, heightening fears of undemocratic constitutional changes.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_273224.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund (Class C Shares/JERCX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.87<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.81<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund (Class C Shares/JERCX) with Contingent Deferred Sales Charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.87<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.81<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Net Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.76<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.</div> </td> </tr> </table> Janus Henderson Global Real Estate Fund (Class C Shares/JERCX) at NAV 0.2487 0.0202 0.0481 Janus Henderson Global Real Estate Fund (Class C Shares/JERCX) with Contingent Deferred Sales Charge 0.2387 0.0202 0.0481 MSCI World IndexSM 0.3243 0.1304 0.1007 FTSE EPRA Nareit Global Index 0.2906 0.0176 0.0467 FTSE EPRA Nareit Global Net Index 0.2780 0.0084 0.0376 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>425M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">87<span>%</span></td> </tr> </table> 425000000 64 2200000 0.87 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Equinix Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Realty Income Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Welltower Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Prologis Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Rights</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt; white-space: nowrap;">(1.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273234.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Equinix Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Realty Income Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Welltower Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Prologis Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> </table> 0.062 0.051 0.050 0.047 0.042 0.995 0.013 0.004 0.000 -0.012 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the FTSE EPRA/NAREIT Global Index.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the FTSE EPRA/NAREIT Global Index.</div> Janus Henderson Global Real Estate Fund Class D Shares JNGSX This annual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span>. You can also request this information by contacting us at 1-800-525-3713. janushenderson.com/reports 1-800-525-3713 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund<br/>(Class D Shares/JNGSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>90</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span></td> </tr> </table> 90 0.0080 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Real Estate Fund Class D Shares returned 26.15%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 29.06%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned 27.80%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Australian logistics-focused company Goodman was the leading contributor relative to the performance benchmark. CBRE was another key contributor, due to posting strong results over the period and an improved outlook for office leasing and real estate transactions. A position in U.S. net lease owner Spirit Realty Capital also contributed relative to the performance<span style="white-space: nowrap;"> </span>benchmark after the company’s share price rose following the merger between Spirt and larger peer Realty Income early in the review period.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">China Resources was the leading detractor from returns relative to the performance benchmark. Cold storage owner/operator Americold Realty Trust also detracted after it was affected by negative sentiment around the potential demand implications from new weight-loss drugs. Mexican industrial property company Vesta contributed negatively. Its share price fell following the surprise results of the Mexican election in June, when the Morena party won a supermajority in both houses, heightening fears of undemocratic constitutional changes.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_273263.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund (Class D Shares/JNGSX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.03<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.81<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Net Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.76<span>%</span></td> </tr> </table> Janus Henderson Global Real Estate Fund (Class D Shares/JNGSX) 0.2615 0.0303 0.0581 MSCI World IndexSM 0.3243 0.1304 0.1007 FTSE EPRA Nareit Global Index 0.2906 0.0176 0.0467 FTSE EPRA Nareit Global Net Index 0.2780 0.0084 0.0376 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>425M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">87<span>%</span></td> </tr> </table> 425000000 64 2200000 0.87 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Equinix Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Realty Income Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Welltower Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Prologis Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Rights</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt; white-space: nowrap;">(1.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273273.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Equinix Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Realty Income Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Welltower Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Prologis Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> </table> 0.062 0.051 0.050 0.047 0.042 0.995 0.013 0.004 0.000 -0.012 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the FTSE EPRA/NAREIT Global Index.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the FTSE EPRA/NAREIT Global Index.</div> Janus Henderson Global Real Estate Fund Class I Shares JERIX This annual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund<br/>(Class I Shares/JERIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>83</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.73<span>%</span></td> </tr> </table> 83 0.0073 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Real Estate Fund Class I Shares returned 26.17%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 29.06%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned 27.80%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Australian logistics-focused company Goodman was the leading contributor relative to the performance benchmark. CBRE was another key contributor, due to posting strong results over the period and an improved outlook for office leasing and real estate transactions. A position in U.S. net lease owner Spirit Realty Capital also contributed relative to the performance<span style="white-space: nowrap;"> </span>benchmark after the company’s share price rose following the merger between Spirt and larger peer Realty Income early in the review period.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">China Resources was the leading detractor from returns relative to the performance benchmark. Cold storage owner/operator Americold Realty Trust also detracted after it was affected by negative sentiment around the potential demand implications from new weight-loss drugs. Mexican industrial property company Vesta contributed negatively. Its share price fell following the surprise results of the Mexican election in June, when the Morena party won a supermajority in both houses, heightening fears of undemocratic constitutional changes.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_273302.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund (Class I Shares/JERIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.89<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Net Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.76<span>%</span></td> </tr> </table> Janus Henderson Global Real Estate Fund (Class I Shares/JERIX) 0.2617 0.0308 0.0589 MSCI World IndexSM 0.3243 0.1304 0.1007 FTSE EPRA Nareit Global Index 0.2906 0.0176 0.0467 FTSE EPRA Nareit Global Net Index 0.2780 0.0084 0.0376 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>425M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">87<span>%</span></td> </tr> </table> 425000000 64 2200000 0.87 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Equinix Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Realty Income Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Welltower Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Prologis Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Rights</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt; white-space: nowrap;">(1.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273312.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Equinix Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Realty Income Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Welltower Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Prologis Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> </table> 0.062 0.051 0.050 0.047 0.042 0.995 0.013 0.004 0.000 -0.012 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the FTSE EPRA/NAREIT Global Index.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the FTSE EPRA/NAREIT Global Index.</div> Janus Henderson Global Real Estate Fund Class N Shares JERNX This annual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund<br/>(Class N Shares/JERNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>70</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.62<span>%</span></td> </tr> </table> 70 0.0062 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Real Estate Fund Class N Shares returned 26.30%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 29.06%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned 27.80%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Australian logistics-focused company Goodman was the leading contributor relative to the performance benchmark. CBRE was another key contributor, due to posting strong results over the period and an improved outlook for office leasing and real estate transactions. A position in U.S. net lease owner Spirit Realty Capital also contributed relative to the performance<span style="white-space: nowrap;"> </span>benchmark after the company’s share price rose following the merger between Spirt and larger peer Realty Income early in the review period.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">China Resources was the leading detractor from returns relative to the performance benchmark. Cold storage owner/operator Americold Realty Trust also detracted after it was affected by negative sentiment around the potential demand implications from new weight-loss drugs. Mexican industrial property company Vesta contributed negatively. Its share price fell following the surprise results of the Mexican election in June, when the Morena party won a supermajority in both houses, heightening fears of undemocratic constitutional changes.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_273341.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund (Class N Shares/JERNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Net Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.76<span>%</span></td> </tr> </table> Janus Henderson Global Real Estate Fund (Class N Shares/JERNX) 0.2630 0.0318 0.0596 MSCI World IndexSM 0.3243 0.1304 0.1007 FTSE EPRA Nareit Global Index 0.2906 0.0176 0.0467 FTSE EPRA Nareit Global Net Index 0.2780 0.0084 0.0376 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>425M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">87<span>%</span></td> </tr> </table> 425000000 64 2200000 0.87 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Equinix Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Realty Income Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Welltower Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Prologis Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Rights</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt; white-space: nowrap;">(1.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273351.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Equinix Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Realty Income Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Welltower Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Prologis Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> </table> 0.062 0.051 0.050 0.047 0.042 0.995 0.013 0.004 0.000 -0.012 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the FTSE EPRA/NAREIT Global Index.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the FTSE EPRA/NAREIT Global Index.</div> Janus Henderson Global Real Estate Fund Class S Shares JERSX This annual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund<br/>(Class S Shares/JERSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>131</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.16<span>%</span></td> </tr> </table> 131 0.0116 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Real Estate Fund Class S Shares returned 25.67%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 29.06%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned 27.80%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Australian logistics-focused company Goodman was the leading contributor relative to the performance benchmark. CBRE was another key contributor, due to posting strong results over the period and an improved outlook for office leasing and real estate transactions. A position in U.S. net lease owner Spirit Realty Capital also contributed relative to the performance<span style="white-space: nowrap;"> </span>benchmark after the company’s share price rose following the merger between Spirt and larger peer Realty Income early in the review period.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">China Resources was the leading detractor from returns relative to the performance benchmark. Cold storage owner/operator Americold Realty Trust also detracted after it was affected by negative sentiment around the potential demand implications from new weight-loss drugs. Mexican industrial property company Vesta contributed negatively. Its share price fell following the surprise results of the Mexican election in June, when the Morena party won a supermajority in both houses, heightening fears of undemocratic constitutional changes.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_273380.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund (Class S Shares/JERSX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.44<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Net Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.76<span>%</span></td> </tr> </table> Janus Henderson Global Real Estate Fund (Class S Shares/JERSX) 0.2567 0.0266 0.0544 MSCI World IndexSM 0.3243 0.1304 0.1007 FTSE EPRA Nareit Global Index 0.2906 0.0176 0.0467 FTSE EPRA Nareit Global Net Index 0.2780 0.0084 0.0376 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>425M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">87<span>%</span></td> </tr> </table> 425000000 64 2200000 0.87 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Equinix Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Realty Income Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Welltower Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Prologis Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Rights</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt; white-space: nowrap;">(1.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273390.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Equinix Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Realty Income Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Welltower Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Prologis Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> </table> 0.062 0.051 0.050 0.047 0.042 0.995 0.013 0.004 0.000 -0.012 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the FTSE EPRA/NAREIT Global Index.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the FTSE EPRA/NAREIT Global Index.</div> Janus Henderson Global Real Estate Fund Class T Shares JERTX This annual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund<br/>(Class T Shares/JERTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>98</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.87<span>%</span></td> </tr> </table> 98 0.0087 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Real Estate Fund Class T Shares returned 26.12%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 29.06%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned 27.80%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Australian logistics-focused company Goodman was the leading contributor relative to the performance benchmark. CBRE was another key contributor, due to posting strong results over the period and an improved outlook for office leasing and real estate transactions. A position in U.S. net lease owner Spirit Realty Capital also contributed relative to the performance<span style="white-space: nowrap;"> </span>benchmark after the company’s share price rose following the merger between Spirt and larger peer Realty Income early in the review period.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">China Resources was the leading detractor from returns relative to the performance benchmark. Cold storage owner/operator Americold Realty Trust also detracted after it was affected by negative sentiment around the potential demand implications from new weight-loss drugs. Mexican industrial property company Vesta contributed negatively. Its share price fell following the surprise results of the Mexican election in June, when the Morena party won a supermajority in both houses, heightening fears of undemocratic constitutional changes.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_273419.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund (Class T Shares/JERTX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.12<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.95<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.74<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Net Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.76<span>%</span></td> </tr> </table> Janus Henderson Global Real Estate Fund (Class T Shares/JERTX) 0.2612 0.0295 0.0574 MSCI World IndexSM 0.3243 0.1304 0.1007 FTSE EPRA Nareit Global Index 0.2906 0.0176 0.0467 FTSE EPRA Nareit Global Net Index 0.2780 0.0084 0.0376 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>425M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">87<span>%</span></td> </tr> </table> 425000000 64 2200000 0.87 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Equinix Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Realty Income Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Welltower Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Prologis Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Rights</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt; white-space: nowrap;">(1.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273429.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Equinix Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Realty Income Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Public Storage</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Welltower Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Prologis Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> </table> 0.062 0.051 0.050 0.047 0.042 0.995 0.013 0.004 0.000 -0.012 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the FTSE EPRA/NAREIT Global Index.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the FTSE EPRA/NAREIT Global Index.</div> Janus Henderson Global Research Fund Class A Shares JDWAX This annual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund<br/>(Class A Shares/JDWAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>115</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.97<span>%</span></td> </tr> </table> 115 0.0097 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Research Fund Class A Shares returned 36.90%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its additional benchmark, the MSCI All Country World Index^SM, returned 31.76%.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vistra Energy contributed relative to the broad-based benchmark. The U.S. independent power producer delivered strong profits growth and guidance supported by increased energy usage to power artificial intelligence (AI). NVIDIA, another contributor, reported robust earnings supported by strong demand for its data center graphics processor units used in generative AI.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Weaker consumer spending trends in China pressured revenue growth and share price performance for Germany-based multinational automaker Porsche and France-based global spirits company Pernod Ricard. Both stocks were notable detractors from returns compared to the broad-based benchmark.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276500.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund (Class A Shares/JDWAX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.79<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund (Class A Shares/JDWAX) at Maximum Offering Price - 5.75%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.75<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> </tr> </table> Janus Henderson Global Research Fund (Class A Shares/JDWAX) at NAV 0.3690 0.1379 0.1040 Janus Henderson Global Research Fund (Class A Shares/JDWAX) at Maximum Offering Price - 5.75% 0.2902 0.1245 0.0975 MSCI World IndexSM 0.3243 0.1304 0.1007 MSCI All Country World IndexSM 0.3176 0.1219 0.0939 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,870M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">115</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>20.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">28<span>%</span></td> </tr> </table> 3870000000 115 20400000 0.28 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt; white-space: nowrap;">(0.3<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276510.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> 0.054 0.054 0.038 0.033 0.029 0.982 0.010 0.006 0.005 0.000 -0.003 Janus Henderson Global Research Fund Class C Shares JWWCX This annual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund<br/>(Class C Shares/JWWCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>207</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.76<span>%</span></td> </tr> </table> 207 0.0176 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Research Fund Class C Shares returned 35.79%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its additional benchmark, the MSCI All Country World Index^SM, returned 31.76%.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vistra Energy contributed relative to the broad-based benchmark. The U.S. independent power producer delivered strong profits growth and guidance supported by increased energy usage to power artificial intelligence (AI). NVIDIA, another contributor, reported robust earnings supported by strong demand for its data center graphics processor units used in generative AI.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Weaker consumer spending trends in China pressured revenue growth and share price performance for Germany-based multinational automaker Porsche and France-based global spirits company Pernod Ricard. Both stocks were notable detractors from returns compared to the broad-based benchmark.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276539.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund (Class C Shares/JWWCX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.79<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.64<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund (Class C Shares/JWWCX) with Contingent Deferred Sales Charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">34.79<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.64<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.</div> </td> </tr> </table> Janus Henderson Global Research Fund (Class C Shares/JWWCX) at NAV 0.3579 0.1299 0.0964 Janus Henderson Global Research Fund (Class C Shares/JWWCX) with Contingent Deferred Sales Charge 0.3479 0.1299 0.0964 MSCI World IndexSM 0.3243 0.1304 0.1007 MSCI All Country World IndexSM 0.3176 0.1219 0.0939 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,870M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">115</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>20.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">28<span>%</span></td> </tr> </table> 3870000000 115 20400000 0.28 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt; white-space: nowrap;">(0.3<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276549.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> 0.054 0.054 0.038 0.033 0.029 0.982 0.010 0.006 0.005 0.000 -0.003 Janus Henderson Global Research Fund Class D Shares JANWX This annual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span>. You can also request this information by contacting us at 1-800-525-3713. janushenderson.com/reports 1-800-525-3713 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund<br/>(Class D Shares/JANWX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>89</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.75<span>%</span></td> </tr> </table> 89 0.0075 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Research Fund Class D Shares returned 37.18%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its additional benchmark, the MSCI All Country World Index^SM, returned 31.76%.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vistra Energy contributed relative to the broad-based benchmark. The U.S. independent power producer delivered strong profits growth and guidance supported by increased energy usage to power artificial intelligence (AI). NVIDIA, another contributor, reported robust earnings supported by strong demand for its data center graphics processor units used in generative AI.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Weaker consumer spending trends in China pressured revenue growth and share price performance for Germany-based multinational automaker Porsche and France-based global spirits company Pernod Ricard. Both stocks were notable detractors from returns compared to the broad-based benchmark.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276578.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund (Class D Shares/JANWX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">37.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.70<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> </tr> </table> Janus Henderson Global Research Fund (Class D Shares/JANWX) 0.3718 0.1410 0.1070 MSCI World IndexSM 0.3243 0.1304 0.1007 MSCI All Country World IndexSM 0.3176 0.1219 0.0939 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,870M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">115</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>20.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">28<span>%</span></td> </tr> </table> 3870000000 115 20400000 0.28 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt; white-space: nowrap;">(0.3<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276588.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> 0.054 0.054 0.038 0.033 0.029 0.982 0.010 0.006 0.005 0.000 -0.003 Janus Henderson Global Research Fund Class I Shares JWWFX This annual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund<br/>(Class I Shares/JWWFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>83</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.70<span>%</span></td> </tr> </table> 83 0.0070 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Research Fund Class I Shares returned 37.25%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its additional benchmark, the MSCI All Country World Index^SM, returned 31.76%.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vistra Energy contributed relative to the broad-based benchmark. The U.S. independent power producer delivered strong profits growth and guidance supported by increased energy usage to power artificial intelligence (AI). NVIDIA, another contributor, reported robust earnings supported by strong demand for its data center graphics processor units used in generative AI.