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10000 14603 19781 14379 12644 17788 15172 16577 14677 12028 19318 10000 10305 16988 17808 15880 16538 10444 26122 14316 17523 14658 14748 11069 10429 20868 21270 10931 17620 11978 17311 13559 13986 55902 17204 17025 16765 14280 12677 24125 17795 32104 17082 13769 10249 31076 15328 21866 32933 12101 20994 15929 17935 17815 13298 16638 19001 28580 17862 12969 14773 18560 11489 13028 27012 12546 32046 11859 17392 11215 28338 10623 21370 11456 13110 28353 17380 31177 16635 14239 31454 16332 14847 12403 18024 16744 16861 18830 11643 13109 12251 12538 23505 15658 14245 14086 11164 14670 10000 11609 27149 19844 24533 12849 10694 17045 18065 24776 24970 15916 14566 11502 10000 21055 21170 10803 34190 17759 14962 15798 12305 14780 16502 16488 20737 27797 22894 16590 19609 13363 11955 23974 13075 0.621 0.918 0.036 0.010 0.042 0.068 0.086 0.918 0.036 0.030 0.582 0.045 0.031 0.045 0.026 0.012 0.038 0.918 0.010 0.582 0.045 0.068 0.046 0.818 0.010 0.038 0.012 0.038 0.046 0.036 0.043 0.059 0.012 0.032 0.765 0.068 0.028 0.036 0.025 0.025 0.582 0.030 0.025 0.027 0.030 0000277751 false N-1A N-CSR Janus Investment Fund 2025-09-30 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund<br/>(Class A Shares/JDBAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>95</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.89<span>%</span></td> </tr> </table> 95 0.0089 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Balanced Fund Class A Shares returned 12.97%. Its broad-based benchmarks, the S&amp;P 500^® Index, and the Bloomberg U.S. Aggregate Bond Index returned 17.60% and 2.88%, respectively. Its additional benchmark, the Balanced Index, returned 11.67%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">The equity allocation outperformed the S&amp;P 500 Index. Contributors to relative performance included NVIDIA, a leading global supplier of data center graphics processing units (GPUs) used in artificial intelligence (AI). The company delivered strong earnings growth and guidance, aided by growing adoption of its next-generation Blackwell GPUs. Another contributor, Amphenol, is also benefiting from AI capacity growth. The cabling and connector company's networking business has expanded through its business relationship with NVIDIA, as it has secured a higher content share in NVIDIA's Blackwell platform. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, driven largely by an overweight to spread-sector risk, including corporate and securitized bonds. Security selection within investment-grade corporate bonds also aided results.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Within the equity position, UnitedHealth Group was a notable detractor relative to the S&amp;P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was another detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation. Within the fixed income portion of the fund, positioning on the yield curve was the primary detractor relative to the Bloomberg U.S. Aggregate Bond Index. The allocation was overweight duration for much of the year, but we moved to a modest underweight position after rates fell near period end. Exposure to asset-backed securities also hindered relative performance.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352652.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.97<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.14<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.49<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">2.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(0.45<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Balanced Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.97<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.42<span>%</span></td> </tr> </table> Janus Henderson Balanced Fund (Class A Shares/JDBAX) at NAV 0.1297 0.0933 0.1014 Janus Henderson Balanced Fund (Class A Shares/JDBAX) at Maximum Offering Price - 5.75% 0.0647 0.0804 0.0949 S&P 500® Index 0.1760 0.1647 0.1530 Bloomberg U.S. Aggregate Bond Index 0.0288 -0.0045 0.0184 Balanced Index 0.1167 0.0897 0.0942 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28,105M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">773</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>145.4M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">75<span>%</span></td> </tr> </table> 28105000000 773 145400000 0.75 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">63.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">11.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">11.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">6.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.8<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352659.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> 0.065 0.057 0.034 0.031 0.030 0.635 0.113 0.113 0.064 0.058 0.018 0.007 0.000 -0.008 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund<br/>(Class C Shares/JABCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>170</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.60<span>%</span></td> </tr> </table> 170 0.0160 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Balanced Fund Class C Shares returned 12.17%. Its broad-based benchmarks, the S&amp;P 500^® Index, and the Bloomberg U.S. Aggregate Bond Index returned 17.60% and 2.88%, respectively. Its additional benchmark, the Balanced Index, returned 11.67%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">The equity allocation outperformed the S&amp;P 500 Index. Contributors to relative performance included NVIDIA, a leading global supplier of data center graphics processing units (GPUs) used in artificial intelligence (AI). The company delivered strong earnings growth and guidance, aided by growing adoption of its next-generation Blackwell GPUs. Another contributor, Amphenol, is also benefiting from AI capacity growth. The cabling and connector company's networking business has expanded through its business relationship with NVIDIA, as it has secured a higher content share in NVIDIA's Blackwell platform. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, driven largely by an overweight to spread-sector risk, including corporate and securitized bonds. Security selection within investment-grade corporate bonds also aided results.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Within the equity position, UnitedHealth Group was a notable detractor relative to the S&amp;P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was another detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation. Within the fixed income portion of the fund, positioning on the yield curve was the primary detractor relative to the Bloomberg U.S. Aggregate Bond Index. The allocation was overweight duration for much of the year, but we moved to a modest underweight position after rates fell near period end. Exposure to asset-backed securities also hindered relative performance.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352677.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.36<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.17<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.36<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">2.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(0.45<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Balanced Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.97<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.42<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; font-weight: normal; width: 70pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; width: 70pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 0.1217 0.0855 0.0936 Janus Henderson Balanced Fund (Class C Shares/JABCX) with Contingent Deferred Sales Charge 0.1117 0.0855 0.0936 S&P 500® Index 0.1760 0.1647 0.1530 Bloomberg U.S. Aggregate Bond Index 0.0288 -0.0045 0.0184 Balanced Index 0.1167 0.0897 0.0942 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28,105M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">773</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>145.4M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">75<span>%</span></td> </tr> </table> 28105000000 773 145400000 0.75 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">63.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">11.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">11.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">6.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.8<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352684.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> 0.065 0.057 0.034 0.031 0.030 0.635 0.113 0.113 0.064 0.058 0.018 0.007 0.000 -0.008 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund<br/>(Class D Shares/JANBX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>74</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.69<span>%</span></td> </tr> </table> 74 0.0069 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Balanced Fund Class D Shares returned 13.18%. Its broad-based benchmarks, the S&amp;P 500^® Index, and the Bloomberg U.S. Aggregate Bond Index returned 17.60% and 2.88%, respectively. Its additional benchmark, the Balanced Index, returned 11.67%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">The equity allocation outperformed the S&amp;P 500 Index. Contributors to relative performance included NVIDIA, a leading global supplier of data center graphics processing units (GPUs) used in artificial intelligence (AI). The company delivered strong earnings growth and guidance, aided by growing adoption of its next-generation Blackwell GPUs. Another contributor, Amphenol, is also benefiting from AI capacity growth. The cabling and connector company's networking business has expanded through its business relationship with NVIDIA, as it has secured a higher content share in NVIDIA's Blackwell platform. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, driven largely by an overweight to spread-sector risk, including corporate and securitized bonds. Security selection within investment-grade corporate bonds also aided results.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Within the equity position, UnitedHealth Group was a notable detractor relative to the S&amp;P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was another detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation. Within the fixed income portion of the fund, positioning on the yield curve was the primary detractor relative to the Bloomberg U.S. Aggregate Bond Index. The allocation was overweight duration for much of the year, but we moved to a modest underweight position after rates fell near period end. Exposure to asset-backed securities also hindered relative performance.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352702.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.36<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">2.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(0.45<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Balanced Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.97<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.42<span>%</span></td> </tr> </table> Janus Henderson Balanced Fund (Class D Shares/JANBX) 0.1318 0.0953 0.1036 S&P 500® Index 0.1760 0.1647 0.1530 Bloomberg U.S. Aggregate Bond Index 0.0288 -0.0045 0.0184 Balanced Index 0.1167 0.0897 0.0942 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28,105M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">773</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>145.4M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">75<span>%</span></td> </tr> </table> 28105000000 773 145400000 0.75 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">63.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">11.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">11.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">6.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.8<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352708.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> 0.065 0.057 0.034 0.031 0.030 0.635 0.113 0.113 0.064 0.058 0.018 0.007 0.000 -0.008 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund<br/>(Class I Shares/JBALX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>71</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.67<span>%</span></td> </tr> </table> 71 0.0067 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Balanced Fund Class I Shares returned 13.20%. Its broad-based benchmarks, the S&amp;P 500^® Index, and the Bloomberg U.S. Aggregate Bond Index returned 17.60% and 2.88%, respectively. Its additional benchmark, the Balanced Index, returned 11.67%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">The equity allocation outperformed the S&amp;P 500 Index. Contributors to relative performance included NVIDIA, a leading global supplier of data center graphics processing units (GPUs) used in artificial intelligence (AI). The company delivered strong earnings growth and guidance, aided by growing adoption of its next-generation Blackwell GPUs. Another contributor, Amphenol, is also benefiting from AI capacity growth. The cabling and connector company's networking business has expanded through its business relationship with NVIDIA, as it has secured a higher content share in NVIDIA's Blackwell platform. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, driven largely by an overweight to spread-sector risk, including corporate and securitized bonds. Security selection within investment-grade corporate bonds also aided results.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Within the equity position, UnitedHealth Group was a notable detractor relative to the S&amp;P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was another detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation. Within the fixed income portion of the fund, positioning on the yield curve was the primary detractor relative to the Bloomberg U.S. Aggregate Bond Index. The allocation was overweight duration for much of the year, but we moved to a modest underweight position after rates fell near period end. Exposure to asset-backed securities also hindered relative performance.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352727.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.41<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">2.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(0.45<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Balanced Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.97<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.42<span>%</span></td> </tr> </table> Janus Henderson Balanced Fund (Class I Shares/JBALX) 0.1320 0.0957 0.1041 S&P 500® Index 0.1760 0.1647 0.1530 Bloomberg U.S. Aggregate Bond Index 0.0288 -0.0045 0.0184 Balanced Index 0.1167 0.0897 0.0942 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28,105M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">773</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>145.4M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">75<span>%</span></td> </tr> </table> 28105000000 773 145400000 0.75 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">63.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">11.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">11.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">6.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.8<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352734.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> 0.065 0.057 0.034 0.031 0.030 0.635 0.113 0.113 0.064 0.058 0.018 0.007 0.000 -0.008 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund<br/>(Class N Shares/JABNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>61</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.57<span>%</span></td> </tr> </table> 61 0.0057 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Balanced Fund Class N Shares returned 13.33%. Its broad-based benchmarks, the S&amp;P 500^® Index, and the Bloomberg U.S. Aggregate Bond Index returned 17.60% and 2.88%, respectively. Its additional benchmark, the Balanced Index, returned 11.67%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">The equity allocation outperformed the S&amp;P 500 Index. Contributors to relative performance included NVIDIA, a leading global supplier of data center graphics processing units (GPUs) used in artificial intelligence (AI). The company delivered strong earnings growth and guidance, aided by growing adoption of its next-generation Blackwell GPUs. Another contributor, Amphenol, is also benefiting from AI capacity growth. The cabling and connector company's networking business has expanded through its business relationship with NVIDIA, as it has secured a higher content share in NVIDIA's Blackwell platform. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, driven largely by an overweight to spread-sector risk, including corporate and securitized bonds. Security selection within investment-grade corporate bonds also aided results.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Within the equity position, UnitedHealth Group was a notable detractor relative to the S&amp;P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was another detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation. Within the fixed income portion of the fund, positioning on the yield curve was the primary detractor relative to the Bloomberg U.S. Aggregate Bond Index. The allocation was overweight duration for much of the year, but we moved to a modest underweight position after rates fell near period end. Exposure to asset-backed securities also hindered relative performance.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352752.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.50<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">2.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(0.45<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Balanced Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.97<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.42<span>%</span></td> </tr> </table> Janus Henderson Balanced Fund (Class N Shares/JABNX) 0.1333 0.0967 0.1050 S&P 500® Index 0.1760 0.1647 0.1530 Bloomberg U.S. Aggregate Bond Index 0.0288 -0.0045 0.0184 Balanced Index 0.1167 0.0897 0.0942 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28,105M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">773</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>145.4M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">75<span>%</span></td> </tr> </table> 28105000000 773 145400000 0.75 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">63.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">11.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">11.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">6.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.8<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352759.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> 0.065 0.057 0.034 0.031 0.030 0.635 0.113 0.113 0.064 0.058 0.018 0.007 0.000 -0.008 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund<br/>(Class R Shares/JDBRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>140</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.32<span>%</span></td> </tr> </table> 140 0.0132 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Balanced Fund Class R Shares returned 12.48%. Its broad-based benchmarks, the S&amp;P 500^® Index, and the Bloomberg U.S. Aggregate Bond Index returned 17.60% and 2.88%, respectively. Its additional benchmark, the Balanced Index, returned 11.67%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">The equity allocation outperformed the S&amp;P 500 Index. Contributors to relative performance included NVIDIA, a leading global supplier of data center graphics processing units (GPUs) used in artificial intelligence (AI). The company delivered strong earnings growth and guidance, aided by growing adoption of its next-generation Blackwell GPUs. Another contributor, Amphenol, is also benefiting from AI capacity growth. The cabling and connector company's networking business has expanded through its business relationship with NVIDIA, as it has secured a higher content share in NVIDIA's Blackwell platform. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, driven largely by an overweight to spread-sector risk, including corporate and securitized bonds. Security selection within investment-grade corporate bonds also aided results.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Within the equity position, UnitedHealth Group was a notable detractor relative to the S&amp;P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was another detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation. Within the fixed income portion of the fund, positioning on the yield curve was the primary detractor relative to the Bloomberg U.S. Aggregate Bond Index. The allocation was overweight duration for much of the year, but we moved to a modest underweight position after rates fell near period end. Exposure to asset-backed securities also hindered relative performance.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352777.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.68<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">2.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(0.45<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Balanced Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.97<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.42<span>%</span></td> </tr> </table> Janus Henderson Balanced Fund (Class R Shares/JDBRX) 0.1248 0.0885 0.0968 S&P 500® Index 0.1760 0.1647 0.1530 Bloomberg U.S. Aggregate Bond Index 0.0288 -0.0045 0.0184 Balanced Index 0.1167 0.0897 0.0942 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28,105M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">773</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>145.4M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">75<span>%</span></td> </tr> </table> 28105000000 773 145400000 0.75 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">63.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">11.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">11.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">6.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.8<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352783.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> 0.065 0.057 0.034 0.031 0.030 0.635 0.113 0.113 0.064 0.058 0.018 0.007 0.000 -0.008 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund<br/>(Class S Shares/JABRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>114</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.07<span>%</span></td> </tr> </table> 114 0.0107 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Balanced Fund Class S Shares returned 12.76%. Its broad-based benchmarks, the S&amp;P 500^® Index, and the Bloomberg U.S. Aggregate Bond Index returned 17.60% and 2.88%, respectively. Its additional benchmark, the Balanced Index, returned 11.67%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">The equity allocation outperformed the S&amp;P 500 Index. Contributors to relative performance included NVIDIA, a leading global supplier of data center graphics processing units (GPUs) used in artificial intelligence (AI). The company delivered strong earnings growth and guidance, aided by growing adoption of its next-generation Blackwell GPUs. Another contributor, Amphenol, is also benefiting from AI capacity growth. The cabling and connector company's networking business has expanded through its business relationship with NVIDIA, as it has secured a higher content share in NVIDIA's Blackwell platform. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, driven largely by an overweight to spread-sector risk, including corporate and securitized bonds. Security selection within investment-grade corporate bonds also aided results.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Within the equity position, UnitedHealth Group was a notable detractor relative to the S&amp;P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was another detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation. Within the fixed income portion of the fund, positioning on the yield curve was the primary detractor relative to the Bloomberg U.S. Aggregate Bond Index. The allocation was overweight duration for much of the year, but we moved to a modest underweight position after rates fell near period end. Exposure to asset-backed securities also hindered relative performance.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352802.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.13<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.96<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">2.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(0.45<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Balanced Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.97<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.42<span>%</span></td> </tr> </table> Janus Henderson Balanced Fund (Class S Shares/JABRX) 0.1276 0.0913 0.0996 S&P 500® Index 0.1760 0.1647 0.1530 Bloomberg U.S. Aggregate Bond Index 0.0288 -0.0045 0.0184 Balanced Index 0.1167 0.0897 0.0942 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28,105M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">773</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>145.4M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">75<span>%</span></td> </tr> </table> 28105000000 773 145400000 0.75 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">63.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">11.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">11.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">6.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.8<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352808.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> 0.065 0.057 0.034 0.031 0.030 0.635 0.113 0.113 0.064 0.058 0.018 0.007 0.000 -0.008 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Balanced Fund<br/>(Class T Shares/JABAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>86</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.81<span>%</span></td> </tr> </table> 86 0.0081 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Balanced Fund Class T Shares returned 13.05%. Its broad-based benchmarks, the S&amp;P 500^® Index, and the Bloomberg U.S. Aggregate Bond Index returned 17.60% and 2.88%, respectively. Its additional benchmark, the Balanced Index, returned 11.67%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">The equity allocation outperformed the S&amp;P 500 Index. Contributors to relative performance included NVIDIA, a leading global supplier of data center graphics processing units (GPUs) used in artificial intelligence (AI). The company delivered strong earnings growth and guidance, aided by growing adoption of its next-generation Blackwell GPUs. Another contributor, Amphenol, is also benefiting from AI capacity growth. The cabling and connector company's networking business has expanded through its business relationship with NVIDIA, as it has secured a higher content share in NVIDIA's Blackwell platform. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, driven largely by an overweight to spread-sector risk, including corporate and securitized bonds. Security selection within investment-grade corporate bonds also aided results.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Within the equity position, UnitedHealth Group was a notable detractor relative to the S&amp;P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was another detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation. Within the fixed income portion of the fund, positioning on the yield curve was the primary detractor relative to the Bloomberg U.S. Aggregate Bond Index. The allocation was overweight duration for much of the year, but we moved to a modest underweight position after rates fell near period end. Exposure to asset-backed securities also hindered relative performance.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352827.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.05<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.24<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">2.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(0.45<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">1.84<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Balanced Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.97<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.42<span>%</span></td> </tr> </table> Janus Henderson Balanced Fund (Class T Shares/JABAX) 0.1305 0.0941 0.1024 S&P 500® Index 0.1760 0.1647 0.1530 Bloomberg U.S. Aggregate Bond Index 0.0288 -0.0045 0.0184 Balanced Index 0.1167 0.0897 0.0942 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28,105M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">773</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>145.4M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">75<span>%</span></td> </tr> </table> 28105000000 773 145400000 0.75 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">63.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">11.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">11.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">6.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(0.8<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352834.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> 0.065 0.057 0.034 0.031 0.030 0.635 0.113 0.113 0.064 0.058 0.018 0.007 0.000 -0.008 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund<br/>(Class A Shares/JCNAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>95</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span></td> </tr> </table> 95 0.0090 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Contrarian Fund Class A Shares returned 10.27%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Oracle was a notable contributor to the Fund’s performance relative to the S&amp;P 500 Index. The information technology company has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business. Howmet Aerospace was also a top contributor to relative performance. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Caesars Entertainment was a detractor relative to the S&amp;P 500 Index. The company reported disappointing guidance, which partly reflected seasonal weakness for its Las Vegas casinos. Returns from regional casinos showed improvement, however, and we believe the company has demonstrated resilience despite a challenging market backdrop. Healthcare company Lantheus Holdings, another detractor, missed its second-quarter earnings target. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues related to Medicare reimbursement that we believe will be rectified over coming quarters.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352252.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.84<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.18<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Contrarian Fund (Class A Shares/JCNAX) at NAV 0.1027 0.1267 0.1184 Janus Henderson Contrarian Fund (Class A Shares/JCNAX) at Maximum Offering Price - 5.75% 0.0394 0.1135 0.1118 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,002M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">43</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23.8M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">52<span>%</span></td> </tr> </table> 5002000000 43 23800000 0.52 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Surgery Partners Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352258.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Surgery Partners Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> </table> 0.094 0.058 0.054 0.046 0.041 0.994 0.004 0.002 -0.000 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund<br/>(Class C Shares/JCNCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>161</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.54<span>%</span></td> </tr> </table> 161 0.0154 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Contrarian Fund Class C Shares returned 9.58%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Oracle was a notable contributor to the Fund’s performance relative to the S&amp;P 500 Index. The information technology company has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business. Howmet Aerospace was also a top contributor to relative performance. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Caesars Entertainment was a detractor relative to the S&amp;P 500 Index. The company reported disappointing guidance, which partly reflected seasonal weakness for its Las Vegas casinos. Returns from regional casinos showed improvement, however, and we believe the company has demonstrated resilience despite a challenging market backdrop. Healthcare company Lantheus Holdings, another detractor, missed its second-quarter earnings target. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues related to Medicare reimbursement that we believe will be rectified over coming quarters.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352277.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.07<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.60<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.07<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; font-weight: normal; width: 70pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; width: 70pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 0.0958 0.1190 0.1107 Janus Henderson Contrarian Fund (Class C Shares/JCNCX) with Contingent Deferred Sales Charge 0.0860 0.1190 0.1107 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,002M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">43</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23.8M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">52<span>%</span></td> </tr> </table> 5002000000 43 23800000 0.52 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Surgery Partners Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352283.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Surgery Partners Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> </table> 0.094 0.058 0.054 0.046 0.041 0.994 0.004 0.002 -0.000 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund<br/>(Class D Shares/JACNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>68</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.65<span>%</span></td> </tr> </table> 68 0.0065 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Contrarian Fund Class D Shares returned 10.53%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Oracle was a notable contributor to the Fund’s performance relative to the S&amp;P 500 Index. The information technology company has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business. Howmet Aerospace was also a top contributor to relative performance. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Caesars Entertainment was a detractor relative to the S&amp;P 500 Index. The company reported disappointing guidance, which partly reflected seasonal weakness for its Las Vegas casinos. Returns from regional casinos showed improvement, however, and we believe the company has demonstrated resilience despite a challenging market backdrop. Healthcare company Lantheus Holdings, another detractor, missed its second-quarter earnings target. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues related to Medicare reimbursement that we believe will be rectified over coming quarters.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352302.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.09<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Contrarian Fund (Class D Shares/JACNX) 0.1053 0.1294 0.1209 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,002M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">43</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23.8M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">52<span>%</span></td> </tr> </table> 5002000000 43 23800000 0.52 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Surgery Partners Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352309.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Surgery Partners Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> </table> 0.094 0.058 0.054 0.046 0.041 0.994 0.004 0.002 -0.000 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund<br/>(Class I Shares/JCONX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>66</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.63<span>%</span></td> </tr> </table> 66 0.0063 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Contrarian Fund Class I Shares returned 10.59%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Oracle was a notable contributor to the Fund’s performance relative to the S&amp;P 500 Index. The information technology company has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business. Howmet Aerospace was also a top contributor to relative performance. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Caesars Entertainment was a detractor relative to the S&amp;P 500 Index. The company reported disappointing guidance, which partly reflected seasonal weakness for its Las Vegas casinos. Returns from regional casinos showed improvement, however, and we believe the company has demonstrated resilience despite a challenging market backdrop. Healthcare company Lantheus Holdings, another detractor, missed its second-quarter earnings target. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues related to Medicare reimbursement that we believe will be rectified over coming quarters.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352327.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.97<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.15<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Contrarian Fund (Class I Shares/JCONX) 0.1059 0.1297 0.1215 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,002M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">43</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23.8M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">52<span>%</span></td> </tr> </table> 5002000000 43 23800000 0.52 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Surgery Partners Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352333.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Surgery Partners Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> </table> 0.094 0.058 0.054 0.046 0.041 0.994 0.004 0.002 -0.000 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund<br/>(Class N Shares/JCNNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>56</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.53<span>%</span></td> </tr> </table> 56 0.0053 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Contrarian Fund Class N Shares returned 10.68%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Oracle was a notable contributor to the Fund’s performance relative to the S&amp;P 500 Index. The information technology company has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business. Howmet Aerospace was also a top contributor to relative performance. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Caesars Entertainment was a detractor relative to the S&amp;P 500 Index. The company reported disappointing guidance, which partly reflected seasonal weakness for its Las Vegas casinos. Returns from regional casinos showed improvement, however, and we believe the company has demonstrated resilience despite a challenging market backdrop. Healthcare company Lantheus Holdings, another detractor, missed its second-quarter earnings target. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues related to Medicare reimbursement that we believe will be rectified over coming quarters.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">August 4, 2017, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352352.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2017-08-04 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.59<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.86<span>%</span></td> </tr> </table> Janus Henderson Contrarian Fund (Class N Shares/JCNNX) 0.1068 0.1308 0.1359 S&P 500® Index 0.1760 0.1647 0.1486 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,002M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">43</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23.8M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">52<span>%</span></td> </tr> </table> 5002000000 43 23800000 0.52 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Surgery Partners Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352358.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Surgery Partners Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> </table> 0.094 0.058 0.054 0.046 0.041 0.994 0.004 0.002 -0.000 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund<br/>(Class R Shares/JCNRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>143</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.36<span>%</span></td> </tr> </table> 143 0.0136 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Contrarian Fund Class R Shares returned 9.80%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Oracle was a notable contributor to the Fund’s performance relative to the S&amp;P 500 Index. The information technology company has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business. Howmet Aerospace was also a top contributor to relative performance. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Caesars Entertainment was a detractor relative to the S&amp;P 500 Index. The company reported disappointing guidance, which partly reflected seasonal weakness for its Las Vegas casinos. Returns from regional casinos showed improvement, however, and we believe the company has demonstrated resilience despite a challenging market backdrop. Healthcare company Lantheus Holdings, another detractor, missed its second-quarter earnings target. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues related to Medicare reimbursement that we believe will be rectified over coming quarters.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352377.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.13<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.31<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Contrarian Fund (Class R Shares/JCNRX) 0.0980 0.1213 0.1131 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,002M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">43</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23.8M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">52<span>%</span></td> </tr> </table> 5002000000 43 23800000 0.52 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Surgery Partners Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352384.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Surgery Partners Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> </table> 0.094 0.058 0.054 0.046 0.041 0.994 0.004 0.002 -0.000 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund<br/>(Class S Shares/JCNIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>116</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.10<span>%</span></td> </tr> </table> 116 0.0110 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Contrarian Fund Class S Shares returned 10.06%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Oracle was a notable contributor to the Fund’s performance relative to the S&amp;P 500 Index. The information technology company has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business. Howmet Aerospace was also a top contributor to relative performance. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Caesars Entertainment was a detractor relative to the S&amp;P 500 Index. The company reported disappointing guidance, which partly reflected seasonal weakness for its Las Vegas casinos. Returns from regional casinos showed improvement, however, and we believe the company has demonstrated resilience despite a challenging market backdrop. Healthcare company Lantheus Holdings, another detractor, missed its second-quarter earnings target. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues related to Medicare reimbursement that we believe will be rectified over coming quarters.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352402.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.61<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Contrarian Fund (Class S Shares/JCNIX) 0.1006 0.1243 0.1161 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,002M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">43</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23.8M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">52<span>%</span></td> </tr> </table> 5002000000 43 23800000 0.52 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Surgery Partners Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352409.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Surgery Partners Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> </table> 0.094 0.058 0.054 0.046 0.041 0.994 0.004 0.002 -0.000 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Contrarian Fund<br/>(Class T Shares/JSVAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>80</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.76<span>%</span></td> </tr> </table> 80 0.0076 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Contrarian Fund Class T Shares returned 10.43%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Oracle was a notable contributor to the Fund’s performance relative to the S&amp;P 500 Index. The information technology company has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business. Howmet Aerospace was also a top contributor to relative performance. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Caesars Entertainment was a detractor relative to the S&amp;P 500 Index. The company reported disappointing guidance, which partly reflected seasonal weakness for its Las Vegas casinos. Returns from regional casinos showed improvement, however, and we believe the company has demonstrated resilience despite a challenging market backdrop. Healthcare company Lantheus Holdings, another detractor, missed its second-quarter earnings target. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues related to Medicare reimbursement that we believe will be rectified over coming quarters.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352427.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.99<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Contrarian Fund (Class T Shares/JSVAX) 0.1043 0.1282 0.1199 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,002M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">43</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23.8M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">52<span>%</span></td> </tr> </table> 5002000000 43 23800000 0.52 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Surgery Partners Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352433.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">9.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Capital One Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Surgery Partners Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.1</td> </tr> </table> 0.094 0.058 0.054 0.046 0.041 0.994 0.004 0.002 -0.000 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund<br/>(Class A Shares/JDMAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>114</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.11<span>%</span></td> </tr> </table> 114 0.0111 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Enterprise Fund Class A Shares returned 5.23%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell Midcap^® Growth Index, returned 22.02%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell Midcap Growth Index was lifted by a position in AppLovin, the owner of a mobile marketing platform that matches developers with advertisers looking to be featured on apps and digital games. This platform utilizes artificial intelligence (AI) to improve returns on ad spending. The company’s strong second-quarter earnings growth gave investors increased confidence in its business model. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment. This business has been very profitable for Flex, and we believe the company is positioned to expand its share of the data center market.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell Midcap Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index. We did not own these stocks as we believed their valuations were unsupported by fundamentals. Among portfolio holdings, medical device maker Teleflex was a notable detractor, as headwinds for its urology franchise resulted in weaker-than-expected first-quarter results. Constellation Software, another detractor, provides software that targets industry verticals. The stock declined on news that Constellation’s visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter in the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352852.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.83<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.62<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(0.82<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.96<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell Midcap^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.37<span>%</span></td> </tr> </table> Janus Henderson Enterprise Fund (Class A Shares/JDMAX) at NAV 0.0523 0.1083 0.1262 Janus Henderson Enterprise Fund (Class A Shares/JDMAX) at Maximum Offering Price - 5.75% -0.0082 0.0953 0.1196 Russell 3000® Index 0.1741 0.1574 0.1471 Russell Midcap® Growth Index 0.2202 0.1126 0.1337 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23,620M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">80</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>145.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">17<span>%</span></td> </tr> </table> 23620000000 80 145000000.0 0.17 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AppLovin Corp - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Intact Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">96.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352859.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AppLovin Corp - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Intact Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> </table> 0.049 0.038 0.037 0.034 0.028 0.963 0.035 0.002 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund<br/>(Class C Shares/JGRCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>173</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.69<span>%</span></td> </tr> </table> 173 0.0169 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Enterprise Fund Class C Shares returned 4.62%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell Midcap^® Growth Index, returned 22.02%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell Midcap Growth Index was lifted by a position in AppLovin, the owner of a mobile marketing platform that matches developers with advertisers looking to be featured on apps and digital games. This platform utilizes artificial intelligence (AI) to improve returns on ad spending. The company’s strong second-quarter earnings growth gave investors increased confidence in its business model. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment. This business has been very profitable for Flex, and we believe the company is positioned to expand its share of the data center market.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell Midcap Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index. We did not own these stocks as we believed their valuations were unsupported by fundamentals. Among portfolio holdings, medical device maker Teleflex was a notable detractor, as headwinds for its urology franchise resulted in weaker-than-expected first-quarter results. Constellation Software, another detractor, provides software that targets industry verticals. The stock declined on news that Constellation’s visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter in the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352877.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.62<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.24<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.99<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.64<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.24<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.99<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell Midcap^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.37<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; font-weight: normal; width: 70pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; width: 70pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 0.0462 0.1024 0.1199 Janus Henderson Enterprise Fund (Class C Shares/JGRCX) with Contingent Deferred Sales Charge 0.0364 0.1024 0.1199 Russell 3000® Index 0.1741 0.1574 0.1471 Russell Midcap® Growth Index 0.2202 0.1126 0.1337 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23,620M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">80</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>145.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">17<span>%</span></td> </tr> </table> 23620000000 80 145000000.0 0.17 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AppLovin Corp - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Intact Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">96.