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Weaker consumer spending trends in China pressured revenue growth and share price performance for Germany-based multinational automaker Porsche and France-based global spirits company Pernod Ricard. Both stocks were notable detractors from returns compared to the broad-based benchmark.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276617.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund (Class I Shares/JWWFX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">37.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.79<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> </tr> </table> Janus Henderson Global Research Fund (Class I Shares/JWWFX) 0.3725 0.1418 0.1079 MSCI World IndexSM 0.3243 0.1304 0.1007 MSCI All Country World IndexSM 0.3176 0.1219 0.0939 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,870M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">115</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>20.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">28<span>%</span></td> </tr> </table> 3870000000 115 20400000 0.28 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.3<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276627.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> 0.054 0.054 0.038 0.033 0.029 0.982 0.010 0.006 0.005 0.000 -0.003 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the MSCI World Index^SM.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the MSCI World Index^SM.</div> Janus Henderson Global Research Fund Class N Shares JDWNX This annual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund<br/>(Class N Shares/JDWNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>74</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.62<span>%</span></td> </tr> </table> 74 0.0062 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Research Fund Class N Shares returned 37.36%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its additional benchmark, the MSCI All Country World Index^SM, returned 31.76%.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vistra Energy contributed relative to the broad-based benchmark. The U.S. independent power producer delivered strong profits growth and guidance supported by increased energy usage to power artificial intelligence (AI). NVIDIA, another contributor, reported robust earnings supported by strong demand for its data center graphics processor units used in generative AI.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Weaker consumer spending trends in China pressured revenue growth and share price performance for Germany-based multinational automaker Porsche and France-based global spirits company Pernod Ricard. Both stocks were notable detractors from returns compared to the broad-based benchmark.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276656.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund (Class N Shares/JDWNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">37.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> </tr> </table> Janus Henderson Global Research Fund (Class N Shares/JDWNX) 0.3736 0.1425 0.1078 MSCI World IndexSM 0.3243 0.1304 0.1007 MSCI All Country World IndexSM 0.3176 0.1219 0.0939 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,870M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">115</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>20.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">28<span>%</span></td> </tr> </table> 3870000000 115 20400000 0.28 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.3<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276666.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> 0.054 0.054 0.038 0.033 0.029 0.982 0.010 0.006 0.005 0.000 -0.003 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the MSCI World Index^SM.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the MSCI World Index^SM.</div> Janus Henderson Global Research Fund Class R Shares JDWRX This annual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund<br/>(Class R Shares/JDWRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>165</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.40<span>%</span></td> </tr> </table> 165 0.0140 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Research Fund Class R Shares returned 36.28%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its additional benchmark, the MSCI All Country World Index^SM, returned 31.76%.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vistra Energy contributed relative to the broad-based benchmark. The U.S. independent power producer delivered strong profits growth and guidance supported by increased energy usage to power artificial intelligence (AI). NVIDIA, another contributor, reported robust earnings supported by strong demand for its data center graphics processor units used in generative AI.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Weaker consumer spending trends in China pressured revenue growth and share price performance for Germany-based multinational automaker Porsche and France-based global spirits company Pernod Ricard. Both stocks were notable detractors from returns compared to the broad-based benchmark.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276695.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund (Class R Shares/JDWRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.01<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> </tr> </table> Janus Henderson Global Research Fund (Class R Shares/JDWRX) 0.3628 0.1337 0.1001 MSCI World IndexSM 0.3243 0.1304 0.1007 MSCI All Country World IndexSM 0.3176 0.1219 0.0939 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,870M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">115</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>20.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">28<span>%</span></td> </tr> </table> 3870000000 115 20400000 0.28 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.3<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276705.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> 0.054 0.054 0.038 0.033 0.029 0.982 0.010 0.006 0.005 0.000 -0.003 Janus Henderson Global Research Fund Class S Shares JWGRX This annual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund<br/>(Class S Shares/JWGRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>134</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.13<span>%</span></td> </tr> </table> 134 0.0113 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Research Fund Class S Shares returned 36.65%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its additional benchmark, the MSCI All Country World Index^SM, returned 31.76%.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vistra Energy contributed relative to the broad-based benchmark. The U.S. independent power producer delivered strong profits growth and guidance supported by increased energy usage to power artificial intelligence (AI). NVIDIA, another contributor, reported robust earnings supported by strong demand for its data center graphics processor units used in generative AI.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Weaker consumer spending trends in China pressured revenue growth and share price performance for Germany-based multinational automaker Porsche and France-based global spirits company Pernod Ricard. Both stocks were notable detractors from returns compared to the broad-based benchmark.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276734.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund (Class S Shares/JWGRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.31<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> </tr> </table> Janus Henderson Global Research Fund (Class S Shares/JWGRX) 0.3665 0.1368 0.1031 MSCI World IndexSM 0.3243 0.1304 0.1007 MSCI All Country World IndexSM 0.3176 0.1219 0.0939 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,870M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">115</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>20.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">28<span>%</span></td> </tr> </table> 3870000000 115 20400000 0.28 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.3<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276744.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> 0.054 0.054 0.038 0.033 0.029 0.982 0.010 0.006 0.005 0.000 -0.003 Janus Henderson Global Research Fund Class T Shares JAWWX This annual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund<br/>(Class T Shares/JAWWX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>102</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.86<span>%</span></td> </tr> </table> 102 0.0086 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Research Fund Class T Shares returned 37.04%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%. Its additional benchmark, the MSCI All Country World Index^SM, returned 31.76%.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vistra Energy contributed relative to the broad-based benchmark. The U.S. independent power producer delivered strong profits growth and guidance supported by increased energy usage to power artificial intelligence (AI). NVIDIA, another contributor, reported robust earnings supported by strong demand for its data center graphics processor units used in generative AI.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Weaker consumer spending trends in China pressured revenue growth and share price performance for Germany-based multinational automaker Porsche and France-based global spirits company Pernod Ricard. Both stocks were notable detractors from returns compared to the broad-based benchmark.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276773.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund (Class T Shares/JAWWX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">37.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.60<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> </tr> </table> Janus Henderson Global Research Fund (Class T Shares/JAWWX) 0.3704 0.1399 0.1060 MSCI World IndexSM 0.3243 0.1304 0.1007 MSCI All Country World IndexSM 0.3176 0.1219 0.0939 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,870M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">115</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>20.4M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">28<span>%</span></td> </tr> </table> 3870000000 115 20400000 0.28 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt; white-space: nowrap;">(0.3<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276783.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet Inc - Class C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> 0.054 0.054 0.038 0.033 0.029 0.982 0.010 0.006 0.005 0.000 -0.003 Janus Henderson Global Select Fund Class A Shares JORAX This annual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund<br/>(Class A Shares/JORAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>119</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.02<span>%</span></td> </tr> </table> 119 0.0102 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Select Fund Class A Shares returned 32.99%. Its broad-based benchmark, the MSCI All Country World Index^SM, returned 31.76%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vistra Energy contributed to relative results. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). Taiwan Semiconductor Manufacturing Company, another contributor, delivered strong revenue growth, fueled in part by its fabrication of advance components used in AI.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsonite International detracted on a relative basis. The Hong Kong-listed multinational luggage company reported lower-than-expected revenue growth and reduced guidance that partly reflected weaker travel spending in China. UK-based online sports betting company Entain, another detractor, faced regulatory uncertainty and competitive challenges in the US sports betting market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277670.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund (Class A Shares/JORAX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.81<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund (Class A Shares/JORAX) at Maximum Offering Price - 5.75%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.17<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> </tr> </table> Janus Henderson Global Select Fund (Class A Shares/JORAX) at NAV 0.3299 0.1337 0.0981 Janus Henderson Global Select Fund (Class A Shares/JORAX) at Maximum Offering Price - 5.75% 0.2537 0.1202 0.0917 MSCI All Country World IndexSM 0.3176 0.1219 0.0939 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,923M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">57</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>17.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 2923000000 57 17000000.0 0.36 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vistra Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">96.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277680.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vistra Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> 0.063 0.050 0.047 0.035 0.035 0.969 0.020 0.008 0.000 0.003 Janus Henderson Global Select Fund Class C Shares JORCX This annual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund<br/>(Class C Shares/JORCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>202</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.74<span>%</span></td> </tr> </table> 202 0.0174 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Select Fund Class C Shares returned 31.98%. Its broad-based benchmark, the MSCI All Country World Index^SM, returned 31.76%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vistra Energy contributed to relative results. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). Taiwan Semiconductor Manufacturing Company, another contributor, delivered strong revenue growth, fueled in part by its fabrication of advance components used in AI.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsonite International detracted on a relative basis. The Hong Kong-listed multinational luggage company reported lower-than-expected revenue growth and reduced guidance that partly reflected weaker travel spending in China. UK-based online sports betting company Entain, another detractor, faced regulatory uncertainty and competitive challenges in the US sports betting market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277709.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund (Class C Shares/JORCX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund (Class C Shares/JORCX) with Contingent Deferred Sales Charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.98<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.</div> </td> </tr> </table> Janus Henderson Global Select Fund (Class C Shares/JORCX) at NAV 0.3198 0.1241 0.0891 Janus Henderson Global Select Fund (Class C Shares/JORCX) with Contingent Deferred Sales Charge 0.3098 0.1241 0.0891 MSCI All Country World IndexSM 0.3176 0.1219 0.0939 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,923M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">57</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>17.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 2923000000 57 17000000.0 0.36 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vistra Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">96.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277719.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vistra Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> 0.063 0.050 0.047 0.035 0.035 0.969 0.020 0.008 0.000 0.003 Janus Henderson Global Select Fund Class D Shares JANRX This annual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span>. You can also request this information by contacting us at 1-800-525-3713. janushenderson.com/reports 1-800-525-3713 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund<br/>(Class D Shares/JANRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>96</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.82<span>%</span></td> </tr> </table> 96 0.0082 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Select Fund Class D Shares returned 33.23%. Its broad-based benchmark, the MSCI All Country World Index^SM, returned 31.76%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vistra Energy contributed to relative results. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). Taiwan Semiconductor Manufacturing Company, another contributor, delivered strong revenue growth, fueled in part by its fabrication of advance components used in AI.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsonite International detracted on a relative basis. The Hong Kong-listed multinational luggage company reported lower-than-expected revenue growth and reduced guidance that partly reflected weaker travel spending in China. UK-based online sports betting company Entain, another detractor, faced regulatory uncertainty and competitive challenges in the US sports betting market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277748.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund (Class D Shares/JANRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.03<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> </tr> </table> Janus Henderson Global Select Fund (Class D Shares/JANRX) 0.3323 0.1360 0.1003 MSCI All Country World IndexSM 0.3176 0.1219 0.0939 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,923M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">57</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>17.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 2923000000 57 17000000.0 0.36 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vistra Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">96.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277758.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vistra Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> 0.063 0.050 0.047 0.035 0.035 0.969 0.020 0.008 0.000 0.003 Janus Henderson Global Select Fund Class I Shares JORFX This annual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund<br/>(Class I Shares/JORFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>93</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span></td> </tr> </table> 93 0.0080 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Select Fund Class I Shares returned 33.20%. Its broad-based benchmark, the MSCI All Country World Index^SM, returned 31.76%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vistra Energy contributed to relative results. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). Taiwan Semiconductor Manufacturing Company, another contributor, delivered strong revenue growth, fueled in part by its fabrication of advance components used in AI.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsonite International detracted on a relative basis. The Hong Kong-listed multinational luggage company reported lower-than-expected revenue growth and reduced guidance that partly reflected weaker travel spending in China. UK-based online sports betting company Entain, another detractor, faced regulatory uncertainty and competitive challenges in the US sports betting market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277787.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund (Class I Shares/JORFX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.63<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.11<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> </tr> </table> Janus Henderson Global Select Fund (Class I Shares/JORFX) 0.3320 0.1363 0.1011 MSCI All Country World IndexSM 0.3176 0.1219 0.0939 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,923M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">57</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>17.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 2923000000 57 17000000.0 0.36 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vistra Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">96.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277797.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vistra Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> 0.063 0.050 0.047 0.035 0.035 0.969 0.020 0.008 0.000 0.003 Janus Henderson Global Select Fund Class N Shares JSLNX This annual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund<br/>(Class N Shares/JSLNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>79</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.68<span>%</span></td> </tr> </table> 79 0.0068 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Select Fund Class N Shares returned 33.39%. Its broad-based benchmark, the MSCI All Country World Index^SM, returned 31.76%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vistra Energy contributed to relative results. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). Taiwan Semiconductor Manufacturing Company, another contributor, delivered strong revenue growth, fueled in part by its fabrication of advance components used in AI.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsonite International detracted on a relative basis. The Hong Kong-listed multinational luggage company reported lower-than-expected revenue growth and reduced guidance that partly reflected weaker travel spending in China. UK-based online sports betting company Entain, another detractor, faced regulatory uncertainty and competitive challenges in the US sports betting market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277826.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund (Class N Shares/JSLNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.13<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> </tr> </table> Janus Henderson Global Select Fund (Class N Shares/JSLNX) 0.3339 0.1376 0.1013 MSCI All Country World IndexSM 0.3176 0.1219 0.0939 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,923M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">57</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>17.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 2923000000 57 17000000.0 0.36 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vistra Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">96.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277836.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vistra Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> 0.063 0.050 0.047 0.035 0.035 0.969 0.020 0.008 0.000 0.003 Janus Henderson Global Select Fund Class R Shares JORRX This annual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund<br/>(Class R Shares/JORRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>181</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.56<span>%</span></td> </tr> </table> 181 0.0156 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Select Fund Class R Shares returned 32.22%. Its broad-based benchmark, the MSCI All Country World Index^SM, returned 31.76%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vistra Energy contributed to relative results. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). Taiwan Semiconductor Manufacturing Company, another contributor, delivered strong revenue growth, fueled in part by its fabrication of advance components used in AI.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsonite International detracted on a relative basis. The Hong Kong-listed multinational luggage company reported lower-than-expected revenue growth and reduced guidance that partly reflected weaker travel spending in China. UK-based online sports betting company Entain, another detractor, faced regulatory uncertainty and competitive challenges in the US sports betting market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277865.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund (Class R Shares/JORRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.22<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.25<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> </tr> </table> Janus Henderson Global Select Fund (Class R Shares/JORRX) 0.3222 0.1272 0.0925 MSCI All Country World IndexSM 0.3176 0.1219 0.0939 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,923M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">57</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>17.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 2923000000 57 17000000.0 0.36 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vistra Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">96.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277875.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vistra Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> 0.063 0.050 0.047 0.035 0.035 0.969 0.020 0.008 0.000 0.003 Janus Henderson Global Select Fund Class S Shares JORIX This annual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund<br/>(Class S Shares/JORIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>150</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.29<span>%</span></td> </tr> </table> 150 0.0129 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Select Fund Class S Shares returned 32.56%. Its broad-based benchmark, the MSCI All Country World Index^SM, returned 31.76%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vistra Energy contributed to relative results. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). Taiwan Semiconductor Manufacturing Company, another contributor, delivered strong revenue growth, fueled in part by its fabrication of advance components used in AI.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsonite International detracted on a relative basis. The Hong Kong-listed multinational luggage company reported lower-than-expected revenue growth and reduced guidance that partly reflected weaker travel spending in China. UK-based online sports betting company Entain, another detractor, faced regulatory uncertainty and competitive challenges in the US sports betting market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277904.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund (Class S Shares/JORIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.54<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> </tr> </table> Janus Henderson Global Select Fund (Class S Shares/JORIX) 0.3256 0.1301 0.0954 MSCI All Country World IndexSM 0.3176 0.1219 0.0939 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,923M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">57</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>17.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 2923000000 57 17000000.0 0.36 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vistra Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">96.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277914.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vistra Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> 0.063 0.050 0.047 0.035 0.035 0.969 0.020 0.008 0.000 0.003 Janus Henderson Global Select Fund Class T Shares JORNX This annual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund<br/>(Class T Shares/JORNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>106</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.91<span>%</span></td> </tr> </table> 106 0.0091 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Select Fund Class T Shares returned 33.06%. Its broad-based benchmark, the MSCI All Country World Index^SM, returned 31.76%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Vistra Energy contributed to relative results. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). Taiwan Semiconductor Manufacturing Company, another contributor, delivered strong revenue growth, fueled in part by its fabrication of advance components used in AI.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsonite International detracted on a relative basis. The Hong Kong-listed multinational luggage company reported lower-than-expected revenue growth and reduced guidance that partly reflected weaker travel spending in China. UK-based online sports betting company Entain, another detractor, faced regulatory uncertainty and competitive challenges in the US sports betting market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277943.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund (Class T Shares/JORNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.49<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> </tr> </table> Janus Henderson Global Select Fund (Class T Shares/JORNX) 0.3306 0.1349 0.0995 MSCI All Country World IndexSM 0.3176 0.1219 0.0939 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,923M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">57</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>17.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 2923000000 57 17000000.0 0.36 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vistra Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">96.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277953.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vistra Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> </table> 0.063 0.050 0.047 0.035 0.035 0.969 0.020 0.008 0.000 0.003 Janus Henderson Global Sustainable Equity Fund Class A Shares JEASX This annual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund<br/>(Class A Shares/JEASX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>143</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.23<span>%</span></td> </tr> </table> 143 0.0123 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Sustainable Equity Fund Class A Shares returned 33.14%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Sector allocation contributed to relative performance. A structural underweight in the energy sector and an overweight in the information technology sector were especially positive. Individual stock contributors included semiconductor firm NVIDIA and rail equipment and systems provider Wabtec. NVIDIA posted strong results, and we see the company as well placed to benefit from earnings upgrades. Wabtec also enjoyed strong results and raised its full-year guidance.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Stock selection within the healthcare sector detracted relative to the benchmark, due in part to a position in Humana. The healthcare insurer reported increasing hospital utilization trends, which led to concerns about lower margins in the future. Additionally, there was speculation Humana would face a downgrade in its star ratings, which are assigned and published by the Centers for Medicare and Medicaid Services.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">June 25, 2020, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275174.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund (Class A Shares/JEASX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.46<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund (Class A Shares/JEASX) at Maximum Offering Price - 5.75%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.90<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.95<span>%</span></td> </tr> </table> Janus Henderson Global Sustainable Equity Fund (Class A Shares/JEASX) at NAV 0.3314 0.1246 Janus Henderson Global Sustainable Equity Fund (Class A Shares/JEASX) at Maximum Offering Price - 5.75% 0.2553 0.1090 MSCI World IndexSM 0.3243 0.1495 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>36M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">55</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">25<span>%</span></td> </tr> </table> 36000000 55 0.0 0.25 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Schneider Electric SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Wabtec Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Progressive Corp/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275184.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Schneider Electric SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Wabtec Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Progressive Corp/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> 0.057 0.043 0.034 0.033 0.032 0.990 0.015 -0.005 Janus Henderson Global Sustainable Equity Fund Class C Shares JECTX This annual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund<br/>(Class C Shares/JECTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>153</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.31<span>%</span></td> </tr> </table> 153 0.0131 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Sustainable Equity Fund Class C Shares returned 33.03%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Sector allocation contributed to relative performance. A structural underweight in the energy sector and an overweight in the information technology sector were especially positive. Individual stock contributors included semiconductor firm NVIDIA and rail equipment and systems provider Wabtec. NVIDIA posted strong results, and we see the company as well placed to benefit from earnings upgrades. Wabtec also enjoyed strong results and raised its full-year guidance.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Stock selection within the healthcare sector detracted relative to the benchmark, due in part to a position in Humana. The healthcare insurer reported increasing hospital utilization trends, which led to concerns about lower margins in the future. Additionally, there was speculation Humana would face a downgrade in its star ratings, which are assigned and published by the Centers for Medicare and Medicaid Services.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">June 25, 2020, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275213.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund (Class C Shares/JECTX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.03<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.46<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund (Class C Shares/JECTX) with Contingent Deferred Sales Charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.03<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.46<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.95<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.</div> </td> </tr> </table> Janus Henderson Global Sustainable Equity Fund (Class C Shares/JECTX) at NAV 0.3303 0.1246 Janus Henderson Global Sustainable Equity Fund (Class C Shares/JECTX) with Contingent Deferred Sales Charge 0.3203 0.1246 MSCI World IndexSM 0.3243 0.1495 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>36M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">55</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">25<span>%</span></td> </tr> </table> 36000000 55 0.0 0.25 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; height: 67px;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt; height: 14px;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt; height: 14px;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt; height: 13px;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt; height: 13px;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt; height: 13px;">Schneider Electric SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt; height: 13px;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt; height: 13px;">Wabtec Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt; height: 13px;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt; height: 14px;">Progressive Corp/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt; height: 14px;">3.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275223.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; height: 67px;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt; height: 14px;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt; height: 14px;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt; height: 13px;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt; height: 13px;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt; height: 13px;">Schneider Electric SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt; height: 13px;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt; height: 13px;">Wabtec Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt; height: 13px;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt; height: 14px;">Progressive Corp/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: Roboto; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt; height: 14px;">3.2</td> </tr> </table> 0.057 0.043 0.034 0.033 0.032 0.990 0.015 -0.005 Janus Henderson Global Sustainable Equity Fund Class D Shares JEDTX This annual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span>. You can also request this information by contacting us at 1-800-525-3713. janushenderson.com/reports 1-800-525-3713 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund<br/>(Class D Shares/JEDTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>117</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.00<span>%</span></td> </tr> </table> 117 0.0100 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Sustainable Equity Fund Class D Shares returned 33.39%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Sector allocation contributed to relative performance. A structural underweight in the energy sector and an overweight in the information technology sector were especially positive. Individual stock contributors included semiconductor firm NVIDIA and rail equipment and systems provider Wabtec. NVIDIA posted strong results, and we see the company as well placed to benefit from earnings upgrades. Wabtec also enjoyed strong results and raised its full-year guidance.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Stock selection within the healthcare sector detracted relative to the benchmark, due in part to a position in Humana. The healthcare insurer reported increasing hospital utilization trends, which led to concerns about lower margins in the future. Additionally, there was speculation Humana would face a downgrade in its star ratings, which are assigned and published by the Centers for Medicare and Medicaid Services.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">June 25, 2020, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275252.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund (Class D Shares/JEDTX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.95<span>%</span></td> </tr> </table> Janus Henderson Global Sustainable Equity Fund (Class D Shares/JEDTX) 0.3339 0.1258 MSCI World IndexSM 0.3243 0.1495 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>36M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">55</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">25<span>%</span></td> </tr> </table> 36000000 55 0.0 0.25 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Schneider Electric SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Wabtec Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Progressive Corp/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275262.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Schneider Electric SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Wabtec Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Progressive Corp/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> 0.057 0.043 0.034 0.033 0.032 0.990 0.015 -0.005 Janus Henderson Global Sustainable Equity Fund Class I Shares JEUIX This annual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund<br/>(Class I Shares/JEUIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>118</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.01<span>%</span></td> </tr> </table> 118 0.0101 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Sustainable Equity Fund Class I Shares returned 33.42%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Sector allocation contributed to relative performance. A structural underweight in the energy sector and an overweight in the information technology sector were especially positive. Individual stock contributors included semiconductor firm NVIDIA and rail equipment and systems provider Wabtec. NVIDIA posted strong results, and we see the company as well placed to benefit from earnings upgrades. Wabtec also enjoyed strong results and raised its full-year guidance.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Stock selection within the healthcare sector detracted relative to the benchmark, due in part to a position in Humana. The healthcare insurer reported increasing hospital utilization trends, which led to concerns about lower margins in the future. Additionally, there was speculation Humana would face a downgrade in its star ratings, which are assigned and published by the Centers for Medicare and Medicaid Services.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">June 25, 2020, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275291.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund (Class I Shares/JEUIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.95<span>%</span></td> </tr> </table> Janus Henderson Global Sustainable Equity Fund (Class I Shares/JEUIX) 0.3342 0.1263 MSCI World IndexSM 0.3243 0.1495 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>36M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">55</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">25<span>%</span></td> </tr> </table> 36000000 55 0.0 0.25 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Schneider Electric SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Wabtec Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Progressive Corp/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275301.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Schneider Electric SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Wabtec Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Progressive Corp/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> 0.057 0.043 0.034 0.033 0.032 0.990 0.015 -0.005 Janus Henderson Global Sustainable Equity Fund Class N Shares JETNX This annual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund<br/>(Class N Shares/JETNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>102</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.87<span>%</span></td> </tr> </table> 102 0.0087 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Sustainable Equity Fund Class N Shares returned 33.62%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Sector allocation contributed to relative performance. A structural underweight in the energy sector and an overweight in the information technology sector were especially positive. Individual stock contributors included semiconductor firm NVIDIA and rail equipment and systems provider Wabtec. NVIDIA posted strong results, and we see the company as well placed to benefit from earnings upgrades. Wabtec also enjoyed strong results and raised its full-year guidance.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Stock selection within the healthcare sector detracted relative to the benchmark, due in part to a position in Humana. The healthcare insurer reported increasing hospital utilization trends, which led to concerns about lower margins in the future. Additionally, there was speculation Humana would face a downgrade in its star ratings, which are assigned and published by the Centers for Medicare and Medicaid Services.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">June 25, 2020, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275330.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund (Class N Shares/JETNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.62<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.75<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.95<span>%</span></td> </tr> </table> Janus Henderson Global Sustainable Equity Fund (Class N Shares/JETNX) 0.3362 0.1275 MSCI World IndexSM 0.3243 0.1495 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>36M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">55</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">25<span>%</span></td> </tr> </table> 36000000 55 0.0 0.25 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Schneider Electric SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Wabtec Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Progressive Corp/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275340.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Schneider Electric SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Wabtec Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Progressive Corp/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> 0.057 0.043 0.034 0.033 0.032 0.990 0.015 -0.005 Janus Henderson Global Sustainable Equity Fund Class R Shares JEGRX This annual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund<br/>(Class R Shares/JEGRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>126</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.08<span>%</span></td> </tr> </table> 126 0.0108 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Sustainable Equity Fund Class R Shares returned 33.31%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Sector allocation contributed to relative performance. A structural underweight in the energy sector and an overweight in the information technology sector were especially positive. Individual stock contributors included semiconductor firm NVIDIA and rail equipment and systems provider Wabtec. NVIDIA posted strong results, and we see the company as well placed to benefit from earnings upgrades. Wabtec also enjoyed strong results and raised its full-year guidance.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Stock selection within the healthcare sector detracted relative to the benchmark, due in part to a position in Humana. The healthcare insurer reported increasing hospital utilization trends, which led to concerns about lower margins in the future. Additionally, there was speculation Humana would face a downgrade in its star ratings, which are assigned and published by the Centers for Medicare and Medicaid Services.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">June 25, 2020, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275369.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund (Class R Shares/JEGRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.50<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.95<span>%</span></td> </tr> </table> Janus Henderson Global Sustainable Equity Fund (Class R Shares/JEGRX) 0.3331 0.1250 MSCI World IndexSM 0.3243 0.1495 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>36M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">55</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">25<span>%</span></td> </tr> </table> 36000000 55 0.0 0.25 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Schneider Electric SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Wabtec Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Progressive Corp/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275379.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Schneider Electric SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Wabtec Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Progressive Corp/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> 0.057 0.043 0.034 0.033 0.032 0.990 0.015 -0.005 Janus Henderson Global Sustainable Equity Fund Class S Shares JESSX This annual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund<br/>(Class S Shares/JESSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>117</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.00<span>%</span></td> </tr> </table> 117 0.0100 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Sustainable Equity Fund Class S Shares returned 33.49%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Sector allocation contributed to relative performance. A structural underweight in the energy sector and an overweight in the information technology sector were especially positive. Individual stock contributors included semiconductor firm NVIDIA and rail equipment and systems provider Wabtec. NVIDIA posted strong results, and we see the company as well placed to benefit from earnings upgrades. Wabtec also enjoyed strong results and raised its full-year guidance.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Stock selection within the healthcare sector detracted relative to the benchmark, due in part to a position in Humana. The healthcare insurer reported increasing hospital utilization trends, which led to concerns about lower margins in the future. Additionally, there was speculation Humana would face a downgrade in its star ratings, which are assigned and published by the Centers for Medicare and Medicaid Services.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">June 25, 2020, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275408.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund (Class S Shares/JESSX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.49<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.95<span>%</span></td> </tr> </table> Janus Henderson Global Sustainable Equity Fund (Class S Shares/JESSX) 0.3349 0.1257 MSCI World IndexSM 0.3243 0.1495 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>36M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">55</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">25<span>%</span></td> </tr> </table> 36000000 55 0.0 0.25 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Schneider Electric SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Wabtec Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Progressive Corp/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275418.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Schneider Electric SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Wabtec Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Progressive Corp/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> 0.057 0.043 0.034 0.033 0.032 0.990 0.015 -0.005 Janus Henderson Global Sustainable Equity Fund Class T Shares JETTX This annual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund<br/>(Class T Shares/JETTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>129</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.11<span>%</span></td> </tr> </table> 129 0.0111 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Sustainable Equity Fund Class T Shares returned 33.30%. Its broad-based benchmark, the MSCI World Index^SM, returned 32.43%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Sector allocation contributed to relative performance. A structural underweight in the energy sector and an overweight in the information technology sector were especially positive. Individual stock contributors included semiconductor firm NVIDIA and rail equipment and systems provider Wabtec. NVIDIA posted strong results, and we see the company as well placed to benefit from earnings upgrades. Wabtec also enjoyed strong results and raised its full-year guidance.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Stock selection within the healthcare sector detracted relative to the benchmark, due in part to a position in Humana. The healthcare insurer reported increasing hospital utilization trends, which led to concerns about lower margins in the future. Additionally, there was speculation Humana would face a downgrade in its star ratings, which are assigned and published by the Centers for Medicare and Medicaid Services.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">June 25, 2020, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275447.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund (Class T Shares/JETTX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">33.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.48<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI World Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">32.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.95<span>%</span></td> </tr> </table> Janus Henderson Global Sustainable Equity Fund (Class T Shares/JETTX) 0.3330 0.1248 MSCI World IndexSM 0.3243 0.1495 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>36M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">55</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">25<span>%</span></td> </tr> </table> 36000000 55 0.0 0.25 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Schneider Electric SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Wabtec Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Progressive Corp/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275457.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Schneider Electric SE</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Wabtec Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Progressive Corp/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> </table> 0.057 0.043 0.034 0.033 0.032 0.990 0.015 -0.005 Janus Henderson Global Technology and Innovation Fund Class A Shares JATAX This annual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund<br/>(Class A Shares/JATAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>122</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.98<span>%</span></td> </tr> </table> 122 0.0098 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Technology and Innovation Fund Class A Shares returned 48.83%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%. Its additional benchmark, the MSCI All Country World Information Technology Index^SM, returned 48.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Positioning in Apple contributed to returns relative to the additional benchmark; the slower pace of iPhones sales pressured the stock, and our underweight allocation proved beneficial. The Fund’s out-of-benchmark investment in social media company Meta Platforms also contributed. Shares rose on the company’s strong earnings performance and excitement around its artificial intelligence initiatives.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Cloud services provider CCC Intelligence Solutions detracted relative to the additional benchmark as shares declined on concerns over stock sales by a large investor. The Fund also held underweight positions in several mega-cap technology stocks, such as graphic chipmaker NVIDIA, that outperformed the market due to excitement around artificial intelligence. This positioning dampened relative performance.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277085.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund (Class A Shares/JATAX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">48.83<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.77<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.16<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund (Class A Shares/JATAX) at Maximum Offering Price - 5.75%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">40.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.46<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Information Technology Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">48.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.12<span>%</span></td> </tr> </table> Janus Henderson Global Technology and Innovation Fund (Class A Shares/JATAX) at NAV 0.4883 0.1977 0.1916 Janus Henderson Global Technology and Innovation Fund (Class A Shares/JATAX) at Maximum Offering Price - 5.75% 0.4028 0.1836 0.1846 S&P 500® Index 0.3635 0.1598 0.1338 MSCI All Country World Information Technology IndexSM 0.4835 0.2278 0.1912 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7,230M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">72</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>40.3M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 7230000000 72 40300000 0.30 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">94.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.1<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277095.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> </table> 0.123 0.100 0.061 0.055 0.043 0.943 0.049 0.008 0.001 0.000 -0.001 Janus Henderson Global Technology and Innovation Fund Class C Shares JAGCX This annual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund<br/>(Class C Shares/JAGCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>214</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.73<span>%</span></td> </tr> </table> 214 0.0173 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Technology and Innovation Fund Class C Shares returned 47.72%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%. Its additional benchmark, the MSCI All Country World Information Technology Index^SM, returned 48.