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352883.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AppLovin Corp - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Intact Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> </table> 0.049 0.038 0.037 0.034 0.028 0.963 0.035 0.002 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund<br/>(Class D Shares/JANEX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>81</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.79<span>%</span></td> </tr> </table> 81 0.0079 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Enterprise Fund Class D Shares returned 5.58%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell Midcap^® Growth Index, returned 22.02%.</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell Midcap Growth Index was lifted by a position in AppLovin, the owner of a mobile marketing platform that matches developers with advertisers looking to be featured on apps and digital games. This platform utilizes artificial intelligence (AI) to improve returns on ad spending. The company’s strong second-quarter earnings growth gave investors increased confidence in its business model. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment. This business has been very profitable for Flex, and we believe the company is positioned to expand its share of the data center market.</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell Midcap Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index. We did not own these stocks as we believed their valuations were unsupported by fundamentals. Among portfolio holdings, medical device maker Teleflex was a notable detractor, as headwinds for its urology franchise resulted in weaker-than-expected first-quarter results. Constellation Software, another detractor, provides software that targets industry verticals. The stock declined on news that Constellation’s visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter in the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352902.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.98<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell Midcap^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.37<span>%</span></td> </tr> </table> Janus Henderson Enterprise Fund (Class D Shares/JANEX) 0.0558 0.1119 0.1298 Russell 3000® Index 0.1741 0.1574 0.1471 Russell Midcap® Growth Index 0.2202 0.1126 0.1337 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23,620M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">80</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>145.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">17<span>%</span></td> </tr> </table> 23620000000 80 145000000.0 0.17 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AppLovin Corp - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Intact Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">96.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352908.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AppLovin Corp - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Intact Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> </table> 0.049 0.038 0.037 0.034 0.028 0.963 0.035 0.002 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund<br/>(Class I Shares/JMGRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>78</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.76<span>%</span></td> </tr> </table> 78 0.0076 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Enterprise Fund Class I Shares returned 5.60%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell Midcap^® Growth Index, returned 22.02%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell Midcap Growth Index was lifted by a position in AppLovin, the owner of a mobile marketing platform that matches developers with advertisers looking to be featured on apps and digital games. This platform utilizes artificial intelligence (AI) to improve returns on ad spending. The company’s strong second-quarter earnings growth gave investors increased confidence in its business model. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment. This business has been very profitable for Flex, and we believe the company is positioned to expand its share of the data center market.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell Midcap Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index. We did not own these stocks as we believed their valuations were unsupported by fundamentals. Among portfolio holdings, medical device maker Teleflex was a notable detractor, as headwinds for its urology franchise resulted in weaker-than-expected first-quarter results. Constellation Software, another detractor, provides software that targets industry verticals. The stock declined on news that Constellation’s visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter in the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352927.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.03<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell Midcap^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.37<span>%</span></td> </tr> </table> Janus Henderson Enterprise Fund (Class I Shares/JMGRX) 0.0560 0.1123 0.1303 Russell 3000® Index 0.1741 0.1574 0.1471 Russell Midcap® Growth Index 0.2202 0.1126 0.1337 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23,620M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">80</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>145.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">17<span>%</span></td> </tr> </table> 23620000000 80 145000000.0 0.17 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AppLovin Corp - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Intact Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">96.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352934.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AppLovin Corp - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Intact Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> </table> 0.049 0.038 0.037 0.034 0.028 0.963 0.035 0.002 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund<br/>(Class N Shares/JDMNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>68</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.66<span>%</span></td> </tr> </table> 68 0.0066 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Enterprise Fund Class N Shares returned 5.71%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell Midcap^® Growth Index, returned 22.02%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell Midcap Growth Index was lifted by a position in AppLovin, the owner of a mobile marketing platform that matches developers with advertisers looking to be featured on apps and digital games. This platform utilizes artificial intelligence (AI) to improve returns on ad spending. The company’s strong second-quarter earnings growth gave investors increased confidence in its business model. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment. This business has been very profitable for Flex, and we believe the company is positioned to expand its share of the data center market.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell Midcap Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index. We did not own these stocks as we believed their valuations were unsupported by fundamentals. Among portfolio holdings, medical device maker Teleflex was a notable detractor, as headwinds for its urology franchise resulted in weaker-than-expected first-quarter results. Constellation Software, another detractor, provides software that targets industry verticals. The stock declined on news that Constellation’s visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter in the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352952.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.71<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.13<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell Midcap^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.37<span>%</span></td> </tr> </table> Janus Henderson Enterprise Fund (Class N Shares/JDMNX) 0.0571 0.1133 0.1313 Russell 3000® Index 0.1741 0.1574 0.1471 Russell Midcap® Growth Index 0.2202 0.1126 0.1337 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23,620M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">80</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>145.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">17<span>%</span></td> </tr> </table> 23620000000 80 145000000.0 0.17 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AppLovin Corp - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Intact Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">96.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352958.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AppLovin Corp - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Intact Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> </table> 0.049 0.038 0.037 0.034 0.028 0.963 0.035 0.002 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund<br/>(Class R Shares/JDMRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>144</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.41<span>%</span></td> </tr> </table> 144 0.0141 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Enterprise Fund Class R Shares returned 4.93%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell Midcap^® Growth Index, returned 22.02%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell Midcap Growth Index was lifted by a position in AppLovin, the owner of a mobile marketing platform that matches developers with advertisers looking to be featured on apps and digital games. This platform utilizes artificial intelligence (AI) to improve returns on ad spending. The company’s strong second-quarter earnings growth gave investors increased confidence in its business model. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment. This business has been very profitable for Flex, and we believe the company is positioned to expand its share of the data center market.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell Midcap Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index. We did not own these stocks as we believed their valuations were unsupported by fundamentals. Among portfolio holdings, medical device maker Teleflex was a notable detractor, as headwinds for its urology franchise resulted in weaker-than-expected first-quarter results. Constellation Software, another detractor, provides software that targets industry verticals. The stock declined on news that Constellation’s visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter in the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352977.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.93<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.29<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell Midcap^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.37<span>%</span></td> </tr> </table> Janus Henderson Enterprise Fund (Class R Shares/JDMRX) 0.0493 0.1051 0.1229 Russell 3000® Index 0.1741 0.1574 0.1471 Russell Midcap® Growth Index 0.2202 0.1126 0.1337 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23,620M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">80</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>145.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">17<span>%</span></td> </tr> </table> 23620000000 80 145000000.0 0.17 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AppLovin Corp - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Intact Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">96.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352983.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AppLovin Corp - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Intact Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> </table> 0.049 0.038 0.037 0.034 0.028 0.963 0.035 0.002 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund<br/>(Class S Shares/JGRTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>119</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.16<span>%</span></td> </tr> </table> 119 0.0116 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Enterprise Fund Class S Shares returned 5.18%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell Midcap^® Growth Index, returned 22.02%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell Midcap Growth Index was lifted by a position in AppLovin, the owner of a mobile marketing platform that matches developers with advertisers looking to be featured on apps and digital games. This platform utilizes artificial intelligence (AI) to improve returns on ad spending. The company’s strong second-quarter earnings growth gave investors increased confidence in its business model. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment. This business has been very profitable for Flex, and we believe the company is positioned to expand its share of the data center market.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell Midcap Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index. We did not own these stocks as we believed their valuations were unsupported by fundamentals. Among portfolio holdings, medical device maker Teleflex was a notable detractor, as headwinds for its urology franchise resulted in weaker-than-expected first-quarter results. Constellation Software, another detractor, provides software that targets industry verticals. The stock declined on news that Constellation’s visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter in the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_353002.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.57<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell Midcap^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.37<span>%</span></td> </tr> </table> Janus Henderson Enterprise Fund (Class S Shares/JGRTX) 0.0518 0.1078 0.1257 Russell 3000® Index 0.1741 0.1574 0.1471 Russell Midcap® Growth Index 0.2202 0.1126 0.1337 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23,620M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">80</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>145.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">17<span>%</span></td> </tr> </table> 23620000000 80 145000000.0 0.17 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AppLovin Corp - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Intact Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">96.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_353009.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AppLovin Corp - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Intact Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> </table> 0.049 0.038 0.037 0.034 0.028 0.963 0.035 0.002 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Enterprise Fund<br/>(Class T Shares/JAENX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>92</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span></td> </tr> </table> 92 0.0090 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Enterprise Fund Class T Shares returned 5.45%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell Midcap^® Growth Index, returned 22.02%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell Midcap Growth Index was lifted by a position in AppLovin, the owner of a mobile marketing platform that matches developers with advertisers looking to be featured on apps and digital games. This platform utilizes artificial intelligence (AI) to improve returns on ad spending. The company’s strong second-quarter earnings growth gave investors increased confidence in its business model. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment. This business has been very profitable for Flex, and we believe the company is positioned to expand its share of the data center market.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell Midcap Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index. We did not own these stocks as we believed their valuations were unsupported by fundamentals. Among portfolio holdings, medical device maker Teleflex was a notable detractor, as headwinds for its urology franchise resulted in weaker-than-expected first-quarter results. Constellation Software, another detractor, provides software that targets industry verticals. The stock declined on news that Constellation’s visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter in the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_353027.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.86<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell Midcap^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.37<span>%</span></td> </tr> </table> Janus Henderson Enterprise Fund (Class T Shares/JAENX) 0.0545 0.1107 0.1286 Russell 3000® Index 0.1741 0.1574 0.1471 Russell Midcap® Growth Index 0.2202 0.1126 0.1337 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>23,620M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">80</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>145.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">17<span>%</span></td> </tr> </table> 23620000000 80 145000000.0 0.17 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AppLovin Corp - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Intact Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">96.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_353034.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">AppLovin Corp - Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Intact Financial Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> </table> 0.049 0.038 0.037 0.034 0.028 0.963 0.035 0.002 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund<br/>(Class A Shares/HFEAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>144</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span></td> </tr> </table> 144 0.0130 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson European Focus Fund Class A Shares returned 20.80%. Its broad-based benchmark, the MSCI Europe Index^SM, returned 15.08%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the financials sector was a strong driver of performance relative to the MSCI Europe Index. In particular, bank stocks rallied on expectations that European authorities may relax banking regulation and capital requirements, creating a more favorable environment for lending and mergers and acquisitions. Erste Group Bank, a top relative contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander’s Polish business, a deal that could help cement Erste Bank’s position in the central and eastern European markets. German defense firm Rheinmetall was another positive contributor. Shares rose on expectations for increased military spending in Europe after NATO members agreed to spend 5% of GDP on defense and security by 2035.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection and an overweight in the consumer discretionary sector detracted relative to the MSCI Europe Index. Relative detractors included Pandora, a Danish company that makes affordable jewelry. Pandora reported disappointing results, reflecting weaker sales in key European markets. This fueled concerns about the sustainability of its growth trajectory. Semiconductor equipment company ASM International was another detractor from relative returns. The stock underperformed due to uncertainty about the capital expenditure plans of some of the firm’s key clients.  </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350502.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">20.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.03<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.90<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.26<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI Europe <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.14<span>%</span></td> </tr> </table> Janus Henderson European Focus Fund (Class A Shares/HFEAX) at NAV 0.2080 0.1303 0.0790 Janus Henderson European Focus Fund (Class A Shares/HFEAX) at Maximum Offering Price - 5.75% 0.1386 0.1169 0.0726 MSCI Europe IndexSM 0.1508 0.1219 0.0814 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>705M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">45</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">159<span>%</span></td> </tr> </table> 705000000 45 4700000 1.59 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Santander SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Allianz SE (REG)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rheinmetall AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350508.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Santander SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Allianz SE (REG)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rheinmetall AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> 0.043 0.040 0.037 0.036 0.031 0.989 0.009 0.002 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund<br/>(Class C Shares/HFECX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>226</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.06<span>%</span></td> </tr> </table> 226 0.0206 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson European Focus Fund Class C Shares returned 19.90%. Its broad-based benchmark, the MSCI Europe Index^SM, returned 15.08%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the financials sector was a strong driver of performance relative to the MSCI Europe Index. In particular, bank stocks rallied on expectations that European authorities may relax banking regulation and capital requirements, creating a more favorable environment for lending and mergers and acquisitions. Erste Group Bank, a top relative contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander’s Polish business, a deal that could help cement Erste Bank’s position in the central and eastern European markets. German defense firm Rheinmetall was another positive contributor. Shares rose on expectations for increased military spending in Europe after NATO members agreed to spend 5% of GDP on defense and security by 2035.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection and an overweight in the consumer discretionary sector detracted relative to the MSCI Europe Index. Relative detractors included Pandora, a Danish company that makes affordable jewelry. Pandora reported disappointing results, reflecting weaker sales in key European markets. This fueled concerns about the sustainability of its growth trajectory. Semiconductor equipment company ASM International was another detractor from relative returns. The stock underperformed due to uncertainty about the capital expenditure plans of some of the firm’s key clients.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350527.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">19.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.08<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">18.90<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.08<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI Europe <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.14<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; font-weight: normal; width: 70pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; width: 70pt; padding: 0 0 0 0pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 0.1990 0.1217 0.0708 Janus Henderson European Focus Fund (Class C Shares/HFECX) with Contingent Deferred Sales Charge 0.1890 0.1217 0.0708 MSCI Europe IndexSM 0.1508 0.1219 0.0814 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>705M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">45</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">159<span>%</span></td> </tr> </table> 705000000 45 4700000 1.59 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Santander SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Allianz SE (REG)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rheinmetall AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350533.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Santander SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Allianz SE (REG)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rheinmetall AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> 0.043 0.040 0.037 0.036 0.031 0.989 0.009 0.002 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund<br/>(Class D Shares/HFEDX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>120</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.09<span>%</span></td> </tr> </table> 120 0.0109 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson European Focus Fund Class D Shares returned 21.04%. Its broad-based benchmark, the MSCI Europe Index^SM, returned 15.08%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the financials sector was a strong driver of performance relative to the MSCI Europe Index. In particular, bank stocks rallied on expectations that European authorities may relax banking regulation and capital requirements, creating a more favorable environment for lending and mergers and acquisitions. Erste Group Bank, a top relative contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander’s Polish business, a deal that could help cement Erste Bank’s position in the central and eastern European markets. German defense firm Rheinmetall was another positive contributor. Shares rose on expectations for increased military spending in Europe after NATO members agreed to spend 5% of GDP on defense and security by 2035.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection and an overweight in the consumer discretionary sector detracted relative to the MSCI Europe Index. Relative detractors included Pandora, a Danish company that makes affordable jewelry. Pandora reported disappointing results, reflecting weaker sales in key European markets. This fueled concerns about the sustainability of its growth trajectory. Semiconductor equipment company ASM International was another detractor from relative returns. The stock underperformed due to uncertainty about the capital expenditure plans of some of the firm’s key clients.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350552.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">21.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.07<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI Europe <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.14<span>%</span></td> </tr> </table> Janus Henderson European Focus Fund (Class D Shares/HFEDX) 0.2104 0.1325 0.0807 MSCI Europe IndexSM 0.1508 0.1219 0.0814 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>705M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">45</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">159<span>%</span></td> </tr> </table> 705000000 45 4700000 1.59 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Santander SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Allianz SE (REG)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rheinmetall AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350559.