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Positioning in Apple contributed to returns relative to the additional benchmark; the slower pace of iPhones sales pressured the stock, and our underweight allocation proved beneficial. The Fund’s out-of-benchmark investment in social media company Meta Platforms also contributed. Shares rose on the company’s strong earnings performance and excitement around its artificial intelligence initiatives.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Cloud services provider CCC Intelligence Solutions detracted relative to the additional benchmark as shares declined on concerns over stock sales by a large investor. The Fund also held underweight positions in several mega-cap technology stocks, such as graphic chipmaker NVIDIA, that outperformed the market due to excitement around artificial intelligence. This positioning dampened relative performance.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277124.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund (Class C Shares/JAGCX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">47.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund (Class C Shares/JAGCX) with Contingent Deferred Sales Charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">46.72<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.35<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Information Technology Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">48.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.12<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.</div> </td> </tr> </table> Janus Henderson Global Technology and Innovation Fund (Class C Shares/JAGCX) at NAV 0.4772 0.1896 0.1835 Janus Henderson Global Technology and Innovation Fund (Class C Shares/JAGCX) with Contingent Deferred Sales Charge 0.4672 0.1896 0.1835 S&P 500® Index 0.3635 0.1598 0.1338 MSCI All Country World Information Technology IndexSM 0.4835 0.2278 0.1912 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7,230M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">72</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>40.3M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 7230000000 72 40300000 0.30 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">94.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.1<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277134.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> </table> 0.123 0.100 0.061 0.055 0.043 0.943 0.049 0.008 0.001 0.000 -0.001 Janus Henderson Global Technology and Innovation Fund Class D Shares JNGTX This annual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span>. You can also request this information by contacting us at 1-800-525-3713. janushenderson.com/reports 1-800-525-3713 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund<br/>(Class D Shares/JNGTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>97</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.78<span>%</span></td> </tr> </table> 97 0.0078 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Technology and Innovation Fund Class D Shares returned 49.09%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%. Its additional benchmark, the MSCI All Country World Information Technology Index^SM, returned 48.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Positioning in Apple contributed to returns relative to the additional benchmark; the slower pace of iPhones sales pressured the stock, and our underweight allocation proved beneficial. The Fund’s out-of-benchmark investment in social media company Meta Platforms also contributed. Shares rose on the company’s strong earnings performance and excitement around its artificial intelligence initiatives.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Cloud services provider CCC Intelligence Solutions detracted relative to the additional benchmark as shares declined on concerns over stock sales by a large investor. The Fund also held underweight positions in several mega-cap technology stocks, such as graphic chipmaker NVIDIA, that outperformed the market due to excitement around artificial intelligence. This positioning dampened relative performance.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277163.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund (Class D Shares/JNGTX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">49.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.39<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Information Technology Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">48.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.12<span>%</span></td> </tr> </table> Janus Henderson Global Technology and Innovation Fund (Class D Shares/JNGTX) 0.4909 0.2000 0.1939 S&P 500® Index 0.3635 0.1598 0.1338 MSCI All Country World Information Technology IndexSM 0.4835 0.2278 0.1912 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7,230M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">72</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>40.3M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 7230000000 72 40300000 0.30 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">94.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.1<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277173.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> </table> 0.123 0.100 0.061 0.055 0.043 0.943 0.049 0.008 0.001 0.000 -0.001 Janus Henderson Global Technology and Innovation Fund Class I Shares JATIX This annual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund<br/>(Class I Shares/JATIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>93</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.75<span>%</span></td> </tr> </table> 93 0.0075 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Technology and Innovation Fund Class I Shares returned 49.15%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%. Its additional benchmark, the MSCI All Country World Information Technology Index^SM, returned 48.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Positioning in Apple contributed to returns relative to the additional benchmark; the slower pace of iPhones sales pressured the stock, and our underweight allocation proved beneficial. The Fund’s out-of-benchmark investment in social media company Meta Platforms also contributed. Shares rose on the company’s strong earnings performance and excitement around its artificial intelligence initiatives.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Cloud services provider CCC Intelligence Solutions detracted relative to the additional benchmark as shares declined on concerns over stock sales by a large investor. The Fund also held underweight positions in several mega-cap technology stocks, such as graphic chipmaker NVIDIA, that outperformed the market due to excitement around artificial intelligence. This positioning dampened relative performance.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277202.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund (Class I Shares/JATIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">49.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.46<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Information Technology Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">48.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.12<span>%</span></td> </tr> </table> Janus Henderson Global Technology and Innovation Fund (Class I Shares/JATIX) 0.4915 0.2005 0.1946 S&P 500® Index 0.3635 0.1598 0.1338 MSCI All Country World Information Technology IndexSM 0.4835 0.2278 0.1912 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7,230M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">72</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>40.3M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 7230000000 72 40300000 0.30 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">94.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.1<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277212.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> </table> 0.123 0.100 0.061 0.055 0.043 0.943 0.049 0.008 0.001 0.000 -0.001 Janus Henderson Global Technology and Innovation Fund Class N Shares JATNX This annual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund<br/>(Class N Shares/JATNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>82</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.66<span>%</span></td> </tr> </table> 82 0.0066 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Technology and Innovation Fund Class N Shares returned 49.28%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%. Its additional benchmark, the MSCI All Country World Information Technology Index^SM, returned 48.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Positioning in Apple contributed to returns relative to the additional benchmark; the slower pace of iPhones sales pressured the stock, and our underweight allocation proved beneficial. The Fund’s out-of-benchmark investment in social media company Meta Platforms also contributed. Shares rose on the company’s strong earnings performance and excitement around its artificial intelligence initiatives.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Cloud services provider CCC Intelligence Solutions detracted relative to the additional benchmark as shares declined on concerns over stock sales by a large investor. The Fund also held underweight positions in several mega-cap technology stocks, such as graphic chipmaker NVIDIA, that outperformed the market due to excitement around artificial intelligence. This positioning dampened relative performance.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277241.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund (Class N Shares/JATNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">49.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.50<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Information Technology Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">48.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.12<span>%</span></td> </tr> </table> Janus Henderson Global Technology and Innovation Fund (Class N Shares/JATNX) 0.4928 0.2015 0.1950 S&P 500® Index 0.3635 0.1598 0.1338 MSCI All Country World Information Technology IndexSM 0.4835 0.2278 0.1912 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7,230M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">72</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>40.3M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 7230000000 72 40300000 0.30 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">94.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.1<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277251.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> </table> 0.123 0.100 0.061 0.055 0.043 0.943 0.049 0.008 0.001 0.000 -0.001 Janus Henderson Global Technology and Innovation Fund Class S Shares JATSX This annual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund<br/>(Class S Shares/JATSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>145</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.17<span>%</span></td> </tr> </table> 145 0.0117 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Technology and Innovation Fund Class S Shares returned 48.54%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%. Its additional benchmark, the MSCI All Country World Information Technology Index^SM, returned 48.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Positioning in Apple contributed to returns relative to the additional benchmark; the slower pace of iPhones sales pressured the stock, and our underweight allocation proved beneficial. The Fund’s out-of-benchmark investment in social media company Meta Platforms also contributed. Shares rose on the company’s strong earnings performance and excitement around its artificial intelligence initiatives.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Cloud services provider CCC Intelligence Solutions detracted relative to the additional benchmark as shares declined on concerns over stock sales by a large investor. The Fund also held underweight positions in several mega-cap technology stocks, such as graphic chipmaker NVIDIA, that outperformed the market due to excitement around artificial intelligence. This positioning dampened relative performance.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277280.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund (Class S Shares/JATSX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">48.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.97<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Information Technology Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">48.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.12<span>%</span></td> </tr> </table> Janus Henderson Global Technology and Innovation Fund (Class S Shares/JATSX) 0.4854 0.1955 0.1897 S&P 500® Index 0.3635 0.1598 0.1338 MSCI All Country World Information Technology IndexSM 0.4835 0.2278 0.1912 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7,230M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">72</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>40.3M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 7230000000 72 40300000 0.30 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">94.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.1<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277290.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> </table> 0.123 0.100 0.061 0.055 0.043 0.943 0.049 0.008 0.001 0.000 -0.001 Janus Henderson Global Technology and Innovation Fund Class T Shares JAGTX This annual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund<br/>(Class T Shares/JAGTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>112</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span></td> </tr> </table> 112 0.0090 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Global Technology and Innovation Fund Class T Shares returned 48.94%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%. Its additional benchmark, the MSCI All Country World Information Technology Index^SM, returned 48.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Positioning in Apple contributed to returns relative to the additional benchmark; the slower pace of iPhones sales pressured the stock, and our underweight allocation proved beneficial. The Fund’s out-of-benchmark investment in social media company Meta Platforms also contributed. Shares rose on the company’s strong earnings performance and excitement around its artificial intelligence initiatives.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Cloud services provider CCC Intelligence Solutions detracted relative to the additional benchmark as shares declined on concerns over stock sales by a large investor. The Fund also held underweight positions in several mega-cap technology stocks, such as graphic chipmaker NVIDIA, that outperformed the market due to excitement around artificial intelligence. This positioning dampened relative performance.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_277319.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund (Class T Shares/JAGTX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">48.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.87<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Information Technology Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">48.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.12<span>%</span></td> </tr> </table> Janus Henderson Global Technology and Innovation Fund (Class T Shares/JAGTX) 0.4894 0.1987 0.1929 S&P 500® Index 0.3635 0.1598 0.1338 MSCI All Country World Information Technology IndexSM 0.4835 0.2278 0.1912 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7,230M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">72</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>40.3M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 7230000000 72 40300000 0.30 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">94.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">4.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.1<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_277329.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ASML Holding NV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> </table> 0.123 0.100 0.061 0.055 0.043 0.943 0.049 0.008 0.001 0.000 -0.001 Janus Henderson Growth and Income Fund Class A Shares JDNAX This annual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund<br/>(Class A Shares/JDNAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>112</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.99<span>%</span></td> </tr> </table> 112 0.0099 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Growth and Income Fund Class A Shares returned 26.90%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">KLA was a top contributor to relative results. The semiconductor equipment company reported strong earnings growth supported by higher memory chip demand, capital spending on artificial intelligence, and demand stabilization in China. Financial services firm American Express, another contributor, reported strong profits growth that reflected higher customer balances and robust spending by affluent cardmembers.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Accenture was a notable detractor from relative performance. The consulting company’s business slowed due to a shift in IT spending toward artificial intelligence and away from legacy software projects. Nike was another detractor, as the footwear and apparel company’s revenue growth faced headwinds in a challenging environment for consumer discretionary spending.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276188.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund (Class A Shares/JDNAX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.83<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.61<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund (Class A Shares/JDNAX) at Maximum Offering Price - 5.75%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.52<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Growth and Income Fund (Class A Shares/JDNAX) at NAV 0.2690 0.1183 0.1161 Janus Henderson Growth and Income Fund (Class A Shares/JDNAX) at Maximum Offering Price - 5.75% 0.1960 0.1052 0.1095 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7,576M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">66</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>42.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">27<span>%</span></td> </tr> </table> 7576000000 66 42200000 0.27 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KLA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">American Express Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276198.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KLA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">American Express Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> 0.096 0.063 0.034 0.031 0.031 0.999 0.001 -0.000 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Effective January 26, 2024, the Fund's contractual limit on total annual operating expense changed from 0.67% to 0.62%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Effective January 26, 2024, the Fund's contractual limit on total annual operating expense changed from 0.67% to 0.62%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses.</div> 2024-01-26 Janus Henderson Growth and Income Fund Class C Shares JGICX This annual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund<br/>(Class C Shares/JGICX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>184</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.63<span>%</span></td> </tr> </table> 184 0.0163 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Growth and Income Fund Class C Shares returned 26.08%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">KLA was a top contributor to relative results. The semiconductor equipment company reported strong earnings growth supported by higher memory chip demand, capital spending on artificial intelligence, and demand stabilization in China. Financial services firm American Express, another contributor, reported strong profits growth that reflected higher customer balances and robust spending by affluent cardmembers.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Accenture was a notable detractor from relative performance. The consulting company’s business slowed due to a shift in IT spending toward artificial intelligence and away from legacy software projects. Nike was another detractor, as the footwear and apparel company’s revenue growth faced headwinds in a challenging environment for consumer discretionary spending.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276227.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund (Class C Shares/JGICX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.13<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund (Class C Shares/JGICX) with Contingent Deferred Sales Charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.08<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.13<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.</div> </td> </tr> </table> Janus Henderson Growth and Income Fund (Class C Shares/JGICX) at NAV 0.2608 0.1113 0.1084 Janus Henderson Growth and Income Fund (Class C Shares/JGICX) with Contingent Deferred Sales Charge 0.2508 0.1113 0.1084 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7,576M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">66</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>42.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">27<span>%</span></td> </tr> </table> 7576000000 66 42200000 0.27 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KLA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">American Express Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276237.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KLA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">American Express Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> 0.096 0.063 0.034 0.031 0.031 0.999 0.001 -0.000 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Effective January 26, 2024, the Fund's contractual limit on total annual operating expense changed from 0.67% to 0.62%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Effective January 26, 2024, the Fund's contractual limit on total annual operating expense changed from 0.67% to 0.62%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses.</div> 2024-01-26 Janus Henderson Growth and Income Fund Class D Shares JNGIX This annual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span>. You can also request this information by contacting us at 1-800-525-3713. janushenderson.com/reports 1-800-525-3713 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund<br/>(Class D Shares/JNGIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>84</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.74<span>%</span></td> </tr> </table> 84 0.0074 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Growth and Income Fund Class D Shares returned 27.20%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">KLA was a top contributor to relative results. The semiconductor equipment company reported strong earnings growth supported by higher memory chip demand, capital spending on artificial intelligence, and demand stabilization in China. Financial services firm American Express, another contributor, reported strong profits growth that reflected higher customer balances and robust spending by affluent cardmembers.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Accenture was a notable detractor from relative performance. The consulting company’s business slowed due to a shift in IT spending toward artificial intelligence and away from legacy software projects. Nike was another detractor, as the footwear and apparel company’s revenue growth faced headwinds in a challenging environment for consumer discretionary spending.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276266.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund (Class D Shares/JNGIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.12<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Growth and Income Fund (Class D Shares/JNGIX) 0.2720 0.1212 0.1184 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7,576M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">66</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>42.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">27<span>%</span></td> </tr> </table> 7576000000 66 42200000 0.27 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KLA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">American Express Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276276.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KLA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">American Express Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> 0.096 0.063 0.034 0.031 0.031 0.999 0.001 -0.000 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Effective January 26, 2024, the Fund's contractual limit on total annual operating expense changed from 0.67% to 0.62%. The cap excludes shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Effective January 26, 2024, the Fund's contractual limit on total annual operating expense changed from 0.67% to 0.62%. The cap excludes shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses.</div> 2024-01-26 Janus Henderson Growth and Income Fund Class I Shares JGINX This annual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund<br/>(Class I Shares/JGINX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>80</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.70<span>%</span></td> </tr> </table> 80 0.0070 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Growth and Income Fund Class I Shares returned 27.27%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">KLA was a top contributor to relative results. The semiconductor equipment company reported strong earnings growth supported by higher memory chip demand, capital spending on artificial intelligence, and demand stabilization in China. Financial services firm American Express, another contributor, reported strong profits growth that reflected higher customer balances and robust spending by affluent cardmembers.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Accenture was a notable detractor from relative performance. The consulting company’s business slowed due to a shift in IT spending toward artificial intelligence and away from legacy software projects. Nike was another detractor, as the footwear and apparel company’s revenue growth faced headwinds in a challenging environment for consumer discretionary spending.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276305.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund (Class I Shares/JGINX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Growth and Income Fund (Class I Shares/JGINX) 0.2727 0.1217 0.1191 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7,576M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">66</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>42.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">27<span>%</span></td> </tr> </table> 7576000000 66 42200000 0.27 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KLA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">American Express Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276315.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KLA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">American Express Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> 0.096 0.063 0.034 0.031 0.031 0.999 0.001 -0.000 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Effective January 26, 2024, the Fund's contractual limit on total annual operating expense changed from 0.67% to 0.62%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Effective January 26, 2024, the Fund's contractual limit on total annual operating expense changed from 0.67% to 0.62%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses.</div> 2024-01-26 Janus Henderson Growth and Income Fund Class N Shares JDNNX This annual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund<br/>(Class N Shares/JDNNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>70</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.62<span>%</span></td> </tr> </table> 70 0.0062 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Growth and Income Fund Class N Shares returned 27.37%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">KLA was a top contributor to relative results. The semiconductor equipment company reported strong earnings growth supported by higher memory chip demand, capital spending on artificial intelligence, and demand stabilization in China. Financial services firm American Express, another contributor, reported strong profits growth that reflected higher customer balances and robust spending by affluent cardmembers.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Accenture was a notable detractor from relative performance. The consulting company’s business slowed due to a shift in IT spending toward artificial intelligence and away from legacy software projects. Nike was another detractor, as the footwear and apparel company’s revenue growth faced headwinds in a challenging environment for consumer discretionary spending.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276344.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund (Class N Shares/JDNNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.92<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Growth and Income Fund (Class N Shares/JDNNX) 0.2737 0.1226 0.1192 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7,576M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">66</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>42.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">27<span>%</span></td> </tr> </table> 7576000000 66 42200000 0.27 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KLA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">American Express Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276354.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KLA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">American Express Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> 0.096 0.063 0.034 0.031 0.031 0.999 0.001 -0.000 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Effective January 26, 2024, the Fund's contractual limit on total annual operating expense changed from 0.67% to 0.62%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Effective January 26, 2024, the Fund's contractual limit on total annual operating expense changed from 0.67% to 0.62%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses.</div> 2024-01-26 Janus Henderson Growth and Income Fund Class R Shares JDNRX This annual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund<br/>(Class R Shares/JDNRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>156</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.38<span>%</span></td> </tr> </table> 156 0.0138 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Growth and Income Fund Class R Shares returned 26.40%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">KLA was a top contributor to relative results. The semiconductor equipment company reported strong earnings growth supported by higher memory chip demand, capital spending on artificial intelligence, and demand stabilization in China. Financial services firm American Express, another contributor, reported strong profits growth that reflected higher customer balances and robust spending by affluent cardmembers.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Accenture was a notable detractor from relative performance. The consulting company’s business slowed due to a shift in IT spending toward artificial intelligence and away from legacy software projects. Nike was another detractor, as the footwear and apparel company’s revenue growth faced headwinds in a challenging environment for consumer discretionary spending.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276383.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund (Class R Shares/JDNRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.13<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Growth and Income Fund (Class R Shares/JDNRX) 0.2640 0.1140 0.1113 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7,576M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">66</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>42.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">27<span>%</span></td> </tr> </table> 7576000000 66 42200000 0.27 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KLA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">American Express Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276393.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KLA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">American Express Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> 0.096 0.063 0.034 0.031 0.031 0.999 0.001 -0.000 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Effective January 26, 2024, the Fund's contractual limit on total annual operating expense changed from 0.67% to 0.62%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Effective January 26, 2024, the Fund's contractual limit on total annual operating expense changed from 0.67% to 0.62%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses.</div> 2024-01-26 Janus Henderson Growth and Income Fund Class S Shares JADGX This annual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund<br/>(Class S Shares/JADGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>126</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.11<span>%</span></td> </tr> </table> 126 0.0111 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Growth and Income Fund Class S Shares returned 26.75%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">KLA was a top contributor to relative results. The semiconductor equipment company reported strong earnings growth supported by higher memory chip demand, capital spending on artificial intelligence, and demand stabilization in China. Financial services firm American Express, another contributor, reported strong profits growth that reflected higher customer balances and robust spending by affluent cardmembers.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Accenture was a notable detractor from relative performance. The consulting company’s business slowed due to a shift in IT spending toward artificial intelligence and away from legacy software projects. Nike was another detractor, as the footwear and apparel company’s revenue growth faced headwinds in a challenging environment for consumer discretionary spending.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276422.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund (Class S Shares/JADGX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.71<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.44<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Growth and Income Fund (Class S Shares/JADGX) 0.2675 0.1171 0.1144 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7,576M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">66</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>42.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">27<span>%</span></td> </tr> </table> 7576000000 66 42200000 0.27 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KLA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">American Express Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276432.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KLA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">American Express Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> 0.096 0.063 0.034 0.031 0.031 0.999 0.001 -0.000 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Effective January 26, 2024, the Fund's contractual limit on total annual operating expense changed from 0.67% to 0.62%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Effective January 26, 2024, the Fund's contractual limit on total annual operating expense changed from 0.67% to 0.62%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses.</div> 2024-01-26 Janus Henderson Growth and Income Fund Class T Shares JAGIX This annual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund<br/>(Class T Shares/JAGIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>97</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.85<span>%</span></td> </tr> </table> 97 0.0085 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Growth and Income Fund Class T Shares returned 27.08%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">KLA was a top contributor to relative results. The semiconductor equipment company reported strong earnings growth supported by higher memory chip demand, capital spending on artificial intelligence, and demand stabilization in China. Financial services firm American Express, another contributor, reported strong profits growth that reflected higher customer balances and robust spending by affluent cardmembers.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Accenture was a notable detractor from relative performance. The consulting company’s business slowed due to a shift in IT spending toward artificial intelligence and away from legacy software projects. Nike was another detractor, as the footwear and apparel company’s revenue growth faced headwinds in a challenging environment for consumer discretionary spending.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_276461.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund (Class T Shares/JAGIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.73<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Growth and Income Fund (Class T Shares/JAGIX) 0.2708 0.1200 0.1173 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7,576M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">66</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>42.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">27<span>%</span></td> </tr> </table> 7576000000 66 42200000 0.27 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KLA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">American Express Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_276471.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KLA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">American Express Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> 0.096 0.063 0.034 0.031 0.031 0.999 0.001 -0.000 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Effective January 26, 2024, the Fund's contractual limit on total annual operating expense changed from 0.67% to 0.62%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Effective January 26, 2024, the Fund's contractual limit on total annual operating expense changed from 0.67% to 0.62%. The cap excludes fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses.</div> 2024-01-26 Janus Henderson Overseas Fund Class A Shares JDIAX This annual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund<br/>(Class A Shares/JDIAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>131</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.18<span>%</span></td> </tr> </table> 131 0.0118 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Overseas Fund Class A Shares returned 21.36%. Its broad-based benchmark, the MSCI All Country World ex-USA Index^SM, returned 25.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Taiwan Semiconductor Manufacturing Company (TSMC) contributed to relative performance. TSMC delivered strong revenue growth, fueled in part by its fabrication of graphics processing units integral to the deployment of generative artificial intelligence. Italy-based international banking group UniCredit, another contributor, was rewarded by investors for its disciplined, shareholder-friendly capital allocation.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsonite International detracted from relative results. The multinational luggage company reported lower-than-expected revenue growth and reduced guidance, due in part to macroeconomic weakness in China. UK-based online and sports betting company Entain, another detractor, faced regulatory uncertainty and competitive challenges in the U.S. sports betting market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274043.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund (Class A Shares/JDIAX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.76<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund (Class A Shares/JDIAX) at Maximum Offering Price - 5.75%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.63<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.14<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World ex-USA Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.22<span>%</span></td> </tr> </table> Janus Henderson Overseas Fund (Class A Shares/JDIAX) at NAV 0.2136 0.1094 0.0476 Janus Henderson Overseas Fund (Class A Shares/JDIAX) at Maximum Offering Price - 5.75% 0.1438 0.0963 0.0414 MSCI All Country World ex-USA IndexSM 0.2535 0.0759 0.0522 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,543M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">46</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23.8M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">45<span>%</span></td> </tr> </table> 3543000000 46 23800000 0.45 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BNP Paribas SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274053.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BNP Paribas SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.069 0.041 0.040 0.036 0.036 0.957 0.023 0.018 0.004 -0.002 Janus Henderson Overseas Fund Class C Shares JIGCX This annual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund<br/>(Class C Shares/JIGCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>202</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.83<span>%</span></td> </tr> </table> 202 0.0183 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Overseas Fund Class C Shares returned 20.58%. Its broad-based benchmark, the MSCI All Country World ex-USA Index^SM, returned 25.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Taiwan Semiconductor Manufacturing Company (TSMC) contributed to relative performance. TSMC delivered strong revenue growth, fueled in part by its fabrication of graphics processing units integral to the deployment of generative artificial intelligence. Italy-based international banking group UniCredit, another contributor, was rewarded by investors for its disciplined, shareholder-friendly capital allocation.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsonite International detracted from relative results. The multinational luggage company reported lower-than-expected revenue growth and reduced guidance, due in part to macroeconomic weakness in China. UK-based online and sports betting company Entain, another detractor, faced regulatory uncertainty and competitive challenges in the U.S. sports betting market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274082.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund (Class C Shares/JIGCX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund (Class C Shares/JIGCX) with Contingent Deferred Sales Charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.58<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World ex-USA Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.22<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.</div> </td> </tr> </table> Janus Henderson Overseas Fund (Class C Shares/JIGCX) at NAV 0.2058 0.1007 0.0396 Janus Henderson Overseas Fund (Class C Shares/JIGCX) with Contingent Deferred Sales Charge 0.1958 0.1007 0.0396 MSCI All Country World ex-USA IndexSM 0.2535 0.0759 0.0522 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,543M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">46</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23.8M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">45<span>%</span></td> </tr> </table> 3543000000 46 23800000 0.45 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BNP Paribas SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274092.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BNP Paribas SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.069 0.041 0.040 0.036 0.036 0.957 0.023 0.018 0.004 -0.002 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Previously, Janus Henderson Investors US LLC contractually agreed to limit the net annual fund operating expenses of Class C Shares of the Fund to the extent they exceeded 1.95%. The cap excluded performance adjustments to management fees, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses. This limit was in effect for a period of one year and was discontinued on June 16, 2024.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Previously, Janus Henderson Investors US LLC contractually agreed to limit the net annual fund operating expenses of Class C Shares of the Fund to the extent they exceeded 1.95%. The cap excluded performance adjustments to management fees, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses. This limit was in effect for a period of one year and was discontinued on June 16, 2024.</div> Janus Henderson Overseas Fund Class D Shares JNOSX This annual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span>. You can also request this information by contacting us at 1-800-525-3713. janushenderson.com/reports 1-800-525-3713 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund<br/>(Class D Shares/JNOSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>104</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.94<span>%</span></td> </tr> </table> 104 0.0094 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Overseas Fund Class D Shares returned 21.65%. Its broad-based benchmark, the MSCI All Country World ex-USA Index^SM, returned 25.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Taiwan Semiconductor Manufacturing Company (TSMC) contributed to relative performance. TSMC delivered strong revenue growth, fueled in part by its fabrication of graphics processing units integral to the deployment of generative artificial intelligence. Italy-based international banking group UniCredit, another contributor, was rewarded by investors for its disciplined, shareholder-friendly capital allocation.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsonite International detracted from relative results. The multinational luggage company reported lower-than-expected revenue growth and reduced guidance, due in part to macroeconomic weakness in China. UK-based online and sports betting company Entain, another detractor, faced regulatory uncertainty and competitive challenges in the U.S. sports betting market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274121.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund (Class D Shares/JNOSX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.24<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.06<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World ex-USA Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.22<span>%</span></td> </tr> </table> Janus Henderson Overseas Fund (Class D Shares/JNOSX) 0.2165 0.1124 0.0506 MSCI All Country World ex-USA IndexSM 0.2535 0.0759 0.0522 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,543M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">46</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23.8M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">45<span>%</span></td> </tr> </table> 3543000000 46 23800000 0.45 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BNP Paribas SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274131.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BNP Paribas SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.069 0.041 0.040 0.036 0.036 0.957 0.023 0.018 0.004 -0.002 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Previously, Janus Henderson Investors US LLC contractually agreed to limit the net annual fund operating expenses of Class D Shares of the Fund to the extent they exceeded 0.95%. The cap excluded performance adjustments to management fees, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses. This limit was in effect for a period of one year and was discontinued on June 16, 2024.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Previously, Janus Henderson Investors US LLC contractually agreed to limit the net annual fund operating expenses of Class D Shares of the Fund to the extent they exceeded 0.95%. The cap excluded performance adjustments to management fees, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses. This limit was in effect for a period of one year and was discontinued on June 16, 2024.</div> Janus Henderson Overseas Fund Class I Shares JIGFX This annual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund<br/>(Class I Shares/JIGFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>100</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span></td> </tr> </table> 100 0.0090 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Overseas Fund Class I Shares returned 21.71%. Its broad-based benchmark, the MSCI All Country World ex-USA Index^SM, returned 25.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Taiwan Semiconductor Manufacturing Company (TSMC) contributed to relative performance. TSMC delivered strong revenue growth, fueled in part by its fabrication of graphics processing units integral to the deployment of generative artificial intelligence. Italy-based international banking group UniCredit, another contributor, was rewarded by investors for its disciplined, shareholder-friendly capital allocation.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsonite International detracted from relative results. The multinational luggage company reported lower-than-expected revenue growth and reduced guidance, due in part to macroeconomic weakness in China. UK-based online and sports betting company Entain, another detractor, faced regulatory uncertainty and competitive challenges in the U.S. sports betting market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274160.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund (Class I Shares/JIGFX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.71<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.29<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World ex-USA Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.22<span>%</span></td> </tr> </table> Janus Henderson Overseas Fund (Class I Shares/JIGFX) 0.2171 0.1129 0.0510 MSCI All Country World ex-USA IndexSM 0.2535 0.0759 0.0522 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,543M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">46</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23.8M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">45<span>%</span></td> </tr> </table> 3543000000 46 23800000 0.45 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BNP Paribas SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274170.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BNP Paribas SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.069 0.041 0.040 0.036 0.036 0.957 0.023 0.018 0.004 -0.002 Janus Henderson Overseas Fund Class N Shares JDINX This annual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund<br/>(Class N Shares/JDINX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>89</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span></td> </tr> </table> 89 0.0080 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Overseas Fund Class N Shares returned 21.83%. Its broad-based benchmark, the MSCI All Country World ex-USA Index^SM, returned 25.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Taiwan Semiconductor Manufacturing Company (TSMC) contributed to relative performance. TSMC delivered strong revenue growth, fueled in part by its fabrication of graphics processing units integral to the deployment of generative artificial intelligence. Italy-based international banking group UniCredit, another contributor, was rewarded by investors for its disciplined, shareholder-friendly capital allocation.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsonite International detracted from relative results. The multinational luggage company reported lower-than-expected revenue growth and reduced guidance, due in part to macroeconomic weakness in China. UK-based online and sports betting company Entain, another detractor, faced regulatory uncertainty and competitive challenges in the U.S. sports betting market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274199.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund (Class N Shares/JDINX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.83<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.21<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World ex-USA Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.22<span>%</span></td> </tr> </table> Janus Henderson Overseas Fund (Class N Shares/JDINX) 0.2183 0.1140 0.0521 MSCI All Country World ex-USA IndexSM 0.2535 0.0759 0.0522 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,543M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">46</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23.8M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">45<span>%</span></td> </tr> </table> 3543000000 46 23800000 0.45 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BNP Paribas SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274209.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BNP Paribas SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.069 0.041 0.040 0.036 0.036 0.957 0.023 0.018 0.004 -0.002 Janus Henderson Overseas Fund Class R Shares JDIRX This annual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund<br/>(Class R Shares/JDIRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>171</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.55<span>%</span></td> </tr> </table> 171 0.0155 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Overseas Fund Class R Shares returned 20.93%. Its broad-based benchmark, the MSCI All Country World ex-USA Index^SM, returned 25.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Taiwan Semiconductor Manufacturing Company (TSMC) contributed to relative performance. TSMC delivered strong revenue growth, fueled in part by its fabrication of graphics processing units integral to the deployment of generative artificial intelligence. Italy-based international banking group UniCredit, another contributor, was rewarded by investors for its disciplined, shareholder-friendly capital allocation.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsonite International detracted from relative results. The multinational luggage company reported lower-than-expected revenue growth and reduced guidance, due in part to macroeconomic weakness in China. UK-based online and sports betting company Entain, another detractor, faced regulatory uncertainty and competitive challenges in the U.S. sports betting market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274238.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund (Class R Shares/JDIRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.93<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.44<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World ex-USA Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.22<span>%</span></td> </tr> </table> Janus Henderson Overseas Fund (Class R Shares/JDIRX) 0.2093 0.1057 0.0444 MSCI All Country World ex-USA IndexSM 0.2535 0.0759 0.0522 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,543M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">46</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23.8M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">45<span>%</span></td> </tr> </table> 3543000000 46 23800000 0.45 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BNP Paribas SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274248.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BNP Paribas SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.069 0.041 0.040 0.036 0.036 0.957 0.023 0.018 0.004 -0.002 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Previously, Janus Henderson Investors US LLC contractually agreed to limit the net annual fund operating expenses of Class R Shares of the Fund to the extent they exceeded 1.54%. The cap excluded performance adjustments to management fees, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses. This limit was in effect for a period of one year and was discontinued on June 16, 2024.