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Santander SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Allianz SE (REG)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rheinmetall AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> 0.043 0.040 0.037 0.036 0.031 0.989 0.009 0.002 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund<br/>(Class I Shares/HFEIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>117</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.06<span>%</span></td> </tr> </table> 117 0.0106 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson European Focus Fund Class I Shares returned 21.09%. Its broad-based benchmark, the MSCI Europe Index^SM, returned 15.08%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the financials sector was a strong driver of performance relative to the MSCI Europe Index. In particular, bank stocks rallied on expectations that European authorities may relax banking regulation and capital requirements, creating a more favorable environment for lending and mergers and acquisitions. Erste Group Bank, a top relative contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander’s Polish business, a deal that could help cement Erste Bank’s position in the central and eastern European markets. German defense firm Rheinmetall was another positive contributor. Shares rose on expectations for increased military spending in Europe after NATO members agreed to spend 5% of GDP on defense and security by 2035. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection and an overweight in the consumer discretionary sector detracted relative to the MSCI Europe Index. Relative detractors included Pandora, a Danish company that makes affordable jewelry. Pandora reported disappointing results, reflecting weaker sales in key European markets. This fueled concerns about the sustainability of its growth trajectory. Semiconductor equipment company ASM International was another detractor from relative returns. The stock underperformed due to uncertainty about the capital expenditure plans of some of the firm’s key clients.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350577.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">21.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.18<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI Europe <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.14<span>%</span></td> </tr> </table> Janus Henderson European Focus Fund (Class I Shares/HFEIX) 0.2109 0.1331 0.0818 MSCI Europe IndexSM 0.1508 0.1219 0.0814 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>705M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">45</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">159<span>%</span></td> </tr> </table> 705000000 45 4700000 1.59 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Santander SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Allianz SE (REG)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rheinmetall AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350583.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Santander SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Allianz SE (REG)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rheinmetall AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> 0.043 0.040 0.037 0.036 0.031 0.989 0.009 0.002 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund<br/>(Class N Shares/HFERX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>106</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.96<span>%</span></td> </tr> </table> 106 0.0096 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson European Focus Fund Class N Shares returned 21.21%. Its broad-based benchmark, the MSCI Europe Index^SM, returned 15.08%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the financials sector was a strong driver of performance relative to the MSCI Europe Index. In particular, bank stocks rallied on expectations that European authorities may relax banking regulation and capital requirements, creating a more favorable environment for lending and mergers and acquisitions. Erste Group Bank, a top relative contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander’s Polish business, a deal that could help cement Erste Bank’s position in the central and eastern European markets. German defense firm Rheinmetall was another positive contributor. Shares rose on expectations for increased military spending in Europe after NATO members agreed to spend 5% of GDP on defense and security by 2035. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection and an overweight in the consumer discretionary sector detracted relative to the MSCI Europe Index. Relative detractors included Pandora, a Danish company that makes affordable jewelry. Pandora reported disappointing results, reflecting weaker sales in key European markets. This fueled concerns about the sustainability of its growth trajectory. Semiconductor equipment company ASM International was another detractor from relative returns. The stock underperformed due to uncertainty about the capital expenditure plans of some of the firm’s key clients.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350602.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">21.21<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.23<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI Europe <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.14<span>%</span></td> </tr> </table> Janus Henderson European Focus Fund (Class N Shares/HFERX) 0.2121 0.1339 0.0823 MSCI Europe IndexSM 0.1508 0.1219 0.0814 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>705M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">45</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">159<span>%</span></td> </tr> </table> 705000000 45 4700000 1.59 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Santander SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Allianz SE (REG)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rheinmetall AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350608.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Santander SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Allianz SE (REG)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rheinmetall AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> 0.043 0.040 0.037 0.036 0.031 0.989 0.009 0.002 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund<br/>(Class S Shares/HFESX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>152</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.38<span>%</span></td> </tr> </table> 152 0.0138 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson European Focus Fund Class S Shares returned 20.72%. Its broad-based benchmark, the MSCI Europe Index^SM, returned 15.08%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the financials sector was a strong driver of performance relative to the MSCI Europe Index. In particular, bank stocks rallied on expectations that European authorities may relax banking regulation and capital requirements, creating a more favorable environment for lending and mergers and acquisitions. Erste Group Bank, a top relative contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander’s Polish business, a deal that could help cement Erste Bank’s position in the central and eastern European markets. German defense firm Rheinmetall was another positive contributor. Shares rose on expectations for increased military spending in Europe after NATO members agreed to spend 5% of GDP on defense and security by 2035. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection and an overweight in the consumer discretionary sector detracted relative to the MSCI Europe Index. Relative detractors included Pandora, a Danish company that makes affordable jewelry. Pandora reported disappointing results, reflecting weaker sales in key European markets. This fueled concerns about the sustainability of its growth trajectory. Semiconductor equipment company ASM International was another detractor from relative returns. The stock underperformed due to uncertainty about the capital expenditure plans of some of the firm’s key clients.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350627.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">20.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.91<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI Europe <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.14<span>%</span></td> </tr> </table> Janus Henderson European Focus Fund (Class S Shares/HFESX) 0.2072 0.1308 0.0791 MSCI Europe IndexSM 0.1508 0.1219 0.0814 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>705M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">45</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">159<span>%</span></td> </tr> </table> 705000000 45 4700000 1.59 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Santander SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Allianz SE (REG)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rheinmetall AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350634.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Santander SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Allianz SE (REG)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rheinmetall AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> 0.043 0.040 0.037 0.036 0.031 0.989 0.009 0.002 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson European Focus Fund<br/>(Class T Shares/HFETX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>134</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.21<span>%</span></td> </tr> </table> 134 0.0121 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson European Focus Fund Class T Shares returned 20.91%. Its broad-based benchmark, the MSCI Europe Index^SM, returned 15.08%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the financials sector was a strong driver of performance relative to the MSCI Europe Index. In particular, bank stocks rallied on expectations that European authorities may relax banking regulation and capital requirements, creating a more favorable environment for lending and mergers and acquisitions. Erste Group Bank, a top relative contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander’s Polish business, a deal that could help cement Erste Bank’s position in the central and eastern European markets. German defense firm Rheinmetall was another positive contributor. Shares rose on expectations for increased military spending in Europe after NATO members agreed to spend 5% of GDP on defense and security by 2035.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection and an overweight in the consumer discretionary sector detracted relative to the MSCI Europe Index. Relative detractors included Pandora, a Danish company that makes affordable jewelry. Pandora reported disappointing results, reflecting weaker sales in key European markets. This fueled concerns about the sustainability of its growth trajectory. Semiconductor equipment company ASM International was another detractor from relative returns. The stock underperformed due to uncertainty about the capital expenditure plans of some of the firm’s key clients.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350652.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">20.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.12<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.99<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI Europe <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.14<span>%</span></td> </tr> </table> Janus Henderson European Focus Fund (Class T Shares/HFETX) 0.2091 0.1312 0.0799 MSCI Europe IndexSM 0.1508 0.1219 0.0814 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>705M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">45</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">159<span>%</span></td> </tr> </table> 705000000 45 4700000 1.59 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Santander SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Allianz SE (REG)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rheinmetall AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350659.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Erste Group Bank AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Santander SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Allianz SE (REG)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Rheinmetall AG</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> </table> 0.043 0.040 0.037 0.036 0.031 0.989 0.009 0.002 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund<br/>(Class A Shares/JDCAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>97</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.88<span>%</span></td> </tr> </table> 97 0.0088 <div style="margin-bottom: 14pt;"> <div style="break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Forty Fund Class A Shares returned 20.32%. Its broad-based benchmark, the Russell 1000^® Index, returned 17.75%. Its performance benchmark, the Russell 1000^® Growth Index, returned 25.53%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was aided by stock selection in the industrials sector, where Howmet Aerospace was a top contributor. The specialized aircraft components manufacturer’s first-quarter earnings exceeded expectations, as the business benefited from a cyclical aerospace recovery and increased aftermarket demand. Howmet has gained market share by investing through the down cycle even as its competitors pulled back. Technology company Oracle, another contributor, has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business.</div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was hindered by an overweight to and stock selection in the healthcare sector, where UnitedHealth Group was a notable detractor. The health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. An out-of-index position in Danaher also detracted. Shares declined sharply in the first quarter after the global life sciences and diagnostics company reported weaker-than-expected sales and earnings growth for the fourth quarter of 2024. We remained invested, and the stock recovered some ground later in the performance period.</div> </div> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351302.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">20.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.62<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.93<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">25.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">18.83<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Forty Fund (Class A Shares/JDCAX) at NAV 0.2032 0.1378 0.1662 Janus Henderson Forty Fund (Class A Shares/JDCAX) at Maximum Offering Price - 5.75% 0.1340 0.1244 0.1593 Russell 1000® Index 0.1775 0.1599 0.1504 Russell 1000® Growth Index 0.2553 0.1758 0.1883 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>24,573M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">31</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>119.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 24573000000 31 119700000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351308.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> 0.115 0.106 0.079 0.060 0.054 0.995 0.006 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund<br/>(Class C Shares/JACCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>167</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.52<span>%</span></td> </tr> </table> 167 0.0152 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Forty Fund Class C Shares returned 19.54%. Its broad-based benchmark, the Russell 1000^® Index, returned 17.75%. Its performance benchmark, the Russell 1000^® Growth Index, returned 25.53%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was aided by stock selection in the industrials sector, where Howmet Aerospace was a top contributor. The specialized aircraft components manufacturer’s first-quarter earnings exceeded expectations, as the business benefited from a cyclical aerospace recovery and increased aftermarket demand. Howmet has gained market share by investing through the down cycle even as its competitors pulled back. Technology company Oracle, another contributor, has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was hindered by an overweight to and stock selection in the healthcare sector, where UnitedHealth Group was a notable detractor. The health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. An out-of-index position in Danaher also detracted. Shares declined sharply in the first quarter after the global life sciences and diagnostics company reported weaker-than-expected sales and earnings growth for the fourth quarter of 2024. We remained invested, and the stock recovered some ground later in the performance period.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351327.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">19.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.87<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">18.54<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.87<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">25.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">18.83<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; font-weight: normal; width: 70pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; width: 70pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 0.1954 0.1302 0.1587 Janus Henderson Forty Fund (Class C Shares/JACCX) with Contingent Deferred Sales Charge 0.1854 0.1302 0.1587 Russell 1000® Index 0.1775 0.1599 0.1504 Russell 1000® Growth Index 0.2553 0.1758 0.1883 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>24,573M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">31</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>119.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 24573000000 31 119700000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351334.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> 0.115 0.106 0.079 0.060 0.054 0.995 0.006 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund<br/>(Class D Shares/JFRDX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>74</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.67<span>%</span></td> </tr> </table> 74 0.0067 <div style="margin-bottom: 14pt;"> <div style="break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Forty Fund Class D Shares returned 20.58%. Its broad-based benchmark, the Russell 1000^® Index, returned 17.75%. Its performance benchmark, the Russell 1000^® Growth Index, returned 25.53%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was aided by stock selection in the industrials sector, where Howmet Aerospace was a top contributor. The specialized aircraft components manufacturer’s first-quarter earnings exceeded expectations, as the business benefited from a cyclical aerospace recovery and increased aftermarket demand. Howmet has gained market share by investing through the down cycle even as its competitors pulled back. Technology company Oracle, another contributor, has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business.</div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was hindered by an overweight to and stock selection in the healthcare sector, where UnitedHealth Group was a notable detractor. The health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. An out-of-index position in Danaher also detracted. Shares declined sharply in the first quarter after the global life sciences and diagnostics company reported weaker-than-expected sales and earnings growth for the fourth quarter of 2024. We remained invested, and the stock recovered some ground later in the performance period.</div> </div> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">January 27, 2017, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351352.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2017-01-27 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">20.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.55<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.81<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">25.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">19.52<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.06<span>%</span></td> </tr> </table> Janus Henderson Forty Fund (Class D Shares/JFRDX) 0.2058 0.1401 0.1755 Russell 1000® Index 0.1775 0.1599 0.1481 Russell 1000® Growth Index 0.2553 0.1758 0.1952 S&P 500® Index 0.1760 0.1647 0.1506 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>24,573M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">31</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>119.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 24573000000 31 119700000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351359.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> 0.115 0.106 0.079 0.060 0.054 0.995 0.006 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund<br/>(Class I Shares/JCAPX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>71</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.64<span>%</span></td> </tr> </table> 71 0.0064 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Forty Fund Class I Shares returned 20.61%. Its broad-based benchmark, the Russell 1000^® Index, returned 17.75%. Its performance benchmark, the Russell 1000^® Growth Index, returned 25.53%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was aided by stock selection in the industrials sector, where Howmet Aerospace was a top contributor. The specialized aircraft components manufacturer’s first-quarter earnings exceeded expectations, as the business benefited from a cyclical aerospace recovery and increased aftermarket demand. Howmet has gained market share by investing through the down cycle even as its competitors pulled back. Technology company Oracle, another contributor, has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was hindered by an overweight to and stock selection in the healthcare sector, where UnitedHealth Group was a notable detractor. The health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. An out-of-index position in Danaher also detracted. Shares declined sharply in the first quarter after the global life sciences and diagnostics company reported weaker-than-expected sales and earnings growth for the fourth quarter of 2024. We remained invested, and the stock recovered some ground later in the performance period.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351377.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">20.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.94<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">25.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">18.83<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Forty Fund (Class I Shares/JCAPX) 0.2061 0.1406 0.1694 Russell 1000® Index 0.1775 0.1599 0.1504 Russell 1000® Growth Index 0.2553 0.1758 0.1883 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>24,573M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">31</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>119.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 24573000000 31 119700000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351383.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> 0.115 0.106 0.079 0.060 0.054 0.995 0.006 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund<br/>(Class N Shares/JFRNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>62</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.56<span>%</span></td> </tr> </table> 62 0.0056 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Forty Fund Class N Shares returned 20.72%. Its broad-based benchmark, the Russell 1000^® Index, returned 17.75%. Its performance benchmark, the Russell 1000^® Growth Index, returned 25.53%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was aided by stock selection in the industrials sector, where Howmet Aerospace was a top contributor. The specialized aircraft components manufacturer’s first-quarter earnings exceeded expectations, as the business benefited from a cyclical aerospace recovery and increased aftermarket demand. Howmet has gained market share by investing through the down cycle even as its competitors pulled back. Technology company Oracle, another contributor, has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was hindered by an overweight to and stock selection in the healthcare sector, where UnitedHealth Group was a notable detractor. The health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. An out-of-index position in Danaher also detracted. Shares declined sharply in the first quarter after the global life sciences and diagnostics company reported weaker-than-expected sales and earnings growth for the fourth quarter of 2024. We remained invested, and the stock recovered some ground later in the performance period.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351402.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">20.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.02<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">25.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">18.83<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Forty Fund (Class N Shares/JFRNX) 0.2072 0.1415 0.1702 Russell 1000® Index 0.1775 0.1599 0.1504 Russell 1000® Growth Index 0.2553 0.1758 0.1883 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>24,573M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">31</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>119.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 24573000000 31 119700000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351409.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> 0.115 0.106 0.079 0.060 0.054 0.995 0.006 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund<br/>(Class R Shares/JDCRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>143</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span></td> </tr> </table> 143 0.0130 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Forty Fund Class R Shares returned 19.81%. Its broad-based benchmark, the Russell 1000^® Index, returned 17.75%. Its performance benchmark, the Russell 1000^® Growth Index, returned 25.53%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was aided by stock selection in the industrials sector, where Howmet Aerospace was a top contributor. The specialized aircraft components manufacturer’s first-quarter earnings exceeded expectations, as the business benefited from a cyclical aerospace recovery and increased aftermarket demand. Howmet has gained market share by investing through the down cycle even as its competitors pulled back. Technology company Oracle, another contributor, has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was hindered by an overweight to and stock selection in the healthcare sector, where UnitedHealth Group was a notable detractor. The health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. An out-of-index position in Danaher also detracted. Shares declined sharply in the first quarter after the global life sciences and diagnostics company reported weaker-than-expected sales and earnings growth for the fourth quarter of 2024. We remained invested, and the stock recovered some ground later in the performance period.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351427.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">19.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.16<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">25.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">18.83<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Forty Fund (Class R Shares/JDCRX) 0.1981 0.1331 0.1616 Russell 1000® Index 0.1775 0.1599 0.1504 Russell 1000® Growth Index 0.2553 0.1758 0.1883 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>24,573M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">31</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>119.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 24573000000 31 119700000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351434.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> 0.115 0.106 0.079 0.060 0.054 0.995 0.006 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund<br/>(Class S Shares/JARTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>114</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.04<span>%</span></td> </tr> </table> 114 0.0104 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Forty Fund Class S Shares returned 20.11%. Its broad-based benchmark, the Russell 1000^® Index, returned 17.75%. Its performance benchmark, the Russell 1000^® Growth Index, returned 25.53%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was aided by stock selection in the industrials sector, where Howmet Aerospace was a top contributor. The specialized aircraft components manufacturer’s first-quarter earnings exceeded expectations, as the business benefited from a cyclical aerospace recovery and increased aftermarket demand. Howmet has gained market share by investing through the down cycle even as its competitors pulled back. Technology company Oracle, another contributor, has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was hindered by an overweight to and stock selection in the healthcare sector, where UnitedHealth Group was a notable detractor. The health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. An out-of-index position in Danaher also detracted. Shares declined sharply in the first quarter after the global life sciences and diagnostics company reported weaker-than-expected sales and earnings growth for the fourth quarter of 2024. We remained invested, and the stock recovered some ground later in the performance period.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351452.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">20.11<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.45<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">25.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">18.83<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Forty Fund (Class S Shares/JARTX) 0.2011 0.1359 0.1645 Russell 1000® Index 0.1775 0.1599 0.1504 Russell 1000® Growth Index 0.2553 0.1758 0.1883 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>24,573M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">31</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>119.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 24573000000 31 119700000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351458.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> 0.115 0.106 0.079 0.060 0.054 0.995 0.006 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Forty Fund<br/>(Class T Shares/JACTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>87</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.79<span>%</span></td> </tr> </table> 87 0.0079 <div style="margin-bottom: 14pt;"> <div style="break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Forty Fund Class T Shares returned 20.44%. Its broad-based benchmark, the Russell 1000^® Index, returned 17.75%. Its performance benchmark, the Russell 1000^® Growth Index, returned 25.53%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was aided by stock selection in the industrials sector, where Howmet Aerospace was a top contributor. The specialized aircraft components manufacturer’s first-quarter earnings exceeded expectations, as the business benefited from a cyclical aerospace recovery and increased aftermarket demand. Howmet has gained market share by investing through the down cycle even as its competitors pulled back. Technology company Oracle, another contributor, has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business.</div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was hindered by an overweight to and stock selection in the healthcare sector, where UnitedHealth Group was a notable detractor. The health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. An out-of-index position in Danaher also detracted. Shares declined sharply in the first quarter after the global life sciences and diagnostics company reported weaker-than-expected sales and earnings growth for the fourth quarter of 2024. We remained invested, and the stock recovered some ground later in the performance period.</div> </div> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351477.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">20.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.89<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.75<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">25.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">18.83<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Forty Fund (Class T Shares/JACTX) 0.2044 0.1389 0.1675 Russell 1000® Index 0.1775 0.1599 0.1504 Russell 1000® Growth Index 0.2553 0.1758 0.1883 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>24,573M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">31</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>119.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 24573000000 31 119700000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351483.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">11.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> </table> 0.115 0.106 0.079 0.060 0.054 0.995 0.006 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund<br/>(Class A Shares/HFQAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>122</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.12<span>%</span></td> </tr> </table> 122 0.0112 <div style="margin-bottom: 14pt;"> <div style="break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Equity Income Fund Class A Shares returned 17.16%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 12.15%.</div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the U.S. lifted performance relative to the MSCI All Country World Index. From a sector perspective, stock selection in financials contributed, aided by positions in UK-based financial services company HSBC Holdings and Italian bank Intesa Sanpaolo. Both stocks benefited from expectations that interest rates will remain higher for longer, aiding bank net interest income. Taiwan Semiconductor Manufacturing Company, another contributor, is a leading supplier of graphics processing units used in artificial intelligence (AI). The company reported very strong earnings growth and guidance, fueled by continued capital investment in the AI buildout. </div> </div> <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in Japan detracted relative to the MSCI All Country World Index. From a sector standpoint, stock selection in communication services detracted. This was due in part to an out-of-index position in Publicis. Shares of the advertising conglomerate underperformed on market concerns about the potential negative impact of AI on the company’s business model. Global spirits company Pernod Ricard, another detractor, experienced earnings headwinds because of lackluster consumer spending in China. Global package delivery and logistics company United Parcel Service (UPS) was also a detractor. Shares of UPS declined on investor worries over an uncertain economic backdrop and the potential dampening impact of tariffs on consumer spending, industrial activity, and shipping volumes.  </div> </div> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350677.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.16<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.28<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.64<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.37<span>%</span></td> </tr> </table> Janus Henderson Global Equity Income Fund (Class A Shares/HFQAX) at NAV 0.1716 0.1154 0.0728 Janus Henderson Global Equity Income Fund (Class A Shares/HFQAX) at Maximum Offering Price - 5.75% 0.1043 0.1023 0.0664 MSCI World IndexSM 0.1725 0.1441 0.1243 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index 0.1215 0.1264 0.0837 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,658M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">83</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>39.1M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">175<span>%</span></td> </tr> </table> 6658000000 83 39100000 1.75 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Sony Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KDDI Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350683.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Sony Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KDDI Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> 0.040 0.029 0.028 0.026 0.025 0.950 0.021 0.029 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund<br/>(Class C Shares/HFQCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>185</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.71<span>%</span></td> </tr> </table> 185 0.0171 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Equity Income Fund Class C Shares returned 16.62%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 12.15%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the U.S. lifted performance relative to the MSCI All Country World Index. From a sector perspective, stock selection in financials contributed, aided by positions in UK-based financial services company HSBC Holdings and Italian bank Intesa Sanpaolo. Both stocks benefited from expectations that interest rates will remain higher for longer, aiding bank net interest income. Taiwan Semiconductor Manufacturing Company, another contributor, is a leading supplier of graphics processing units used in artificial intelligence (AI). The company reported very strong earnings growth and guidance, fueled by continued capital investment in the AI buildout. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in Japan detracted relative to the MSCI All Country World Index. From a sector standpoint, stock selection in communication services detracted. This was due in part to an out-of-index position in Publicis. Shares of the advertising conglomerate underperformed on market concerns about the potential negative impact of AI on the company’s business model. Global spirits company Pernod Ricard, another detractor, experienced earnings headwinds because of lackluster consumer spending in China. Global package delivery and logistics company United Parcel Service (UPS) was also a detractor. Shares of UPS declined on investor worries over an uncertain economic backdrop and the potential dampening impact of tariffs on consumer spending, industrial activity, and shipping volumes.  </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350702.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.62<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.57<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.62<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.57<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.37<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; font-weight: normal; width: 70pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; width: 70pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 0.1662 0.1091 0.0657 Janus Henderson Global Equity Income Fund (Class C Shares/HFQCX) with Contingent Deferred Sales Charge 0.1562 0.1091 0.0657 MSCI World IndexSM 0.1725 0.1441 0.1243 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index 0.1215 0.1264 0.0837 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,658M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">83</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>39.1M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">175<span>%</span></td> </tr> </table> 6658000000 83 39100000 1.75 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Sony Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KDDI Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350708.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Sony Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KDDI Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> 0.040 0.029 0.028 0.026 0.025 0.950 0.021 0.029 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund<br/>(Class D Shares/HFQDX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>92</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.85<span>%</span></td> </tr> </table> 92 0.0085 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Equity Income Fund Class D Shares returned 17.41%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 12.15%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the U.S. lifted performance relative to the MSCI All Country World Index. From a sector perspective, stock selection in financials contributed, aided by positions in UK-based financial services company HSBC Holdings and Italian bank Intesa Sanpaolo. Both stocks benefited from expectations that interest rates will remain higher for longer, aiding bank net interest income. Taiwan Semiconductor Manufacturing Company, another contributor, is a leading supplier of graphics processing units used in artificial intelligence (AI). The company reported very strong earnings growth and guidance, fueled by continued capital investment in the AI buildout. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in Japan detracted relative to the MSCI All Country World Index. From a sector standpoint, stock selection in communication services detracted. This was due in part to an out-of-index position in Publicis. Shares of the advertising conglomerate underperformed on market concerns about the potential negative impact of AI on the company’s business model. Global spirits company Pernod Ricard, another detractor, experienced earnings headwinds because of lackluster consumer spending in China. Global package delivery and logistics company United Parcel Service (UPS) was also a detractor. Shares of UPS declined on investor worries over an uncertain economic backdrop and the potential dampening impact of tariffs on consumer spending, industrial activity, and shipping volumes.  </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350727.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.47<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.37<span>%</span></td> </tr> </table> Janus Henderson Global Equity Income Fund (Class D Shares/HFQDX) 0.1741 0.1184 0.0747 MSCI World IndexSM 0.1725 0.1441 0.1243 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index 0.1215 0.1264 0.0837 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,658M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">83</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>39.1M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">175<span>%</span></td> </tr> </table> 6658000000 83 39100000 1.75 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Sony Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KDDI Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350734.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Sony Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KDDI Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> 0.040 0.029 0.028 0.026 0.025 0.950 0.021 0.029 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund<br/>(Class I Shares/HFQIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>86</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.79<span>%</span></td> </tr> </table> 86 0.0079 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Equity Income Fund Class I Shares returned 17.51%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 12.15%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the U.S. lifted performance relative to the MSCI All Country World Index. From a sector perspective, stock selection in financials contributed, aided by positions in UK-based financial services company HSBC Holdings and Italian bank Intesa Sanpaolo. Both stocks benefited from expectations that interest rates will remain higher for longer, aiding bank net interest income. Taiwan Semiconductor Manufacturing Company, another contributor, is a leading supplier of graphics processing units used in artificial intelligence (AI). The company reported very strong earnings growth and guidance, fueled by continued capital investment in the AI buildout. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in Japan detracted relative to the MSCI All Country World Index. From a sector standpoint, stock selection in communication services detracted. This was due in part to an out-of-index position in Publicis. Shares of the advertising conglomerate underperformed on market concerns about the potential negative impact of AI on the company’s business model. Global spirits company Pernod Ricard, another detractor, experienced earnings headwinds because of lackluster consumer spending in China. Global package delivery and logistics company United Parcel Service (UPS) was also a detractor. Shares of UPS declined on investor worries over an uncertain economic backdrop and the potential dampening impact of tariffs on consumer spending, industrial activity, and shipping volumes.  </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350752.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.61<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.37<span>%</span></td> </tr> </table> Janus Henderson Global Equity Income Fund (Class I Shares/HFQIX) 0.1751 0.1190 0.0761 MSCI World IndexSM 0.1725 0.1441 0.1243 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index 0.1215 0.1264 0.0837 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,658M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">83</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>39.1M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">175<span>%</span></td> </tr> </table> 6658000000 83 39100000 1.75 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Sony Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KDDI Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350758.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Sony Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KDDI Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> 0.040 0.029 0.028 0.026 0.025 0.950 0.021 0.029 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund<br/>(Class N Shares/HFQRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>75</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.69<span>%</span></td> </tr> </table> 75 0.0069 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Equity Income Fund Class N Shares returned 17.63%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 12.15%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the U.S. lifted performance relative to the MSCI All Country World Index. From a sector perspective, stock selection in financials contributed, aided by positions in UK-based financial services company HSBC Holdings and Italian bank Intesa Sanpaolo. Both stocks benefited from expectations that interest rates will remain higher for longer, aiding bank net interest income. Taiwan Semiconductor Manufacturing Company, another contributor, is a leading supplier of graphics processing units used in artificial intelligence (AI). The company reported very strong earnings growth and guidance, fueled by continued capital investment in the AI buildout. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in Japan detracted relative to the MSCI All Country World Index. From a sector standpoint, stock selection in communication services detracted. This was due in part to an out-of-index position in Publicis. Shares of the advertising conglomerate underperformed on market concerns about the potential negative impact of AI on the company’s business model. Global spirits company Pernod Ricard, another detractor, experienced earnings headwinds because of lackluster consumer spending in China. Global package delivery and logistics company United Parcel Service (UPS) was also a detractor. Shares of UPS declined on investor worries over an uncertain economic backdrop and the potential dampening impact of tariffs on consumer spending, industrial activity, and shipping volumes.  </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350777.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.63<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.68<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.37<span>%</span></td> </tr> </table> Janus Henderson Global Equity Income Fund (Class N Shares/HFQRX) 0.1763 0.1200 0.0768 MSCI World IndexSM 0.1725 0.1441 0.1243 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index 0.1215 0.1264 0.0837 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,658M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">83</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>39.1M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">175<span>%</span></td> </tr> </table> 6658000000 83 39100000 1.75 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Sony Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KDDI Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350783.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Sony Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KDDI Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> 0.040 0.029 0.028 0.026 0.025 0.950 0.021 0.029 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund<br/>(Class S Shares/HFQSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>130</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.20<span>%</span></td> </tr> </table> 130 0.0120 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Equity Income Fund Class S Shares returned 17.14%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 12.15%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the U.S. lifted performance relative to the MSCI All Country World Index. From a sector perspective, stock selection in financials contributed, aided by positions in UK-based financial services company HSBC Holdings and Italian bank Intesa Sanpaolo. Both stocks benefited from expectations that interest rates will remain higher for longer, aiding bank net interest income. Taiwan Semiconductor Manufacturing Company, another contributor, is a leading supplier of graphics processing units used in artificial intelligence (AI). The company reported very strong earnings growth and guidance, fueled by continued capital investment in the AI buildout. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in Japan detracted relative to the MSCI All Country World Index. From a sector standpoint, stock selection in communication services detracted. This was due in part to an out-of-index position in Publicis. Shares of the advertising conglomerate underperformed on market concerns about the potential negative impact of AI on the company’s business model. Global spirits company Pernod Ricard, another detractor, experienced earnings headwinds because of lackluster consumer spending in China. Global package delivery and logistics company United Parcel Service (UPS) was also a detractor. Shares of UPS declined on investor worries over an uncertain economic backdrop and the potential dampening impact of tariffs on consumer spending, industrial activity, and shipping volumes.  </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350802.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.14<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.37<span>%</span></td> </tr> </table> Janus Henderson Global Equity Income Fund (Class S Shares/HFQSX) 0.1714 0.1144 0.0714 MSCI World IndexSM 0.1725 0.1441 0.1243 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index 0.1215 0.1264 0.0837 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,658M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">83</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>39.1M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">175<span>%</span></td> </tr> </table> 6658000000 83 39100000 1.75 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Sony Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KDDI Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350809.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Sony Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KDDI Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> 0.040 0.029 0.028 0.026 0.025 0.950 0.021 0.029 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Equity Income Fund<br/>(Class T Shares/HFQTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>101</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td> </tr> </table> 101 0.0093 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Equity Income Fund Class T Shares returned 17.49%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 12.15%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the U.S. lifted performance relative to the MSCI All Country World Index. From a sector perspective, stock selection in financials contributed, aided by positions in UK-based financial services company HSBC Holdings and Italian bank Intesa Sanpaolo. Both stocks benefited from expectations that interest rates will remain higher for longer, aiding bank net interest income. Taiwan Semiconductor Manufacturing Company, another contributor, is a leading supplier of graphics processing units used in artificial intelligence (AI). The company reported very strong earnings growth and guidance, fueled by continued capital investment in the AI buildout. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in Japan detracted relative to the MSCI All Country World Index. From a sector standpoint, stock selection in communication services detracted. This was due in part to an out-of-index position in Publicis. Shares of the advertising conglomerate underperformed on market concerns about the potential negative impact of AI on the company’s business model. Global spirits company Pernod Ricard, another detractor, experienced earnings headwinds because of lackluster consumer spending in China. Global package delivery and logistics company United Parcel Service (UPS) was also a detractor. Shares of UPS declined on investor worries over an uncertain economic backdrop and the potential dampening impact of tariffs on consumer spending, industrial activity, and shipping volumes.  </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350827.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.49<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.77<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.43<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.37<span>%</span></td> </tr> </table> Janus Henderson Global Equity Income Fund (Class T Shares/HFQTX) 0.1749 0.1177 0.0743 MSCI World IndexSM 0.1725 0.1441 0.1243 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index 0.1215 0.1264 0.0837 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,658M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">83</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>39.1M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">175<span>%</span></td> </tr> </table> 6658000000 83 39100000 1.75 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Sony Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KDDI Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">95.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350834.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Sony Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">KDDI Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> </table> 0.040 0.029 0.028 0.026 0.025 0.950 0.021 0.029 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund<br/>(Class A Shares/JFNAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>97</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.00<span>%</span></td> </tr> </table> 97 0.0100 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Life Sciences Fund Class A Shares returned (6.72)%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its performance benchmark, the MSCI World Health Care Index^SM, returned (8.00)%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Health Care Index was aided by an investment in Madrigal Pharmaceuticals. As a leader in the treatment of metabolic dysfunction-associated steatohepatitis, Madrigal saw strong physician adoption and sales trends for its drug Rezdiffra, which aided its stock performance. Biotechnology company Argenx, another contributor, has benefited from the continued growth of Vyvgart, its treatment for generalized myasthenia gravis, a rare autoimmune condition that causes muscle weakness and fatigue. Argenx also has a robust pipeline, with multiple clinical readouts and events anticipated by 2026.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Vaxcyte was a notable detractor from performance relative to the MSCI World Health Care Index. The biotechnology company is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares declined after clinical trial results raised concerns that the vaccine may not meet the market’s elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Clinical data suggested Vaxcyte’s pipeline could be best in class, and we used the stock’s sell-off to add to our position. Sarepta Therapeutics was another detractor. Shares fell after the firm announced weak first-quarter results and reduced guidance. This followed the unfortunate death of a patient on Elevidys, its gene therapy for Duchenne muscular dystrophy. Given these business headwinds and increased regulatory uncertainty in the U.S., we exited the position.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351902.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(6.72<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.60<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(12.09<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.95<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World Health Care <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(8.00<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.78<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Global Life Sciences Fund (Class A Shares/JFNAX) at NAV -0.0672 0.0660 0.0860 Janus Henderson Global Life Sciences Fund (Class A Shares/JFNAX) at Maximum Offering Price - 5.75% -0.1209 0.0535 0.0795 MSCI World IndexSM 0.1725 0.1441 0.1243 MSCI World Health Care IndexSM -0.0800 0.0569 0.0778 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,570M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">104</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>30.5M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 4570000000 104 30500000 0.30 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351908.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.083 0.050 0.042 0.042 0.036 0.985 0.008 0.007 0.003 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund<br/>(Class C Shares/JFNCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>168</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.74<span>%</span></td> </tr> </table> 168 0.0174 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Life Sciences Fund Class C Shares returned (7.40)%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its performance benchmark, the MSCI World Health Care Index^SM, returned (8.00)%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Health Care Index was aided by an investment in Madrigal Pharmaceuticals. As a leader in the treatment of metabolic dysfunction-associated steatohepatitis, Madrigal saw strong physician adoption and sales trends for its drug Rezdiffra, which aided its stock performance. Biotechnology company Argenx, another contributor, has benefited from the continued growth of Vyvgart, its treatment for generalized myasthenia gravis, a rare autoimmune condition that causes muscle weakness and fatigue. Argenx also has a robust pipeline, with multiple clinical readouts and events anticipated by 2026.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Vaxcyte was a notable detractor from performance relative to the MSCI World Health Care Index. The biotechnology company is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares declined after clinical trial results raised concerns that the vaccine may not meet the market’s elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Clinical data suggested Vaxcyte’s pipeline could be best in class, and we used the stock’s sell-off to add to our position. Sarepta Therapeutics was another detractor. Shares fell after the firm announced weak first-quarter results and reduced guidance. This followed the unfortunate death of a patient on Elevidys, its gene therapy for Duchenne muscular dystrophy. Given these business headwinds and increased regulatory uncertainty in the U.S., we exited the position.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351927.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(7.40<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.80<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(8.28<span>)</span><span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.80<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World Health Care <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(8.00<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.78<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; font-weight: normal; width: 70pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; width: 70pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 -0.0740 0.0584 0.0780 Janus Henderson Global Life Sciences Fund (Class C Shares/JFNCX) with Contingent Deferred Sales Charge -0.0828 0.0584 0.0780 MSCI World IndexSM 0.1725 0.1441 0.1243 MSCI World Health Care IndexSM -0.0800 0.0569 0.0778 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,570M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">104</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>30.5M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 4570000000 104 30500000 0.30 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351933.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.083 0.050 0.042 0.042 0.036 0.985 0.008 0.007 0.003 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund<br/>(Class D Shares/JNGLX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>78</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.81<span>%</span></td> </tr> </table> 78 0.0081 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Life Sciences Fund Class D Shares returned (6.54)%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its performance benchmark, the MSCI World Health Care Index^SM, returned (8.00)%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Health Care Index was aided by an investment in Madrigal Pharmaceuticals. As a leader in the treatment of metabolic dysfunction-associated steatohepatitis, Madrigal saw strong physician adoption and sales trends for its drug Rezdiffra, which aided its stock performance. Biotechnology company Argenx, another contributor, has benefited from the continued growth of Vyvgart, its treatment for generalized myasthenia gravis, a rare autoimmune condition that causes muscle weakness and fatigue. Argenx also has a robust pipeline, with multiple clinical readouts and events anticipated by 2026.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Vaxcyte was a notable detractor from performance relative to the MSCI World Health Care Index. The biotechnology company is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares declined after clinical trial results raised concerns that the vaccine may not meet the market’s elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Clinical data suggested Vaxcyte’s pipeline could be best in class, and we used the stock’s sell-off to add to our position. Sarepta Therapeutics was another detractor. Shares fell after the firm announced weak first-quarter results and reduced guidance. This followed the unfortunate death of a patient on Elevidys, its gene therapy for Duchenne muscular dystrophy. Given these business headwinds and increased regulatory uncertainty in the U.S., we exited the position.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351952.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(6.54<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.79<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.79<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World Health Care <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(8.00<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.78<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Global Life Sciences Fund (Class D Shares/JNGLX) -0.0654 0.0679 0.0879 MSCI World IndexSM 0.1725 0.1441 0.1243 MSCI World Health Care IndexSM -0.0800 0.0569 0.0778 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,570M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">104</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>30.5M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 4570000000 104 30500000 0.30 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351959.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.083 0.050 0.042 0.042 0.036 0.985 0.008 0.007 0.003 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund<br/>(Class I Shares/JFNIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>75</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.78<span>%</span></td> </tr> </table> 75 0.0078 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Life Sciences Fund Class I Shares returned (6.52)%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its performance benchmark, the MSCI World Health Care Index^SM, returned (8.00)%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Health Care Index was aided by an investment in Madrigal Pharmaceuticals. As a leader in the treatment of metabolic dysfunction-associated steatohepatitis, Madrigal saw strong physician adoption and sales trends for its drug Rezdiffra, which aided its stock performance. Biotechnology company Argenx, another contributor, has benefited from the continued growth of Vyvgart, its treatment for generalized myasthenia gravis, a rare autoimmune condition that causes muscle weakness and fatigue. Argenx also has a robust pipeline, with multiple clinical readouts and events anticipated by 2026.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Vaxcyte was a notable detractor from performance relative to the MSCI World Health Care Index. The biotechnology company is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares declined after clinical trial results raised concerns that the vaccine may not meet the market’s elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Clinical data suggested Vaxcyte’s pipeline could be best in class, and we used the stock’s sell-off to add to our position. Sarepta Therapeutics was another detractor. Shares fell after the firm announced weak first-quarter results and reduced guidance. This followed the unfortunate death of a patient on Elevidys, its gene therapy for Duchenne muscular dystrophy. Given these business headwinds and increased regulatory uncertainty in the U.S., we exited the position.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351977.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(6.52<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.83<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.85<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World Health Care <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(8.00<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.78<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Global Life Sciences Fund (Class I Shares/JFNIX) -0.0652 0.0683 0.0885 MSCI World IndexSM 0.1725 0.1441 0.1243 MSCI World Health Care IndexSM -0.0800 0.0569 0.0778 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,570M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">104</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>30.5M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 4570000000 104 30500000 0.30 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351983.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.083 0.050 0.042 0.042 0.036 0.985 0.008 0.007 0.003 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund<br/>(Class N Shares/JFNNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>66</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.68<span>%</span></td> </tr> </table> 66 0.0068 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Life Sciences Fund Class N Shares returned (6.42)%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its performance benchmark, the MSCI World Health Care Index^SM, returned (8.00)%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Health Care Index was aided by an investment in Madrigal Pharmaceuticals. As a leader in the treatment of metabolic dysfunction-associated steatohepatitis, Madrigal saw strong physician adoption and sales trends for its drug Rezdiffra, which aided its stock performance. Biotechnology company Argenx, another contributor, has benefited from the continued growth of Vyvgart, its treatment for generalized myasthenia gravis, a rare autoimmune condition that causes muscle weakness and fatigue. Argenx also has a robust pipeline, with multiple clinical readouts and events anticipated by 2026.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Vaxcyte was a notable detractor from performance relative to the MSCI World Health Care Index. The biotechnology company is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares declined after clinical trial results raised concerns that the vaccine may not meet the market’s elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Clinical data suggested Vaxcyte’s pipeline could be best in class, and we used the stock’s sell-off to add to our position. Sarepta Therapeutics was another detractor. Shares fell after the firm announced weak first-quarter results and reduced guidance. This followed the unfortunate death of a patient on Elevidys, its gene therapy for Duchenne muscular dystrophy. Given these business headwinds and increased regulatory uncertainty in the U.S., we exited the position.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">January 26, 2018, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352002.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2018-01-26 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(6.42<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.62<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.63<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World Health Care <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(8.00<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.50<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.51<span>%</span></td> </tr> </table> Janus Henderson Global Life Sciences Fund (Class N Shares/JFNNX) -0.0642 0.0694 0.0862 MSCI World IndexSM 0.1725 0.1441 0.1063 MSCI World Health Care IndexSM -0.0800 0.0569 0.0650 S&P 500® Index 0.1760 0.1647 0.1351 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,570M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">104</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>30.5M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 4570000000 104 30500000 0.30 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352008.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.083 0.050 0.042 0.042 0.036 0.985 0.008 0.007 0.003 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund<br/>(Class S Shares/JFNSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>114</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.18<span>%</span></td> </tr> </table> 114 0.0118 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Life Sciences Fund Class S Shares returned (6.90)%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its performance benchmark, the MSCI World Health Care Index^SM, returned (8.00)%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Health Care Index was aided by an investment in Madrigal Pharmaceuticals. As a leader in the treatment of metabolic dysfunction-associated steatohepatitis, Madrigal saw strong physician adoption and sales trends for its drug Rezdiffra, which aided its stock performance. Biotechnology company Argenx, another contributor, has benefited from the continued growth of Vyvgart, its treatment for generalized myasthenia gravis, a rare autoimmune condition that causes muscle weakness and fatigue. Argenx also has a robust pipeline, with multiple clinical readouts and events anticipated by 2026.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Vaxcyte was a notable detractor from performance relative to the MSCI World Health Care Index. The biotechnology company is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares declined after clinical trial results raised concerns that the vaccine may not meet the market’s elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Clinical data suggested Vaxcyte’s pipeline could be best in class, and we used the stock’s sell-off to add to our position. Sarepta Therapeutics was another detractor. Shares fell after the firm announced weak first-quarter results and reduced guidance. This followed the unfortunate death of a patient on Elevidys, its gene therapy for Duchenne muscular dystrophy. Given these business headwinds and increased regulatory uncertainty in the U.S., we exited the position.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352027.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(6.90<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.40<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World Health Care <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(8.00<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.78<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Global Life Sciences Fund (Class S Shares/JFNSX) -0.0690 0.0640 0.0840 MSCI World IndexSM 0.1725 0.1441 0.1243 MSCI World Health Care IndexSM -0.0800 0.0569 0.0778 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,570M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">104</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>30.5M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 4570000000 104 30500000 0.30 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352034.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.083 0.050 0.042 0.042 0.036 0.985 0.008 0.007 0.003 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Life Sciences Fund<br/>(Class T Shares/JAGLX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>88</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.91<span>%</span></td> </tr> </table> 88 0.0091 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Life Sciences Fund Class T Shares returned (6.64)%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its performance benchmark, the MSCI World Health Care Index^SM, returned (8.00)%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Health Care Index was aided by an investment in Madrigal Pharmaceuticals. As a leader in the treatment of metabolic dysfunction-associated steatohepatitis, Madrigal saw strong physician adoption and sales trends for its drug Rezdiffra, which aided its stock performance. Biotechnology company Argenx, another contributor, has benefited from the continued growth of Vyvgart, its treatment for generalized myasthenia gravis, a rare autoimmune condition that causes muscle weakness and fatigue. Argenx also has a robust pipeline, with multiple clinical readouts and events anticipated by 2026.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Vaxcyte was a notable detractor from performance relative to the MSCI World Health Care Index. The biotechnology company is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares declined after clinical trial results raised concerns that the vaccine may not meet the market’s elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Clinical data suggested Vaxcyte’s pipeline could be best in class, and we used the stock’s sell-off to add to our position. Sarepta Therapeutics was another detractor. Shares fell after the firm announced weak first-quarter results and reduced guidance. This followed the unfortunate death of a patient on Elevidys, its gene therapy for Duchenne muscular dystrophy. Given these business headwinds and increased regulatory uncertainty in the U.S., we exited the position.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352052.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(6.64<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.69<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World Health Care <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(8.00<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.78<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Global Life Sciences Fund (Class T Shares/JAGLX) -0.0664 0.0669 0.0869 MSCI World IndexSM 0.1725 0.1441 0.1243 MSCI World Health Care IndexSM -0.0800 0.0569 0.0778 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,570M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">104</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>30.5M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">30<span>%</span></td> </tr> </table> 4570000000 104 30500000 0.30 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352059.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.2</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.083 0.050 0.042 0.042 0.036 0.985 0.008 0.007 0.003 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund<br/>(Class A Shares/JERAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>98</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.99<span>%</span></td> </tr> </table> 98 0.0099 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Real Estate Fund Class A Shares returned (1.71)%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 0.86%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned (0.15)%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the FTSE EPRA/NAREIT Global Index was supported by off-benchmark positions in D.R. Horton, the largest homebuilder in the U.S., and CBRE, the world’s leading real estate services company. The stocks of both companies rose on strong earnings and expectations for additional interest rate cuts. Hotel operator Wyndham Hotels &amp; Resorts was also a contributor, as shares rose on optimism around the outlook for the economy and demand for mid-scale hotels. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the FTSE EPRA/NAREIT Global Index was hindered by a position in cold storage owner Lineage, as shares declined on disappointing earnings news and broader industry pricing pressures. Several multi-family residential REITs were also relative detractors against the backdrop of weaker-than-expected rent growth in the apartment sector. Detractors among apartment landlords included U.S.-based UDR and Canadian Apartment Properties. Canadian Apartment Properties also faced uncertainty after the Canadian government announced policies that may limit immigration and, by extension, future rental demand. </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_349752.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(1.71<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.58<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(7.37<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">1.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.95<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">0.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.59<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Net Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(0.15<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.65<span>%</span></td> </tr> </table> Janus Henderson Global Real Estate Fund (Class A Shares/JERAX) at NAV -0.0171 0.0301 0.0558 Janus Henderson Global Real Estate Fund (Class A Shares/JERAX) at Maximum Offering Price - 5.75% -0.0737 0.0180 0.0495 MSCI World IndexSM 0.1725 0.1441 0.1243 FTSE EPRA Nareit Global Index 0.0086 0.0572 0.0459 FTSE EPRA Nareit Global Net Index -0.0015 0.0474 0.0365 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>305M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">61</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">61<span>%</span></td> </tr> </table> 305000000 61 1700000 0.61 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Digital Realty Trust Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Ventas Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_349759.