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">Previously, Janus Henderson Investors US LLC contractually agreed to limit the net annual fund operating expenses of Class R Shares of the Fund to the extent they exceeded 1.54%. The cap excluded performance adjustments to management fees, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses. This limit was in effect for a period of one year and was discontinued on June 16, 2024.</div> Janus Henderson Overseas Fund Class S Shares JIGRX This annual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund<br/>(Class S Shares/JIGRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>143</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.29<span>%</span></td> </tr> </table> 143 0.0129 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Overseas Fund Class S Shares returned 21.23%. Its broad-based benchmark, the MSCI All Country World ex-USA Index^SM, returned 25.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Taiwan Semiconductor Manufacturing Company (TSMC) contributed to relative performance. TSMC delivered strong revenue growth, fueled in part by its fabrication of graphics processing units integral to the deployment of generative artificial intelligence. Italy-based international banking group UniCredit, another contributor, was rewarded by investors for its disciplined, shareholder-friendly capital allocation.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsonite International detracted from relative results. The multinational luggage company reported lower-than-expected revenue growth and reduced guidance, due in part to macroeconomic weakness in China. UK-based online and sports betting company Entain, another detractor, faced regulatory uncertainty and competitive challenges in the U.S. sports betting market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274277.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund (Class S Shares/JIGRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.70<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World ex-USA Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.22<span>%</span></td> </tr> </table> Janus Henderson Overseas Fund (Class S Shares/JIGRX) 0.2123 0.1085 0.0470 MSCI All Country World ex-USA IndexSM 0.2535 0.0759 0.0522 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,543M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">46</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23.8M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">45<span>%</span></td> </tr> </table> 3543000000 46 23800000 0.45 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BNP Paribas SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274287.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BNP Paribas SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.069 0.041 0.040 0.036 0.036 0.957 0.023 0.018 0.004 -0.002 Janus Henderson Overseas Fund Class T Shares JAOSX This annual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund<br/>(Class T Shares/JAOSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>114</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.03<span>%</span></td> </tr> </table> 114 0.0103 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Overseas Fund Class T Shares returned 21.54%. Its broad-based benchmark, the MSCI All Country World ex-USA Index^SM, returned 25.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Taiwan Semiconductor Manufacturing Company (TSMC) contributed to relative performance. TSMC delivered strong revenue growth, fueled in part by its fabrication of graphics processing units integral to the deployment of generative artificial intelligence. Italy-based international banking group UniCredit, another contributor, was rewarded by investors for its disciplined, shareholder-friendly capital allocation.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Samsonite International detracted from relative results. The multinational luggage company reported lower-than-expected revenue growth and reduced guidance, due in part to macroeconomic weakness in China. UK-based online and sports betting company Entain, another detractor, faced regulatory uncertainty and competitive challenges in the U.S. sports betting market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_274316.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund (Class T Shares/JAOSX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.97<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World ex-USA Index^SM</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.22<span>%</span></td> </tr> </table> Janus Henderson Overseas Fund (Class T Shares/JAOSX) 0.2154 0.1114 0.0497 MSCI All Country World ex-USA IndexSM 0.2535 0.0759 0.0522 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,543M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">46</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23.8M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">45<span>%</span></td> </tr> </table> 3543000000 46 23800000 0.45 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BNP Paribas SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Preferred Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_274326.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teck Resources Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BAE Systems PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Liberty Media Corp-Liberty Formula One - Series C</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BNP Paribas SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.069 0.041 0.040 0.036 0.036 0.957 0.023 0.018 0.004 -0.002 Janus Henderson Research Fund Class A Shares JRAAX This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund<br/>(Class A Shares/JRAAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>106</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.86<span>%</span></td> </tr> </table> 106 0.0086 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Research Fund Class A Shares returned 45.50%. Its broad-based benchmark, the Russell 1000^® Index, returned 35.68%. Its performance benchmark, the Russell 1000^® Growth Index, returned 42.19%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">NVIDIA was a top contributor to returns relative to the performance benchmark. The graphics chip company reported strong earnings growth supported by robust demand for data center graphics processor units used in generative artificial intelligence. Aircraft component manufacturer Howmet Aerospace was another contributor, as it delivered several quarters of strong profits growth that surpassed expectations.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Electric vehicle (EV) manufacturer Rivian Automotive detracted from returns relative to the performance benchmark, as slower EV sales and market share declines hurt its financial performance. We exited the position during the period. Real estate analytics company CoStar Group also detracted, as higher interest rates pressured its commercial real estate business through the first half of the 2024.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_273458.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund (Class A Shares/JRAAX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">45.50<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.29<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund (Class A Shares/JRAAX) at Maximum Offering Price - 5.75%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">37.13<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.62<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Research Fund (Class A Shares/JRAAX) at NAV 0.4550 0.1747 0.1429 Janus Henderson Research Fund (Class A Shares/JRAAX) at Maximum Offering Price - 5.75% 0.3713 0.1609 0.1362 Russell 1000® Index 0.3568 0.1564 0.1310 Russell 1000® Growth Index 0.4219 0.1974 0.1652 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23,814M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">85</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>111.6M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">27<span>%</span></td> </tr> </table> 23814000000 85 111600000 0.27 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">100.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.1<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273468.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> </table> 0.123 0.114 0.069 0.063 0.057 1.000 0.001 0.000 0.000 -0.001 Janus Henderson Research Fund Class C Shares JRACX This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund<br/>(Class C Shares/JRACX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>171</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.40<span>%</span></td> </tr> </table> 171 0.0140 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Research Fund Class C Shares returned 44.73%. Its broad-based benchmark, the Russell 1000^® Index, returned 35.68%. Its performance benchmark, the Russell 1000^® Growth Index, returned 42.19%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">NVIDIA was a top contributor to returns relative to the performance benchmark. The graphics chip company reported strong earnings growth supported by robust demand for data center graphics processor units used in generative artificial intelligence. Aircraft component manufacturer Howmet Aerospace was another contributor, as it delivered several quarters of strong profits growth that surpassed expectations.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Electric vehicle (EV) manufacturer Rivian Automotive detracted from returns relative to the performance benchmark, as slower EV sales and market share declines hurt its financial performance. We exited the position during the period. Real estate analytics company CoStar Group also detracted, as higher interest rates pressured its commercial real estate business through the first half of the 2024.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_273497.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund (Class C Shares/JRACX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">44.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.50<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund (Class C Shares/JRACX) with Contingent Deferred Sales Charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">43.73<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.50<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.</div> </td> </tr> </table> Janus Henderson Research Fund (Class C Shares/JRACX) at NAV 0.4473 0.1665 0.1350 Janus Henderson Research Fund (Class C Shares/JRACX) with Contingent Deferred Sales Charge 0.4373 0.1665 0.1350 Russell 1000® Index 0.3568 0.1564 0.1310 Russell 1000® Growth Index 0.4219 0.1974 0.1652 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23,814M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">85</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>111.6M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">27<span>%</span></td> </tr> </table> 23814000000 85 111600000 0.27 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">100.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.1<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273507.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> </table> 0.123 0.114 0.069 0.063 0.057 1.000 0.001 0.000 0.000 -0.001 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to a decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell 1000^® Growth Index.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to a decrease in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell 1000^® Growth Index.</div> Janus Henderson Research Fund Class D Shares JNRFX This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span>. You can also request this information by contacting us at 1-800-525-3713. janushenderson.com/reports 1-800-525-3713 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund<br/>(Class D Shares/JNRFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>82</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.67<span>%</span></td> </tr> </table> 82 0.0067 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Research Fund Class D Shares returned 45.78%. Its broad-based benchmark, the Russell 1000^® Index, returned 35.68%. Its performance benchmark, the Russell 1000^® Growth Index, returned 42.19%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">NVIDIA was a top contributor to returns relative to the performance benchmark. The graphics chip company reported strong earnings growth supported by robust demand for data center graphics processor units used in generative artificial intelligence. Aircraft component manufacturer Howmet Aerospace was another contributor, as it delivered several quarters of strong profits growth that surpassed expectations.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Electric vehicle (EV) manufacturer Rivian Automotive detracted from returns relative to the performance benchmark, as slower EV sales and market share declines hurt its financial performance. We exited the position during the period. Real estate analytics company CoStar Group also detracted, as higher interest rates pressured its commercial real estate business through the first half of the 2024.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_273536.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund (Class D Shares/JNRFX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">45.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Research Fund (Class D Shares/JNRFX) 0.4578 0.1770 0.1452 Russell 1000® Index 0.3568 0.1564 0.1310 Russell 1000® Growth Index 0.4219 0.1974 0.1652 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23,814M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">85</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>111.6M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">27<span>%</span></td> </tr> </table> 23814000000 85 111600000 0.27 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">100.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.1<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273546.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> </table> 0.123 0.114 0.069 0.063 0.057 1.000 0.001 0.000 0.000 -0.001 Janus Henderson Research Fund Class I Shares JRAIX This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund<br/>(Class I Shares/JRAIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>79</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.64<span>%</span></td> </tr> </table> 79 0.0064 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Research Fund Class I Shares returned 45.83%. Its broad-based benchmark, the Russell 1000^® Index, returned 35.68%. Its performance benchmark, the Russell 1000^® Growth Index, returned 42.19%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">NVIDIA was a top contributor to returns relative to the performance benchmark. The graphics chip company reported strong earnings growth supported by robust demand for data center graphics processor units used in generative artificial intelligence. Aircraft component manufacturer Howmet Aerospace was another contributor, as it delivered several quarters of strong profits growth that surpassed expectations.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Electric vehicle (EV) manufacturer Rivian Automotive detracted from returns relative to the performance benchmark, as slower EV sales and market share declines hurt its financial performance. We exited the position during the period. Real estate analytics company CoStar Group also detracted, as higher interest rates pressured its commercial real estate business through the first half of the 2024.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_273575.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund (Class I Shares/JRAIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">45.83<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.59<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Research Fund (Class I Shares/JRAIX) 0.4583 0.1775 0.1459 Russell 1000® Index 0.3568 0.1564 0.1310 Russell 1000® Growth Index 0.4219 0.1974 0.1652 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23,814M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">85</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>111.6M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">27<span>%</span></td> </tr> </table> 23814000000 85 111600000 0.27 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">100.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.1<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273585.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> </table> 0.123 0.114 0.069 0.063 0.057 1.000 0.001 0.000 0.000 -0.001 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell 1000^® Growth Index.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell 1000^® Growth Index.</div> Janus Henderson Research Fund Class N Shares JRANX This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; font-weight: bold;" title="oef:MaterialFundChngNoticeTextBlock">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund<br/>(Class N Shares/JRANX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>68</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.55<span>%</span></td> </tr> </table> 68 0.0055 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Research Fund Class N Shares returned 45.95%. Its broad-based benchmark, the Russell 1000^® Index, returned 35.68%. Its performance benchmark, the Russell 1000^® Growth Index, returned 42.19%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">NVIDIA was a top contributor to returns relative to the performance benchmark. The graphics chip company reported strong earnings growth supported by robust demand for data center graphics processor units used in generative artificial intelligence. Aircraft component manufacturer Howmet Aerospace was another contributor, as it delivered several quarters of strong profits growth that surpassed expectations.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Electric vehicle (EV) manufacturer Rivian Automotive detracted from returns relative to the performance benchmark, as slower EV sales and market share declines hurt its financial performance. We exited the position during the period. Real estate analytics company CoStar Group also detracted, as higher interest rates pressured its commercial real estate business through the first half of the 2024.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_273614.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund (Class N Shares/JRANX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">45.95<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.68<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Research Fund (Class N Shares/JRANX) 0.4595 0.1785 0.1468 Russell 1000® Index 0.3568 0.1564 0.1310 Russell 1000® Growth Index 0.4219 0.1974 0.1652 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23,814M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">85</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>111.6M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">27<span>%</span></td> </tr> </table> 23814000000 85 111600000 0.27 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">100.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.1<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273624.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> </table> 0.123 0.114 0.069 0.063 0.057 1.000 0.001 0.000 0.000 -0.001 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">What material changes have occurred since the beginning of the fiscal year?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2023.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell 1000^® Growth Index.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 7.5pt;">The Fund’s net expense ratio materially changed from the prior fiscal<span style="white-space: nowrap;"> </span>year due to an increase in the Fund’s advisory fee rate, which adjusts up or down based on the Fund’s performance relative to the Russell 1000^® Growth Index.</div> Janus Henderson Research Fund Class R Shares JRARX This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund<br/>(Class R Shares/JRARX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>158</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.29<span>%</span></td> </tr> </table> 158 0.0129 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Research Fund Class R Shares returned 44.87%. Its broad-based benchmark, the Russell 1000^® Index, returned 35.68%. Its performance benchmark, the Russell 1000^® Growth Index, returned 42.19%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">NVIDIA was a top contributor to returns relative to the performance benchmark. The graphics chip company reported strong earnings growth supported by robust demand for data center graphics processor units used in generative artificial intelligence. Aircraft component manufacturer Howmet Aerospace was another contributor, as it delivered several quarters of strong profits growth that surpassed expectations.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Electric vehicle (EV) manufacturer Rivian Automotive detracted from returns relative to the performance benchmark, as slower EV sales and market share declines hurt its financial performance. We exited the position during the period. Real estate analytics company CoStar Group also detracted, as higher interest rates pressured its commercial real estate business through the first half of the 2024.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_273653.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund (Class R Shares/JRARX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">44.87<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Research Fund (Class R Shares/JRARX) 0.4487 0.1694 0.1391 Russell 1000® Index 0.3568 0.1564 0.1310 Russell 1000® Growth Index 0.4219 0.1974 0.1652 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23,814M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">85</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>111.6M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">27<span>%</span></td> </tr> </table> 23814000000 85 111600000 0.27 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">100.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.1<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273663.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> </table> 0.123 0.114 0.069 0.063 0.057 1.000 0.001 0.000 0.000 -0.001 Janus Henderson Research Fund Class S Shares JRASX This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund<br/>(Class S Shares/JRASX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>130</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.06<span>%</span></td> </tr> </table> 130 0.0106 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Research Fund Class S Shares returned 45.21%. Its broad-based benchmark, the Russell 1000^® Index, returned 35.68%. Its performance benchmark, the Russell 1000^® Growth Index, returned 42.19%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">NVIDIA was a top contributor to returns relative to the performance benchmark. The graphics chip company reported strong earnings growth supported by robust demand for data center graphics processor units used in generative artificial intelligence. Aircraft component manufacturer Howmet Aerospace was another contributor, as it delivered several quarters of strong profits growth that surpassed expectations.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Electric vehicle (EV) manufacturer Rivian Automotive detracted from returns relative to the performance benchmark, as slower EV sales and market share declines hurt its financial performance. We exited the position during the period. Real estate analytics company CoStar Group also detracted, as higher interest rates pressured its commercial real estate business through the first half of the 2024.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_273692.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund (Class S Shares/JRASX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">45.21<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Research Fund (Class S Shares/JRASX) 0.4521 0.1725 0.1410 Russell 1000® Index 0.3568 0.1564 0.1310 Russell 1000® Growth Index 0.4219 0.1974 0.1652 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23,814M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">85</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>111.6M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">27<span>%</span></td> </tr> </table> 23814000000 85 111600000 0.27 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">100.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.1<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273702.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> </table> 0.123 0.114 0.069 0.063 0.057 1.000 0.001 0.000 0.000 -0.001 Janus Henderson Research Fund Class T Shares JAMRX This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund<br/>(Class T Shares/JAMRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>96</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.78<span>%</span></td> </tr> </table> 96 0.0078 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Research Fund Class T Shares returned 45.64%. Its broad-based benchmark, the Russell 1000^® Index, returned 35.68%. Its performance benchmark, the Russell 1000^® Growth Index, returned 42.19%. Its additional benchmark, the S&amp;P 500^® Index, returned 36.35%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">NVIDIA was a top contributor to returns relative to the performance benchmark. The graphics chip company reported strong earnings growth supported by robust demand for data center graphics processor units used in generative artificial intelligence. Aircraft component manufacturer Howmet Aerospace was another contributor, as it delivered several quarters of strong profits growth that surpassed expectations.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Electric vehicle (EV) manufacturer Rivian Automotive detracted from returns relative to the performance benchmark, as slower EV sales and market share declines hurt its financial performance. We exited the position during the period. Real estate analytics company CoStar Group also detracted, as higher interest rates pressured its commercial real estate business through the first half of the 2024.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_273731.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund (Class T Shares/JAMRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">45.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">36.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr> </table> Janus Henderson Research Fund (Class T Shares/JAMRX) 0.4564 0.1758 0.1441 Russell 1000® Index 0.3568 0.1564 0.1310 Russell 1000® Growth Index 0.4219 0.1974 0.1652 S&P 500® Index 0.3635 0.1598 0.1338 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23,814M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">85</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>111.6M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">27<span>%</span></td> </tr> </table> 23814000000 85 111600000 0.27 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">100.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.1<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273741.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apple Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Meta Platforms Inc - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> </table> 0.123 0.114 0.069 0.063 0.057 1.000 0.001 0.000 0.000 -0.001 Janus Henderson Triton Fund Class A Shares JGMAX This annual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund<br/>(Class A Shares/JGMAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>123</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.10<span>%</span></td> </tr> </table> 123 0.0110 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Triton Fund Class A Shares returned 23.06%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell 2500™ Growth Index, returned 25.20%. Its additional benchmark, the Russell 2000^® Growth Index, returned 27.66%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">AST SpaceMobile was a top contributor relative to the performance benchmark. This early-stage communications services company secured major contracts and funding to support its development of a low-orbit satellite network. Healthcare company Vaxcyte, another contributor, reported positive clinical trial results for its vaccine that targets 31 strains of invasive pneumococcal disease.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Rentokil Initial was a notable detractor from returns relative to the performance benchmark. The consumer services company faced revenue and earnings headwinds because of the slower-than-expected integration of its U.S. Terminix pest control business. ON Semiconductor, another detractor, reported weaker business trends due to slowing in the electric vehicle market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_272873.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund (Class A Shares/JGMAX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.95<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.54<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund (Class A Shares/JGMAX) at Maximum Offering Price - 5.75%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.89<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2500™ Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.95<span>%</span></td> </tr> </table> Janus Henderson Triton Fund (Class A Shares/JGMAX) at NAV 0.2306 0.0695 0.0954 Janus Henderson Triton Fund (Class A Shares/JGMAX) at Maximum Offering Price - 5.75% 0.1599 0.0569 0.0889 Russell 3000® Index 0.3519 0.1526 0.1283 Russell 2500™ Growth Index 0.2520 0.0975 0.0998 Russell 2000® Growth Index 0.2766 0.0882 0.0895 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,661M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">130</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>41.6M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">19<span>%</span></td> </tr> </table> 6661000000 130 41600000 0.19 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teledyne Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crown Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Cboe Global Markets Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.8</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_272883.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teledyne Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crown Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Cboe Global Markets Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.8</td> </tr> </table> 0.027 0.024 0.019 0.019 0.018 0.992 0.009 0.007 0.004 0.000 -0.012 Janus Henderson Triton Fund Class C Shares JGMCX This annual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund<br/>(Class C Shares/JGMCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>187</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.68<span>%</span></td> </tr> </table> 187 0.0168 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Triton Fund Class C Shares returned 22.39%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell 2500™ Growth Index, returned 25.20%. Its additional benchmark, the Russell 2000^® Growth Index, returned 27.66%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">AST SpaceMobile was a top contributor relative to the performance benchmark. This early-stage communications services company secured major contracts and funding to support its development of a low-orbit satellite network. Healthcare company Vaxcyte, another contributor, reported positive clinical trial results for its vaccine that targets 31 strains of invasive pneumococcal disease.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Rentokil Initial was a notable detractor from returns relative to the performance benchmark. The consumer services company faced revenue and earnings headwinds because of the slower-than-expected integration of its U.S. Terminix pest control business. ON Semiconductor, another detractor, reported weaker business trends due to slowing in the electric vehicle market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_272912.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund (Class C Shares/JGMCX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.92<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund (Class C Shares/JGMCX) with Contingent Deferred Sales Charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">21.39<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.92<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2500™ Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.95<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.</div> </td> </tr> </table> Janus Henderson Triton Fund (Class C Shares/JGMCX) at NAV 0.2239 0.0639 0.0892 Janus Henderson Triton Fund (Class C Shares/JGMCX) with Contingent Deferred Sales Charge 0.2139 0.0639 0.0892 Russell 3000® Index 0.3519 0.1526 0.1283 Russell 2500™ Growth Index 0.2520 0.0975 0.0998 Russell 2000® Growth Index 0.2766 0.0882 0.0895 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,661M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">130</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>41.6M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">19<span>%</span></td> </tr> </table> 6661000000 130 41600000 0.19 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teledyne Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crown Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Cboe Global Markets Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.8</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_272922.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teledyne Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crown Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Cboe Global Markets Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.8</td> </tr> </table> 0.027 0.024 0.019 0.019 0.018 0.992 0.009 0.007 0.004 0.000 -0.012 Janus Henderson Triton Fund Class D Shares JANIX This annual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span>. You can also request this information by contacting us at 1-800-525-3713. janushenderson.com/reports 1-800-525-3713 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund<br/>(Class D Shares/JANIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>88</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.79<span>%</span></td> </tr> </table> 88 0.0079 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Triton Fund Class D Shares returned 23.44%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell 2500™ Growth Index, returned 25.20%. Its additional benchmark, the Russell 2000^® Growth Index, returned 27.66%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">AST SpaceMobile was a top contributor relative to the performance benchmark. This early-stage communications services company secured major contracts and funding to support its development of a low-orbit satellite network. Healthcare company Vaxcyte, another contributor, reported positive clinical trial results for its vaccine that targets 31 strains of invasive pneumococcal disease.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Rentokil Initial was a notable detractor from returns relative to the performance benchmark. The consumer services company faced revenue and earnings headwinds because of the slower-than-expected integration of its U.S. Terminix pest control business. ON Semiconductor, another detractor, reported weaker business trends due to slowing in the electric vehicle market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_272951.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund (Class D Shares/JANIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.89<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2500™ Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.95<span>%</span></td> </tr> </table> Janus Henderson Triton Fund (Class D Shares/JANIX) 0.2344 0.0730 0.0989 Russell 3000® Index 0.3519 0.1526 0.1283 Russell 2500™ Growth Index 0.2520 0.0975 0.0998 Russell 2000® Growth Index 0.2766 0.0882 0.0895 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,661M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">130</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>41.6M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">19<span>%</span></td> </tr> </table> 6661000000 130 41600000 0.19 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teledyne Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crown Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Cboe Global Markets Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.8</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_272961.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teledyne Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crown Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Cboe Global Markets Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.8</td> </tr> </table> 0.027 0.024 0.019 0.019 0.018 0.992 0.009 0.007 0.004 0.000 -0.012 Janus Henderson Triton Fund Class I Shares JSMGX This annual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund<br/>(Class I Shares/JSMGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>86</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.77<span>%</span></td> </tr> </table> 86 0.0077 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Triton Fund Class I Shares returned 23.48%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell 2500™ Growth Index, returned 25.20%. Its additional benchmark, the Russell 2000^® Growth Index, returned 27.66%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">AST SpaceMobile was a top contributor relative to the performance benchmark. This early-stage communications services company secured major contracts and funding to support its development of a low-orbit satellite network. Healthcare company Vaxcyte, another contributor, reported positive clinical trial results for its vaccine that targets 31 strains of invasive pneumococcal disease.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Rentokil Initial was a notable detractor from returns relative to the performance benchmark. The consumer services company faced revenue and earnings headwinds because of the slower-than-expected integration of its U.S. Terminix pest control business. ON Semiconductor, another detractor, reported weaker business trends due to slowing in the electric vehicle market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_272990.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund (Class I Shares/JSMGX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.93<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2500™ Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.95<span>%</span></td> </tr> </table> Janus Henderson Triton Fund (Class I Shares/JSMGX) 0.2348 0.0733 0.0993 Russell 3000® Index 0.3519 0.1526 0.1283 Russell 2500™ Growth Index 0.2520 0.0975 0.0998 Russell 2000® Growth Index 0.2766 0.0882 0.0895 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,661M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">130</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>41.6M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">19<span>%</span></td> </tr> </table> 6661000000 130 41600000 0.19 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teledyne Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crown Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Cboe Global Markets Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.8</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273000.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teledyne Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crown Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Cboe Global Markets Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.8</td> </tr> </table> 0.027 0.024 0.019 0.019 0.018 0.992 0.009 0.007 0.004 0.000 -0.012 Janus Henderson Triton Fund Class N Shares JGMNX This annual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund<br/>(Class N Shares/JGMNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>74</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.66<span>%</span></td> </tr> </table> 74 0.0066 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Triton Fund Class N Shares returned 23.59%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell 2500™ Growth Index, returned 25.20%. Its additional benchmark, the Russell 2000^® Growth Index, returned 27.66%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">AST SpaceMobile was a top contributor relative to the performance benchmark. This early-stage communications services company secured major contracts and funding to support its development of a low-orbit satellite network. Healthcare company Vaxcyte, another contributor, reported positive clinical trial results for its vaccine that targets 31 strains of invasive pneumococcal disease.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Rentokil Initial was a notable detractor from returns relative to the performance benchmark. The consumer services company faced revenue and earnings headwinds because of the slower-than-expected integration of its U.S. Terminix pest control business. ON Semiconductor, another detractor, reported weaker business trends due to slowing in the electric vehicle market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_273029.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund (Class N Shares/JGMNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.04<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2500™ Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.95<span>%</span></td> </tr> </table> Janus Henderson Triton Fund (Class N Shares/JGMNX) 0.2359 0.0744 0.1004 Russell 3000® Index 0.3519 0.1526 0.1283 Russell 2500™ Growth Index 0.2520 0.0975 0.0998 Russell 2000® Growth Index 0.2766 0.0882 0.0895 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,661M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">130</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>41.6M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">19<span>%</span></td> </tr> </table> 6661000000 130 41600000 0.19 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teledyne Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crown Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Cboe Global Markets Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.8</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt; white-space: nowrap;">(1.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273039.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teledyne Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crown Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Cboe Global Markets Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.8</td> </tr> </table> 0.027 0.024 0.019 0.019 0.018 0.992 0.009 0.007 0.004 0.000 -0.012 Janus Henderson Triton Fund Class R Shares JGMRX This annual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund<br/>(Class R Shares/JGMRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>157</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.41<span>%</span></td> </tr> </table> 157 0.0141 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Triton Fund Class R Shares returned 22.68%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell 2500™ Growth Index, returned 25.20%. Its additional benchmark, the Russell 2000^® Growth Index, returned 27.66%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">AST SpaceMobile was a top contributor relative to the performance benchmark. This early-stage communications services company secured major contracts and funding to support its development of a low-orbit satellite network. Healthcare company Vaxcyte, another contributor, reported positive clinical trial results for its vaccine that targets 31 strains of invasive pneumococcal disease.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Rentokil Initial was a notable detractor from returns relative to the performance benchmark. The consumer services company faced revenue and earnings headwinds because of the slower-than-expected integration of its U.S. Terminix pest control business. ON Semiconductor, another detractor, reported weaker business trends due to slowing in the electric vehicle market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_273068.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund (Class R Shares/JGMRX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.22<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2500™ Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.95<span>%</span></td> </tr> </table> Janus Henderson Triton Fund (Class R Shares/JGMRX) 0.2268 0.0664 0.0922 Russell 3000® Index 0.3519 0.1526 0.1283 Russell 2500™ Growth Index 0.2520 0.0975 0.0998 Russell 2000® Growth Index 0.2766 0.0882 0.0895 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,661M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">130</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>41.6M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">19<span>%</span></td> </tr> </table> 6661000000 130 41600000 0.19 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teledyne Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crown Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Cboe Global Markets Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.8</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273078.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teledyne Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crown Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Cboe Global Markets Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.8</td> </tr> </table> 0.027 0.024 0.019 0.019 0.018 0.992 0.009 0.007 0.004 0.000 -0.012 Janus Henderson Triton Fund Class S Shares JGMIX This annual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund<br/>(Class S Shares/JGMIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>129</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.16<span>%</span></td> </tr> </table> 129 0.0116 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Triton Fund Class S Shares returned 22.97%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell 2500™ Growth Index, returned 25.20%. Its additional benchmark, the Russell 2000^® Growth Index, returned 27.66%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">AST SpaceMobile was a top contributor relative to the performance benchmark. This early-stage communications services company secured major contracts and funding to support its development of a low-orbit satellite network. Healthcare company Vaxcyte, another contributor, reported positive clinical trial results for its vaccine that targets 31 strains of invasive pneumococcal disease.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Rentokil Initial was a notable detractor from returns relative to the performance benchmark. The consumer services company faced revenue and earnings headwinds because of the slower-than-expected integration of its U.S. Terminix pest control business. ON Semiconductor, another detractor, reported weaker business trends due to slowing in the electric vehicle market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_273107.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund (Class S Shares/JGMIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.97<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.49<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2500™ Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.95<span>%</span></td> </tr> </table> Janus Henderson Triton Fund (Class S Shares/JGMIX) 0.2297 0.0690 0.0949 Russell 3000® Index 0.3519 0.1526 0.1283 Russell 2500™ Growth Index 0.2520 0.0975 0.0998 Russell 2000® Growth Index 0.2766 0.0882 0.0895 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,661M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">130</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>41.6M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">19<span>%</span></td> </tr> </table> 6661000000 130 41600000 0.19 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teledyne Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crown Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Cboe Global Markets Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.8</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273117.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teledyne Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crown Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Cboe Global Markets Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.8</td> </tr> </table> 0.027 0.024 0.019 0.019 0.018 0.992 0.009 0.007 0.004 0.000 -0.012 Janus Henderson Triton Fund Class T Shares JATTX This annual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund<br/>(Class T Shares/JATTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>101</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span></td> </tr> </table> 101 0.0090 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Triton Fund Class T Shares returned 23.34%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell 2500™ Growth Index, returned 25.20%. Its additional benchmark, the Russell 2000^® Growth Index, returned 27.66%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">AST SpaceMobile was a top contributor relative to the performance benchmark. This early-stage communications services company secured major contracts and funding to support its development of a low-orbit satellite network. Healthcare company Vaxcyte, another contributor, reported positive clinical trial results for its vaccine that targets 31 strains of invasive pneumococcal disease.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Rentokil Initial was a notable detractor from returns relative to the performance benchmark. The consumer services company faced revenue and earnings headwinds because of the slower-than-expected integration of its U.S. Terminix pest control business. ON Semiconductor, another detractor, reported weaker business trends due to slowing in the electric vehicle market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_273146.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund (Class T Shares/JATTX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.34<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.78<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2500™ Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.95<span>%</span></td> </tr> </table> Janus Henderson Triton Fund (Class T Shares/JATTX) 0.2334 0.0718 0.0978 Russell 3000® Index 0.3519 0.1526 0.1283 Russell 2500™ Growth Index 0.2520 0.0975 0.0998 Russell 2000® Growth Index 0.2766 0.0882 0.0895 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,661M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">130</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>41.6M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">19<span>%</span></td> </tr> </table> 6661000000 130 41600000 0.19 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teledyne Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crown Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Cboe Global Markets Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.8</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.2<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_273156.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Teledyne Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crown Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Cboe Global Markets Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.8</td> </tr> </table> 0.027 0.024 0.019 0.019 0.018 0.992 0.009 0.007 0.004 0.000 -0.012 Janus Henderson U.S. Dividend Income Fund Class D Shares JDDVX This annual shareholder report contains important information about the Janus Henderson U.S. Dividend Income Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span>. You can also request this information by contacting us at 1-800-525-3713. janushenderson.com/reports 1-800-525-3713 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson U.S. Dividend Income Fund<br/>(Class D Shares/JDDVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>100</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.89<span>%</span></td> </tr> </table> 100 0.0089 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson U.S. Dividend Income Fund Class D Shares returned 23.89%. Its broad-based benchmark, the Russell 1000^® Index, returned 35.68%. Its performance benchmark, the Russell 1000^® Value Index, returned 27.76%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Broadcom was a top contributor to returns relative to the performance benchmark. The semiconductor and infrastructure software solutions provider benefited from increased technology spending to support the rollout of artificial intelligence. Financial services firm American Express, another contributor, saw a significant profit increase driven by higher customer balances and spending by affluent cardmembers.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Our emphasis on high-quality, dividend-growth stocks hindered returns relative to the performance benchmark, as we did not own several non- or lower-dividend-paying mega-cap technology stocks that were strong drivers of index returns. Starbucks was a relative detractor among stocks we owned, as the coffee purveyor faced slower consumer discretionary spending and higher costs. Oil and gas company ConocoPhillips also underperformed after reporting disappointing earnings.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">December 20, 2022, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275486.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson U.S. Dividend Income Fund (Class D Shares/JDDVX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.89<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.64<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.82<span>%</span></td> </tr> </table> Janus Henderson U.S. Dividend Income Fund (Class D Shares/JDDVX) 0.2389 0.1264 Russell 1000® Index 0.3568 0.2756 Russell 1000® Value Index 0.2776 0.1682 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">52</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">81<span>%</span></td> </tr> </table> 22000000 52 0.0 0.81 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">International Business Machines Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">CME Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.1<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275496.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">International Business Machines Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">CME Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> 0.047 0.044 0.034 0.032 0.031 0.999 0.002 -0.001 Janus Henderson U.S. Dividend Income Fund Class I Shares JIDVX This annual shareholder report contains important information about the Janus Henderson U.S. Dividend Income Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson U.S. Dividend Income Fund<br/>(Class I Shares/JIDVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>88</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.79<span>%</span></td> </tr> </table> 88 0.0079 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson U.S. Dividend Income Fund Class I Shares returned 23.94%. Its broad-based benchmark, the Russell 1000^® Index, returned 35.68%. Its performance benchmark, the Russell 1000^® Value Index, returned 27.76%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Broadcom was a top contributor to returns relative to the performance benchmark. The semiconductor and infrastructure software solutions provider benefited from increased technology spending to support the rollout of artificial intelligence. Financial services firm American Express, another contributor, saw a significant profit increase driven by higher customer balances and spending by affluent cardmembers.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Our emphasis on high-quality, dividend-growth stocks hindered returns relative to the performance benchmark, as we did not own several non- or lower-dividend-paying mega-cap technology stocks that were strong drivers of index returns. Starbucks was a relative detractor among stocks we owned, as the coffee purveyor faced slower consumer discretionary spending and higher costs. Oil and gas company ConocoPhillips also underperformed after reporting disappointing earnings.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">December 20, 2022, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275525.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson U.S. Dividend Income Fund (Class I Shares/JIDVX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.71<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.82<span>%</span></td> </tr> </table> Janus Henderson U.S. Dividend Income Fund (Class I Shares/JIDVX) 0.2394 0.1271 Russell 1000® Index 0.3568 0.2756 Russell 1000® Value Index 0.2776 0.1682 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">52</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">81<span>%</span></td> </tr> </table> 22000000 52 0.0 0.81 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">International Business Machines Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">CME Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.1<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275535.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">International Business Machines Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">CME Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> 0.047 0.044 0.034 0.032 0.031 0.999 0.002 -0.001 Janus Henderson U.S. Dividend Income Fund Class N Shares JNDVX This annual shareholder report contains important information about the Janus Henderson U.S. Dividend Income Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson U.S. Dividend Income Fund<br/>(Class N Shares/JNDVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>85</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.76<span>%</span></td> </tr> </table> 85 0.0076 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson U.S. Dividend Income Fund Class N Shares returned 23.95%. Its broad-based benchmark, the Russell 1000^® Index, returned 35.68%. Its performance benchmark, the Russell 1000^® Value Index, returned 27.76%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Broadcom was a top contributor to returns relative to the performance benchmark. The semiconductor and infrastructure software solutions provider benefited from increased technology spending to support the rollout of artificial intelligence. Financial services firm American Express, another contributor, saw a significant profit increase driven by higher customer balances and spending by affluent cardmembers.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Our emphasis on high-quality, dividend-growth stocks hindered returns relative to the performance benchmark, as we did not own several non- or lower-dividend-paying mega-cap technology stocks that were strong drivers of index returns. Starbucks was a relative detractor among stocks we owned, as the coffee purveyor faced slower consumer discretionary spending and higher costs. Oil and gas company ConocoPhillips also underperformed after reporting disappointing earnings.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">December 20, 2022, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275564.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson U.S. Dividend Income Fund (Class N Shares/JNDVX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.95<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.72<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.82<span>%</span></td> </tr> </table> Janus Henderson U.S. Dividend Income Fund (Class N Shares/JNDVX) 0.2395 0.1272 Russell 1000® Index 0.3568 0.2756 Russell 1000® Value Index 0.2776 0.1682 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">52</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">81<span>%</span></td> </tr> </table> 22000000 52 0.0 0.81 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">International Business Machines Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">CME Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.1<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275574.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">International Business Machines Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.7</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">JPMorgan Chase &amp; Co</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">CME Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">UnitedHealth Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AbbVie Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> 0.047 0.044 0.034 0.032 0.031 0.999 0.002 -0.001 Janus Henderson Venture Fund Class A Shares JVTAX This annual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund<br/>(Class A Shares/JVTAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>115</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.01<span>%</span></td> </tr> </table> 115 0.0101 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Venture Fund Class A Shares returned 27.42%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell 2000^® Growth Index, returned 27.66%. Its additional benchmark, the Russell 2000^® Index, returned 26.76%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Stride was a top contributor to returns relative to the performance benchmark. The education services company reported positive earnings, supported by strong student enrollment and retention metrics for its K-12 remote learning platform. AST SpaceMobile, another contributor, is an early-stage communications services company that has secured major contracts and funding to support its development of a low-orbit satellite network.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Rentokil Initial was a notable detractor from returns relative to the performance benchmark. The consumer services company faced revenue and earnings headwinds because of the slower-than-expected integration of its U.S. Terminix pest control business. ON Semiconductor, another detractor, reported weaker business trends due to slowing in the electric vehicle market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275603.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund (Class A Shares/JVTAX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.70<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund (Class A Shares/JVTAX) at Maximum Offering Price - 5.75%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.06<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.78<span>%</span></td> </tr> </table> Janus Henderson Venture Fund (Class A Shares/JVTAX) at NAV 0.2742 0.0875 0.0970 Janus Henderson Venture Fund (Class A Shares/JVTAX) at Maximum Offering Price - 5.75% 0.2008 0.0747 0.0906 Russell 3000® Index 0.3519 0.1526 0.1283 Russell 2000® Growth Index 0.2766 0.0882 0.0895 Russell 2000® Index 0.2676 0.0939 0.0878 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,242M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">140</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>19.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">18<span>%</span></td> </tr> </table> 3242000000 140 19200000 0.18 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Stride Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vaxcyte Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Descartes Systems Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275613.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Stride Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vaxcyte Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Descartes Systems Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.7</td> </tr> </table> 0.024 0.021 0.021 0.019 0.017 0.986 0.010 0.008 0.006 0.000 -0.010 Janus Henderson Venture Fund Class C Shares JVTCX This annual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund<br/>(Class C Shares/JVTCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>187</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.65<span>%</span></td> </tr> </table> 187 0.0165 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Venture Fund Class C Shares returned 26.68%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell 2000^® Growth Index, returned 27.66%. Its additional benchmark, the Russell 2000^® Index, returned 26.76%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Stride was a top contributor to returns relative to the performance benchmark. The education services company reported positive earnings, supported by strong student enrollment and retention metrics for its K-12 remote learning platform. AST SpaceMobile, another contributor, is an early-stage communications services company that has secured major contracts and funding to support its development of a low-orbit satellite network.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Rentokil Initial was a notable detractor from returns relative to the performance benchmark. The consumer services company faced revenue and earnings headwinds because of the slower-than-expected integration of its U.S. Terminix pest control business. ON Semiconductor, another detractor, reported weaker business trends due to slowing in the electric vehicle market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275642.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund (Class C Shares/JVTCX) at NAV</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.90<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund (Class C Shares/JVTCX) with Contingent Deferred Sales Charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.68<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.90<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.78<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: #393d47; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.</div> </td> </tr> </table> Janus Henderson Venture Fund (Class C Shares/JVTCX) at NAV 0.2668 0.0794 0.0890 Janus Henderson Venture Fund (Class C Shares/JVTCX) with Contingent Deferred Sales Charge 0.2568 0.0794 0.0890 Russell 3000® Index 0.3519 0.1526 0.1283 Russell 2000® Growth Index 0.2766 0.0882 0.0895 Russell 2000® Index 0.2676 0.0939 0.0878 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,242M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">140</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>19.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">18<span>%</span></td> </tr> </table> 3242000000 140 19200000 0.18 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Stride Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vaxcyte Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Descartes Systems Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275652.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Stride Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vaxcyte Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Descartes Systems Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.7</td> </tr> </table> 0.024 0.021 0.021 0.019 0.017 0.986 0.010 0.008 0.006 0.000 -0.010 Janus Henderson Venture Fund Class D Shares JANVX This annual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span>. You can also request this information by contacting us at 1-800-525-3713. janushenderson.com/reports 1-800-525-3713 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund<br/>(Class D Shares/JANVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>90</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.79<span>%</span></td> </tr> </table> 90 0.0079 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Venture Fund Class D Shares returned 27.69%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell 2000^® Growth Index, returned 27.66%. Its additional benchmark, the Russell 2000^® Index, returned 26.76%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Stride was a top contributor to returns relative to the performance benchmark. The education services company reported positive earnings, supported by strong student enrollment and retention metrics for its K-12 remote learning platform. AST SpaceMobile, another contributor, is an early-stage communications services company that has secured major contracts and funding to support its development of a low-orbit satellite network.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Rentokil Initial was a notable detractor from returns relative to the performance benchmark. The consumer services company faced revenue and earnings headwinds because of the slower-than-expected integration of its U.S. Terminix pest control business. ON Semiconductor, another detractor, reported weaker business trends due to slowing in the electric vehicle market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275681.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund (Class D Shares/JANVX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.94<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.78<span>%</span></td> </tr> </table> Janus Henderson Venture Fund (Class D Shares/JANVX) 0.2769 0.0899 0.0994 Russell 3000® Index 0.3519 0.1526 0.1283 Russell 2000® Growth Index 0.2766 0.0882 0.0895 Russell 2000® Index 0.2676 0.0939 0.0878 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/reports</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,242M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">140</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>19.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">18<span>%</span></td> </tr> </table> 3242000000 140 19200000 0.18 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Stride Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vaxcyte Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Descartes Systems Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275691.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Stride Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vaxcyte Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Descartes Systems Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.7</td> </tr> </table> 0.024 0.021 0.021 0.019 0.017 0.986 0.010 0.008 0.006 0.000 -0.010 Janus Henderson Venture Fund Class I Shares JVTIX This annual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund<br/>(Class I Shares/JVTIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>87</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.76<span>%</span></td> </tr> </table> 87 0.0076 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Venture Fund Class I Shares returned 27.73%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell 2000^® Growth Index, returned 27.66%. Its additional benchmark, the Russell 2000^® Index, returned 26.76%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Stride was a top contributor to returns relative to the performance benchmark. The education services company reported positive earnings, supported by strong student enrollment and retention metrics for its K-12 remote learning platform. AST SpaceMobile, another contributor, is an early-stage communications services company that has secured major contracts and funding to support its development of a low-orbit satellite network.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Rentokil Initial was a notable detractor from returns relative to the performance benchmark. The consumer services company faced revenue and earnings headwinds because of the slower-than-expected integration of its U.S. Terminix pest control business. ON Semiconductor, another detractor, reported weaker business trends due to slowing in the electric vehicle market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275720.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund (Class I Shares/JVTIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.03<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.99<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.78<span>%</span></td> </tr> </table> Janus Henderson Venture Fund (Class I Shares/JVTIX) 0.2773 0.0903 0.0999 Russell 3000® Index 0.3519 0.1526 0.1283 Russell 2000® Growth Index 0.2766 0.0882 0.0895 Russell 2000® Index 0.2676 0.0939 0.0878 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,242M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">140</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>19.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">18<span>%</span></td> </tr> </table> 3242000000 140 19200000 0.18 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Stride Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vaxcyte Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Descartes Systems Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275730.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Stride Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vaxcyte Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Descartes Systems Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.7</td> </tr> </table> 0.024 0.021 0.021 0.019 0.017 0.986 0.010 0.008 0.006 0.000 -0.010 Janus Henderson Venture Fund Class N Shares JVTNX This annual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund<br/>(Class N Shares/JVTNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>76</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.67<span>%</span></td> </tr> </table> 76 0.0067 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Venture Fund Class N Shares returned 27.85%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell 2000^® Growth Index, returned 27.66%. Its additional benchmark, the Russell 2000^® Index, returned 26.76%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Stride was a top contributor to returns relative to the performance benchmark. The education services company reported positive earnings, supported by strong student enrollment and retention metrics for its K-12 remote learning platform. AST SpaceMobile, another contributor, is an early-stage communications services company that has secured major contracts and funding to support its development of a low-orbit satellite network.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Rentokil Initial was a notable detractor from returns relative to the performance benchmark. The consumer services company faced revenue and earnings headwinds because of the slower-than-expected integration of its U.S. Terminix pest control business. ON Semiconductor, another detractor, reported weaker business trends due to slowing in the electric vehicle market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275759.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund (Class N Shares/JVTNX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.13<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.09<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.78<span>%</span></td> </tr> </table> Janus Henderson Venture Fund (Class N Shares/JVTNX) 0.2785 0.0913 0.1009 Russell 3000® Index 0.3519 0.1526 0.1283 Russell 2000® Growth Index 0.2766 0.0882 0.0895 Russell 2000® Index 0.2676 0.0939 0.0878 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,242M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">140</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>19.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">18<span>%</span></td> </tr> </table> 3242000000 140 19200000 0.18 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Stride Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vaxcyte Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Descartes Systems Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275769.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Stride Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vaxcyte Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Descartes Systems Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.7</td> </tr> </table> 0.024 0.021 0.021 0.019 0.017 0.986 0.010 0.008 0.006 0.000 -0.010 Janus Henderson Venture Fund Class S Shares JVTSX This annual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund<br/>(Class S Shares/JVTSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>133</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.17<span>%</span></td> </tr> </table> 133 0.0117 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Venture Fund Class S Shares returned 27.21%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell 2000^® Growth Index, returned 27.66%. Its additional benchmark, the Russell 2000^® Index, returned 26.76%.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Stride was a top contributor to returns relative to the performance benchmark. The education services company reported positive earnings, supported by strong student enrollment and retention metrics for its K-12 remote learning platform. AST SpaceMobile, another contributor, is an early-stage communications services company that has secured major contracts and funding to support its development of a low-orbit satellite network.</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Rentokil Initial was a notable detractor from returns relative to the performance benchmark. The consumer services company faced revenue and earnings headwinds because of the slower-than-expected integration of its U.S. Terminix pest control business. ON Semiconductor, another detractor, reported weaker business trends due to slowing in the electric vehicle market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275798.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund (Class S Shares/JVTSX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.21<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.54<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.78<span>%</span></td> </tr> </table> Janus Henderson Venture Fund (Class S Shares/JVTSX) 0.2721 0.0858 0.0954 Russell 3000® Index 0.3519 0.1526 0.1283 Russell 2000® Growth Index 0.2766 0.0882 0.0895 Russell 2000® Index 0.2676 0.0939 0.0878 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,242M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">140</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>19.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">18<span>%</span></td> </tr> </table> 3242000000 140 19200000 0.18 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Stride Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vaxcyte Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Descartes Systems Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275808.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Stride Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vaxcyte Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Descartes Systems Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.7</td> </tr> </table> 0.024 0.021 0.021 0.019 0.017 0.986 0.010 0.008 0.006 0.000 -0.010 Janus Henderson Venture Fund Class T Shares JAVTX This annual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund”) for the period of October 1, 2023 to September 30, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span>. You can also request this information by contacting us at 1-877-335-2687. janushenderson.com/info 1-877-335-2687 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the<span style="white-space: nowrap;"> </span>year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a <br/>$10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund<br/>(Class T Shares/JAVTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>102</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Roboto'; color: #393d47; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span></td> </tr> </table> 102 0.0090 <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">What impacted Fund performance over the reporting period?</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2024, the Janus Henderson Venture Fund Class T Shares returned 27.56%. Its broad-based benchmark, the Russell 3000^® Index, returned 35.19%. Its performance benchmark, the Russell 2000^® Growth Index, returned 27.66%. Its additional benchmark, the Russell 2000^® Index, returned 26.76%.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Contributors to Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Stride was a top contributor to returns relative to the performance benchmark. The education services company reported positive earnings, supported by strong student enrollment and retention metrics for its K-12 remote learning platform. AST SpaceMobile, another contributor, is an early-stage communications services company that has secured major contracts and funding to support its development of a low-orbit satellite network.</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; margin-bottom: 3pt; font-weight: bold;">Top Detractors from Performance</div><div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">Rentokil Initial was a notable detractor from returns relative to the performance benchmark. The consumer services company faced revenue and earnings headwinds because of the slower-than-expected integration of its U.S. Terminix pest control business. ON Semiconductor, another detractor, reported weaker business trends due to slowing in the electric vehicle market.</div> <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Total return based on a $10,000 investment</div> <div style="margin-top: 0px; font-family: 'roboto'; color: #393d47; font-size: 10pt; margin-bottom: 10pt;">September 30, 2014, through September 30, 2024</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_275837.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #f06c00;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund (Class T Shares/JAVTX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.87<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">35.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #393d47; font-size: 9pt; font-family: 'Roboto'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">26.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.78<span>%</span></td> </tr> </table> Janus Henderson Venture Fund (Class T Shares/JAVTX) 0.2756 0.0887 0.0983 Russell 3000® Index 0.3519 0.1526 0.1283 Russell 2000® Growth Index 0.2766 0.0882 0.0895 Russell 2000® Index 0.2676 0.0939 0.0878 Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. Visit <span style="text-decoration-line: underline; color: #393d47; font-family: 'roboto'; font-size: 10pt;">janushenderson.com/info</span> for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. <div style="font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,242M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">140</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total investment advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>19.2M</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #393d47; font-size: 9pt; width: 40%; text-align: left; font-family: 'Roboto'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">18<span>%</span></td> </tr> </table> 3242000000 140 19200000 0.18 <div style="margin-top: 0px; font-family: 'poppins'; color: #393d47; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What did the Fund invest in?</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Stride Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vaxcyte Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Descartes Systems Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.7</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Asset Allocation (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investment Companies</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Investments Purchased with Cash Collateral from Securities Lending</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Private Placements</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Warrants</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">Other</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.0<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_275847.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'roboto'; color: #393d47; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #f06c00; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Stride Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.4</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SS&amp;C Technologies Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Vaxcyte Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.1</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #393d47;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Descartes Systems Group Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Blackbaud Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Roboto'; color: #393d47; font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.7</td> </tr> </table> 0.024 0.021 0.021 0.019 0.017 0.986 0.010 0.008 0.006 0.000 -0.010 Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase. Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.