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Digital Realty Trust Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Ventas Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.057 0.053 0.045 0.045 0.036 0.990 0.013 0.009 0.000 -0.012 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund<br/>(Class C Shares/JERCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>173</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.75<span>%</span></td> </tr> </table> 173 0.0175 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Real Estate Fund Class C Shares returned (2.52)%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 0.86%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned (0.15)%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the FTSE EPRA/NAREIT Global Index was supported by off-benchmark positions in D.R. Horton, the largest homebuilder in the U.S., and CBRE, the world’s leading real estate services company. The stocks of both companies rose on strong earnings and expectations for additional interest rate cuts. Hotel operator Wyndham Hotels &amp; Resorts was also a contributor, as shares rose on optimism around the outlook for the economy and demand for mid-scale hotels. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the FTSE EPRA/NAREIT Global Index was hindered by a position in cold storage owner Lineage, as shares declined on disappointing earnings news and broader industry pricing pressures. Several multi-family residential REITs were also relative detractors against the backdrop of weaker-than-expected rent growth in the apartment sector. Detractors among apartment landlords included U.S.-based UDR and Canadian Apartment Properties. Canadian Apartment Properties also faced uncertainty after the Canadian government announced policies that may limit immigration and, by extension, future rental demand. </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_349777.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(2.52<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">2.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.76<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(3.47<span>)</span><span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">2.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.76<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">0.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.59<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Net Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(0.15<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.65<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; font-weight: normal; width: 70pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; width: 70pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 -0.0252 0.0219 0.0476 Janus Henderson Global Real Estate Fund (Class C Shares/JERCX) with Contingent Deferred Sales Charge -0.0347 0.0219 0.0476 MSCI World IndexSM 0.1725 0.1441 0.1243 FTSE EPRA Nareit Global Index 0.0086 0.0572 0.0459 FTSE EPRA Nareit Global Net Index -0.0015 0.0474 0.0365 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>305M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">61</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">61<span>%</span></td> </tr> </table> 305000000 61 1700000 0.61 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Digital Realty Trust Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Ventas Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_349784.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Digital Realty Trust Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Ventas Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.057 0.053 0.045 0.045 0.036 0.990 0.013 0.009 0.000 -0.012 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund<br/>(Class D Shares/JNGSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>80</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.81<span>%</span></td> </tr> </table> 80 0.0081 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Real Estate Fund Class D Shares returned (1.61)%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 0.86%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned (0.15)%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the FTSE EPRA/NAREIT Global Index was supported by off-benchmark positions in D.R. Horton, the largest homebuilder in the U.S., and CBRE, the world’s leading real estate services company. The stocks of both companies rose on strong earnings and expectations for additional interest rate cuts. Hotel operator Wyndham Hotels &amp; Resorts was also a contributor, as shares rose on optimism around the outlook for the economy and demand for mid-scale hotels. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the FTSE EPRA/NAREIT Global Index was hindered by a position in cold storage owner Lineage, as shares declined on disappointing earnings news and broader industry pricing pressures. Several multi-family residential REITs were also relative detractors against the backdrop of weaker-than-expected rent growth in the apartment sector. Detractors among apartment landlords included U.S.-based UDR and Canadian Apartment Properties. Canadian Apartment Properties also faced uncertainty after the Canadian government announced policies that may limit immigration and, by extension, future rental demand. </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_349802.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(1.61<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.76<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">0.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.59<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Net Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(0.15<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.65<span>%</span></td> </tr> </table> Janus Henderson Global Real Estate Fund (Class D Shares/JNGSX) -0.0161 0.0319 0.0576 MSCI World IndexSM 0.1725 0.1441 0.1243 FTSE EPRA Nareit Global Index 0.0086 0.0572 0.0459 FTSE EPRA Nareit Global Net Index -0.0015 0.0474 0.0365 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>305M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">61</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">61<span>%</span></td> </tr> </table> 305000000 61 1700000 0.61 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Digital Realty Trust Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Ventas Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_349808.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Digital Realty Trust Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Ventas Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.057 0.053 0.045 0.045 0.036 0.990 0.013 0.009 0.000 -0.012 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund<br/>(Class I Shares/JERIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>72</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.73<span>%</span></td> </tr> </table> 72 0.0073 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Real Estate Fund Class I Shares returned (1.54)%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 0.86%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned (0.15)%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the FTSE EPRA/NAREIT Global Index was supported by off-benchmark positions in D.R. Horton, the largest homebuilder in the U.S., and CBRE, the world’s leading real estate services company. The stocks of both companies rose on strong earnings and expectations for additional interest rate cuts. Hotel operator Wyndham Hotels &amp; Resorts was also a contributor, as shares rose on optimism around the outlook for the economy and demand for mid-scale hotels. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the FTSE EPRA/NAREIT Global Index was hindered by a position in cold storage owner Lineage, as shares declined on disappointing earnings news and broader industry pricing pressures. Several multi-family residential REITs were also relative detractors against the backdrop of weaker-than-expected rent growth in the apartment sector. Detractors among apartment landlords included U.S.-based UDR and Canadian Apartment Properties. Canadian Apartment Properties also faced uncertainty after the Canadian government announced policies that may limit immigration and, by extension, future rental demand. </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_349827.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(1.54<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.24<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.84<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">0.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.59<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Net Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(0.15<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.65<span>%</span></td> </tr> </table> Janus Henderson Global Real Estate Fund (Class I Shares/JERIX) -0.0154 0.0324 0.0584 MSCI World IndexSM 0.1725 0.1441 0.1243 FTSE EPRA Nareit Global Index 0.0086 0.0572 0.0459 FTSE EPRA Nareit Global Net Index -0.0015 0.0474 0.0365 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>305M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">61</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">61<span>%</span></td> </tr> </table> 305000000 61 1700000 0.61 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Digital Realty Trust Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Ventas Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_349834.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Digital Realty Trust Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Ventas Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.057 0.053 0.045 0.045 0.036 0.990 0.013 0.009 0.000 -0.012 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund<br/>(Class N Shares/JERNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>65</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.65<span>%</span></td> </tr> </table> 65 0.0065 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Real Estate Fund Class N Shares returned (1.39)%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 0.86%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned (0.15)%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the FTSE EPRA/NAREIT Global Index was supported by off-benchmark positions in D.R. Horton, the largest homebuilder in the U.S., and CBRE, the world’s leading real estate services company. The stocks of both companies rose on strong earnings and expectations for additional interest rate cuts. Hotel operator Wyndham Hotels &amp; Resorts was also a contributor, as shares rose on optimism around the outlook for the economy and demand for mid-scale hotels. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the FTSE EPRA/NAREIT Global Index was hindered by a position in cold storage owner Lineage, as shares declined on disappointing earnings news and broader industry pricing pressures. Several multi-family residential REITs were also relative detractors against the backdrop of weaker-than-expected rent growth in the apartment sector. Detractors among apartment landlords included U.S.-based UDR and Canadian Apartment Properties. Canadian Apartment Properties also faced uncertainty after the Canadian government announced policies that may limit immigration and, by extension, future rental demand. </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">January 26, 2018, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_349852.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2018-01-26 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(1.39<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.06<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.63<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">0.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">2.57<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Net Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(0.15<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">1.63<span>%</span></td> </tr> </table> Janus Henderson Global Real Estate Fund (Class N Shares/JERNX) -0.0139 0.0337 0.0406 MSCI World IndexSM 0.1725 0.1441 0.1063 FTSE EPRA Nareit Global Index 0.0086 0.0572 0.0257 FTSE EPRA Nareit Global Net Index -0.0015 0.0474 0.0163 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>305M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">61</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">61<span>%</span></td> </tr> </table> 305000000 61 1700000 0.61 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Digital Realty Trust Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Ventas Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_349859.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Digital Realty Trust Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Ventas Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.057 0.053 0.045 0.045 0.036 0.990 0.013 0.009 0.000 -0.012 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund<br/>(Class S Shares/JERSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>116</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.17<span>%</span></td> </tr> </table> 116 0.0117 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Real Estate Fund Class S Shares returned (1.96)%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 0.86%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned (0.15)%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the FTSE EPRA/NAREIT Global Index was supported by off-benchmark positions in D.R. Horton, the largest homebuilder in the U.S., and CBRE, the world’s leading real estate services company. The stocks of both companies rose on strong earnings and expectations for additional interest rate cuts. Hotel operator Wyndham Hotels &amp; Resorts was also a contributor, as shares rose on optimism around the outlook for the economy and demand for mid-scale hotels. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the FTSE EPRA/NAREIT Global Index was hindered by a position in cold storage owner Lineage, as shares declined on disappointing earnings news and broader industry pricing pressures. Several multi-family residential REITs were also relative detractors against the backdrop of weaker-than-expected rent growth in the apartment sector. Detractors among apartment landlords included U.S.-based UDR and Canadian Apartment Properties. Canadian Apartment Properties also faced uncertainty after the Canadian government announced policies that may limit immigration and, by extension, future rental demand. </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_349877.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(1.96<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">2.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.38<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">0.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.59<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Net Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(0.15<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.65<span>%</span></td> </tr> </table> Janus Henderson Global Real Estate Fund (Class S Shares/JERSX) -0.0196 0.0281 0.0538 MSCI World IndexSM 0.1725 0.1441 0.1243 FTSE EPRA Nareit Global Index 0.0086 0.0572 0.0459 FTSE EPRA Nareit Global Net Index -0.0015 0.0474 0.0365 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>305M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">61</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">61<span>%</span></td> </tr> </table> 305000000 61 1700000 0.61 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Digital Realty Trust Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Ventas Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_349883.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Digital Realty Trust Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Ventas Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.057 0.053 0.045 0.045 0.036 0.990 0.013 0.009 0.000 -0.012 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Real Estate Fund<br/>(Class T Shares/JERTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>87</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.88<span>%</span></td> </tr> </table> 87 0.0088 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Real Estate Fund Class T Shares returned (1.68)%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 0.86%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned (0.15)%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the FTSE EPRA/NAREIT Global Index was supported by off-benchmark positions in D.R. Horton, the largest homebuilder in the U.S., and CBRE, the world’s leading real estate services company. The stocks of both companies rose on strong earnings and expectations for additional interest rate cuts. Hotel operator Wyndham Hotels &amp; Resorts was also a contributor, as shares rose on optimism around the outlook for the economy and demand for mid-scale hotels. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the FTSE EPRA/NAREIT Global Index was hindered by a position in cold storage owner Lineage, as shares declined on disappointing earnings news and broader industry pricing pressures. Several multi-family residential REITs were also relative detractors against the backdrop of weaker-than-expected rent growth in the apartment sector. Detractors among apartment landlords included U.S.-based UDR and Canadian Apartment Properties. Canadian Apartment Properties also faced uncertainty after the Canadian government announced policies that may limit immigration and, by extension, future rental demand. </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_349902.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(1.68<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.11<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.69<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">0.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.59<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">FTSE EPRA Nareit Global Net Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(0.15<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.65<span>%</span></td> </tr> </table> Janus Henderson Global Real Estate Fund (Class T Shares/JERTX) -0.0168 0.0311 0.0569 MSCI World IndexSM 0.1725 0.1441 0.1243 FTSE EPRA Nareit Global Index 0.0086 0.0572 0.0459 FTSE EPRA Nareit Global Net Index -0.0015 0.0474 0.0365 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>305M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">61</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">61<span>%</span></td> </tr> </table> 305000000 61 1700000 0.61 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Digital Realty Trust Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Ventas Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_349908.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Digital Realty Trust Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Ventas Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.057 0.053 0.045 0.045 0.036 0.990 0.013 0.009 0.000 -0.012 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund<br/>(Class A Shares/JDWAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>124</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.13<span>%</span></td> </tr> </table> 124 0.0113 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Research Fund Class A Shares returned 19.09%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its additional benchmark, the MSCI All Country World Index^SM, returned 17.27%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index was aided by a position in Vistra Energy. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index was hindered by a position in Constellation Brands, a leading international beverage company with brands such as Modelo and Corona. Shares fell on investor concerns over slower beer and spirits sales. We saw these concerns as overstated, and we believe Constellation Brands remains positioned to benefit from the continued premiumization of the U.S. beer market. Consumer products company Unilever was another relative detractor. The company faced uncertainty because of management turnover, slower sales in China, and weakness in its home care and beauty businesses.  </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351702.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">19.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.75<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.24<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.08<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.91<span>%</span></td> </tr> </table> Janus Henderson Global Research Fund (Class A Shares/JDWAX) at NAV 0.1909 0.1465 0.1275 Janus Henderson Global Research Fund (Class A Shares/JDWAX) at Maximum Offering Price - 5.75% 0.1224 0.1330 0.1208 MSCI World IndexSM 0.1725 0.1441 0.1243 MSCI All Country World IndexSM 0.1727 0.1354 0.1191 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,454M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">122</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28.2M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 4454000000 122 28200000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351709.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> 0.072 0.055 0.032 0.030 0.030 0.998 0.005 -0.003 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); 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 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund<br/>(Class C Shares/JWWCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>209</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.92<span>%</span></td> </tr> </table> 209 0.0192 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Research Fund Class C Shares returned 18.16%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its additional benchmark, the MSCI All Country World Index^SM, returned 17.27%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index was aided by a position in Vistra Energy. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index was hindered by a position in Constellation Brands, a leading international beverage company with brands such as Modelo and Corona. Shares fell on investor concerns over slower beer and spirits sales. We saw these concerns as overstated, and we believe Constellation Brands remains positioned to benefit from the continued premiumization of the U.S. beer market. Consumer products company Unilever was another relative detractor. The company faced uncertainty because of management turnover, slower sales in China, and weakness in its home care and beauty businesses.  </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351727.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">18.16<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.96<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.16<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.96<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.91<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; font-weight: normal; width: 70pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; width: 70pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 0.1816 0.1381 0.1196 Janus Henderson Global Research Fund (Class C Shares/JWWCX) with Contingent Deferred Sales Charge 0.1716 0.1381 0.1196 MSCI World IndexSM 0.1725 0.1441 0.1243 MSCI All Country World IndexSM 0.1727 0.1354 0.1191 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,454M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">122</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28.2M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 4454000000 122 28200000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351733.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> 0.072 0.055 0.032 0.030 0.030 0.998 0.005 -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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund<br/>(Class D Shares/JANWX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>94</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.86<span>%</span></td> </tr> </table> 94 0.0086 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Research Fund Class D Shares returned 19.41%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its additional benchmark, the MSCI All Country World Index^SM, returned 17.27%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index was aided by a position in Vistra Energy. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index was hindered by a position in Constellation Brands, a leading international beverage company with brands such as Modelo and Corona. Shares fell on investor concerns over slower beer and spirits sales. We saw these concerns as overstated, and we believe Constellation Brands remains positioned to benefit from the continued premiumization of the U.S. beer market. Consumer products company Unilever was another relative detractor. The company faced uncertainty because of management turnover, slower sales in China, and weakness in its home care and beauty businesses.  </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351752.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">19.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.95<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.06<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.91<span>%</span></td> </tr> </table> Janus Henderson Global Research Fund (Class D Shares/JANWX) 0.1941 0.1495 0.1306 MSCI World IndexSM 0.1725 0.1441 0.1243 MSCI All Country World IndexSM 0.1727 0.1354 0.1191 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,454M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">122</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28.2M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 4454000000 122 28200000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351758.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> 0.072 0.055 0.032 0.030 0.030 0.998 0.005 -0.003 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); 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 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund<br/>(Class I Shares/JWWFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>90</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.82<span>%</span></td> </tr> </table> 90 0.0082 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Research Fund Class I Shares returned 19.48%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its additional benchmark, the MSCI All Country World Index^SM, returned 17.27%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index was aided by a position in Vistra Energy. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index was hindered by a position in Constellation Brands, a leading international beverage company with brands such as Modelo and Corona. Shares fell on investor concerns over slower beer and spirits sales. We saw these concerns as overstated, and we believe Constellation Brands remains positioned to benefit from the continued premiumization of the U.S. beer market. Consumer products company Unilever was another relative detractor. The company faced uncertainty because of management turnover, slower sales in China, and weakness in its home care and beauty businesses.  </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351777.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">19.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.15<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.91<span>%</span></td> </tr> </table> Janus Henderson Global Research Fund (Class I Shares/JWWFX) 0.1948 0.1502 0.1315 MSCI World IndexSM 0.1725 0.1441 0.1243 MSCI All Country World IndexSM 0.1727 0.1354 0.1191 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,454M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">122</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28.2M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 4454000000 122 28200000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351784.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> 0.072 0.055 0.032 0.030 0.030 0.998 0.005 -0.003 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund<br/>(Class N Shares/JDWNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>82</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.75<span>%</span></td> </tr> </table> 82 0.0075 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Research Fund Class N Shares returned 19.56%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its additional benchmark, the MSCI All Country World Index^SM, returned 17.27%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index was aided by a position in Vistra Energy. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index was hindered by a position in Constellation Brands, a leading international beverage company with brands such as Modelo and Corona. Shares fell on investor concerns over slower beer and spirits sales. We saw these concerns as overstated, and we believe Constellation Brands remains positioned to benefit from the continued premiumization of the U.S. beer market. Consumer products company Unilever was another relative detractor. The company faced uncertainty because of management turnover, slower sales in China, and weakness in its home care and beauty businesses.  </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">August 4, 2017, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351802.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2017-08-04 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">19.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.19<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.89<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.13<span>%</span></td> </tr> </table> Janus Henderson Global Research Fund (Class N Shares/JDWNX) 0.1956 0.1510 0.1319 MSCI World IndexSM 0.1725 0.1441 0.1189 MSCI All Country World IndexSM 0.1727 0.1354 0.1113 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,454M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">122</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28.2M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 4454000000 122 28200000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351808.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> 0.072 0.055 0.032 0.030 0.030 0.998 0.005 -0.003 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund<br/>(Class R Shares/JDWRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>165</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.51<span>%</span></td> </tr> </table> 165 0.0151 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Research Fund Class R Shares returned 18.64%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its additional benchmark, the MSCI All Country World Index^SM, returned 17.27%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index was aided by a position in Vistra Energy. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index was hindered by a position in Constellation Brands, a leading international beverage company with brands such as Modelo and Corona. Shares fell on investor concerns over slower beer and spirits sales. We saw these concerns as overstated, and we believe Constellation Brands remains positioned to benefit from the continued premiumization of the U.S. beer market. Consumer products company Unilever was another relative detractor. The company faced uncertainty because of management turnover, slower sales in China, and weakness in its home care and beauty businesses.  </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351827.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">18.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.21<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.35<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.91<span>%</span></td> </tr> </table> Janus Henderson Global Research Fund (Class R Shares/JDWRX) 0.1864 0.1421 0.1235 MSCI World IndexSM 0.1725 0.1441 0.1243 MSCI All Country World IndexSM 0.1727 0.1354 0.1191 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,454M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">122</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28.2M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 4454000000 122 28200000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351833.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> 0.072 0.055 0.032 0.030 0.030 0.998 0.005 -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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund<br/>(Class S Shares/JWGRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>136</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.24<span>%</span></td> </tr> </table> 136 0.0124 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Research Fund Class S Shares returned 18.96%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its additional benchmark, the MSCI All Country World Index^SM, returned 17.27%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index was aided by a position in Vistra Energy. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index was hindered by a position in Constellation Brands, a leading international beverage company with brands such as Modelo and Corona. Shares fell on investor concerns over slower beer and spirits sales. We saw these concerns as overstated, and we believe Constellation Brands remains positioned to benefit from the continued premiumization of the U.S. beer market. Consumer products company Unilever was another relative detractor. The company faced uncertainty because of management turnover, slower sales in China, and weakness in its home care and beauty businesses.  </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351852.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">18.96<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.52<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.66<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.91<span>%</span></td> </tr> </table> Janus Henderson Global Research Fund (Class S Shares/JWGRX) 0.1896 0.1452 0.1266 MSCI World IndexSM 0.1725 0.1441 0.1243 MSCI All Country World IndexSM 0.1727 0.1354 0.1191 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,454M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">122</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28.2M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 4454000000 122 28200000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351859.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> 0.072 0.055 0.032 0.030 0.030 0.998 0.005 -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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Research Fund<br/>(Class T Shares/JAWWX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>106</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.97<span>%</span></td> </tr> </table> 106 0.0097 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Research Fund Class T Shares returned 19.29%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%. Its additional benchmark, the MSCI All Country World Index^SM, returned 17.27%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index was aided by a position in Vistra Energy. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index was hindered by a position in Constellation Brands, a leading international beverage company with brands such as Modelo and Corona. Shares fell on investor concerns over slower beer and spirits sales. We saw these concerns as overstated, and we believe Constellation Brands remains positioned to benefit from the continued premiumization of the U.S. beer market. Consumer products company Unilever was another relative detractor. The company faced uncertainty because of management turnover, slower sales in China, and weakness in its home care and beauty businesses.  </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351877.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">19.29<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.83<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.96<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.91<span>%</span></td> </tr> </table> Janus Henderson Global Research Fund (Class T Shares/JAWWX) 0.1929 0.1483 0.1296 MSCI World IndexSM 0.1725 0.1441 0.1243 MSCI All Country World IndexSM 0.1727 0.1354 0.1191 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,454M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">122</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28.2M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 4454000000 122 28200000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351884.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> </table> 0.072 0.055 0.032 0.030 0.030 0.998 0.005 -0.003 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); 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 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund<br/>(Class A Shares/JORAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>109</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.01<span>%</span></td> </tr> </table> 109 0.0101 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Select Fund Class A Shares returned 15.25%. Its broad-based benchmark, the MSCI All Country World Index^SM, returned 17.27%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the utilities and industrials sectors supported performance relative to the MSCI All Country World Index. Vistra Energy was a top relative contributor. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the consumer discretionary and healthcare sectors detracted relative to the MSCI All Country World Index. Vaxcyte was a relative detractor in the healthcare sector. Vaxcyte is developing a revolutionary pneumococcal conjugate vaccine, VAX-31, that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Additionally, Chipotle Mexican Grill was a relative detractor. The U.S.-based fast casual restaurant chain reported two consecutive quarters of disappointing same-store sales, leading to disappointing earnings and guidance. We exited the position as we lost confidence in the company’s execution.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352452.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.08<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.50<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.41<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.91<span>%</span></td> </tr> </table> Janus Henderson Global Select Fund (Class A Shares/JORAX) at NAV 0.1525 0.1486 0.1208 Janus Henderson Global Select Fund (Class A Shares/JORAX) at Maximum Offering Price - 5.75% 0.0861 0.1350 0.1141 MSCI All Country World IndexSM 0.1727 0.1354 0.1191 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,139M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">51</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>18.5M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">48<span>%</span></td> </tr> </table> 3139000000 51 18500000 0.48 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352458.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> </table> 0.059 0.053 0.052 0.045 0.040 0.988 0.013 0.000 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund<br/>(Class C Shares/JORCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>205</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.91<span>%</span></td> </tr> </table> 205 0.0191 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Select Fund Class C Shares returned 14.23%. Its broad-based benchmark, the MSCI All Country World Index^SM, returned 17.27%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the utilities and industrials sectors supported performance relative to the MSCI All Country World Index. Vistra Energy was a top relative contributor. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the consumer discretionary and healthcare sectors detracted relative to the MSCI All Country World Index. Vaxcyte was a relative detractor in the healthcare sector. Vaxcyte is developing a revolutionary pneumococcal conjugate vaccine, VAX-31, that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Additionally, Chipotle Mexican Grill was a relative detractor. The U.S.-based fast casual restaurant chain reported two consecutive quarters of disappointing same-store sales, leading to disappointing earnings and guidance. We exited the position as we lost confidence in the company’s execution.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352477.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.89<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.16<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.23<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.89<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.16<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.91<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; font-weight: normal; width: 70pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; width: 70pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 0.1423 0.1389 0.1116 Janus Henderson Global Select Fund (Class C Shares/JORCX) with Contingent Deferred Sales Charge 0.1323 0.1389 0.1116 MSCI All Country World IndexSM 0.1727 0.1354 0.1191 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,139M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">51</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>18.5M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">48<span>%</span></td> </tr> </table> 3139000000 51 18500000 0.48 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352484.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> </table> 0.059 0.053 0.052 0.045 0.040 0.988 0.013 0.000 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund<br/>(Class D Shares/JANRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>88</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.82<span>%</span></td> </tr> </table> 88 0.0082 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Select Fund Class D Shares returned 15.44%. Its broad-based benchmark, the MSCI All Country World Index^SM, returned 17.27%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the utilities and industrials sectors supported performance relative to the MSCI All Country World Index. Vistra Energy was a top relative contributor. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the consumer discretionary and healthcare sectors detracted relative to the MSCI All Country World Index. Vaxcyte was a relative detractor in the healthcare sector. Vaxcyte is developing a revolutionary pneumococcal conjugate vaccine, VAX-31, that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Additionally, Chipotle Mexican Grill was a relative detractor. The U.S.-based fast casual restaurant chain reported two consecutive quarters of disappointing same-store sales, leading to disappointing earnings and guidance. We exited the position as we lost confidence in the company’s execution.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352502.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.30<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.91<span>%</span></td> </tr> </table> Janus Henderson Global Select Fund (Class D Shares/JANRX) 0.1544 0.1509 0.1230 MSCI All Country World IndexSM 0.1727 0.1354 0.1191 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,139M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">51</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>18.5M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">48<span>%</span></td> </tr> </table> 3139000000 51 18500000 0.48 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352509.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> </table> 0.059 0.053 0.052 0.045 0.040 0.988 0.013 0.000 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund<br/>(Class I Shares/JORFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>86</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span></td> </tr> </table> 86 0.0080 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Select Fund Class I Shares returned 15.49%. Its broad-based benchmark, the MSCI All Country World Index^SM, returned 17.27%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the utilities and industrials sectors supported performance relative to the MSCI All Country World Index. Vistra Energy was a top relative contributor. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the consumer discretionary and healthcare sectors detracted relative to the MSCI All Country World Index. Vaxcyte was a relative detractor in the healthcare sector. Vaxcyte is developing a revolutionary pneumococcal conjugate vaccine, VAX-31, that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Additionally, Chipotle Mexican Grill was a relative detractor. The U.S.-based fast casual restaurant chain reported two consecutive quarters of disappointing same-store sales, leading to disappointing earnings and guidance. We exited the position as we lost confidence in the company’s execution.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352527.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.49<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.12<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.37<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.91<span>%</span></td> </tr> </table> Janus Henderson Global Select Fund (Class I Shares/JORFX) 0.1549 0.1512 0.1237 MSCI All Country World IndexSM 0.1727 0.1354 0.1191 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,139M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">51</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>18.5M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">48<span>%</span></td> </tr> </table> 3139000000 51 18500000 0.48 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352533.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> </table> 0.059 0.053 0.052 0.045 0.040 0.988 0.013 0.000 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund<br/>(Class N Shares/JSLNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>74</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.69<span>%</span></td> </tr> </table> 74 0.0069 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Select Fund Class N Shares returned 15.60%. Its broad-based benchmark, the MSCI All Country World Index^SM, returned 17.27%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the utilities and industrials sectors supported performance relative to the MSCI All Country World Index. Vistra Energy was a top relative contributor. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the consumer discretionary and healthcare sectors detracted relative to the MSCI All Country World Index. Vaxcyte was a relative detractor in the healthcare sector. Vaxcyte is developing a revolutionary pneumococcal conjugate vaccine, VAX-31, that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Additionally, Chipotle Mexican Grill was a relative detractor. The U.S.-based fast casual restaurant chain reported two consecutive quarters of disappointing same-store sales, leading to disappointing earnings and guidance. We exited the position as we lost confidence in the company’s execution.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">August 4, 2017, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352552.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2017-08-04 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.24<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.89<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.13<span>%</span></td> </tr> </table> Janus Henderson Global Select Fund (Class N Shares/JSLNX) 0.1560 0.1524 0.1189 MSCI All Country World IndexSM 0.1727 0.1354 0.1113 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,139M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">51</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>18.5M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">48<span>%</span></td> </tr> </table> 3139000000 51 18500000 0.48 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352559.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> </table> 0.059 0.053 0.052 0.045 0.040 0.988 0.013 0.000 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund<br/>(Class R Shares/JORRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>165</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.54<span>%</span></td> </tr> </table> 165 0.0154 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Select Fund Class R Shares returned 14.68%. Its broad-based benchmark, the MSCI All Country World Index^SM, returned 17.27%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the utilities and industrials sectors supported performance relative to the MSCI All Country World Index. Vistra Energy was a top relative contributor. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the consumer discretionary and healthcare sectors detracted relative to the MSCI All Country World Index. Vaxcyte was a relative detractor in the healthcare sector. Vaxcyte is developing a revolutionary pneumococcal conjugate vaccine, VAX-31, that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Additionally, Chipotle Mexican Grill was a relative detractor. The U.S.-based fast casual restaurant chain reported two consecutive quarters of disappointing same-store sales, leading to disappointing earnings and guidance. We exited the position as we lost confidence in the company’s execution.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352577.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.50<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.91<span>%</span></td> </tr> </table> Janus Henderson Global Select Fund (Class R Shares/JORRX) 0.1468 0.1423 0.1150 MSCI All Country World IndexSM 0.1727 0.1354 0.1191 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,139M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">51</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>18.5M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">48<span>%</span></td> </tr> </table> 3139000000 51 18500000 0.48 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352584.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> </table> 0.059 0.053 0.052 0.045 0.040 0.988 0.013 0.000 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund<br/>(Class S Shares/JORIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>139</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.29<span>%</span></td> </tr> </table> 139 0.0129 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Select Fund Class S Shares returned 14.89%. Its broad-based benchmark, the MSCI All Country World Index^SM, returned 17.27%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the utilities and industrials sectors supported performance relative to the MSCI All Country World Index. Vistra Energy was a top relative contributor. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the consumer discretionary and healthcare sectors detracted relative to the MSCI All Country World Index. Vaxcyte was a relative detractor in the healthcare sector. Vaxcyte is developing a revolutionary pneumococcal conjugate vaccine, VAX-31, that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Additionally, Chipotle Mexican Grill was a relative detractor. The U.S.-based fast casual restaurant chain reported two consecutive quarters of disappointing same-store sales, leading to disappointing earnings and guidance. We exited the position as we lost confidence in the company’s execution.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352602.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.89<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.50<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.79<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.91<span>%</span></td> </tr> </table> Janus Henderson Global Select Fund (Class S Shares/JORIX) 0.1489 0.1450 0.1179 MSCI All Country World IndexSM 0.1727 0.1354 0.1191 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,139M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">51</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>18.5M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">48<span>%</span></td> </tr> </table> 3139000000 51 18500000 0.48 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352608.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> </table> 0.059 0.053 0.052 0.045 0.040 0.988 0.013 0.000 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Select Fund<br/>(Class T Shares/JORNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>98</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.91<span>%</span></td> </tr> </table> 98 0.0091 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Select Fund Class T Shares returned 15.34%. Its broad-based benchmark, the MSCI All Country World Index^SM, returned 17.27%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the utilities and industrials sectors supported performance relative to the MSCI All Country World Index. Vistra Energy was a top relative contributor. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the consumer discretionary and healthcare sectors detracted relative to the MSCI All Country World Index. Vaxcyte was a relative detractor in the healthcare sector. Vaxcyte is developing a revolutionary pneumococcal conjugate vaccine, VAX-31, that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Additionally, Chipotle Mexican Grill was a relative detractor. The U.S.-based fast casual restaurant chain reported two consecutive quarters of disappointing same-store sales, leading to disappointing earnings and guidance. We exited the position as we lost confidence in the company’s execution.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352627.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.34<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.22<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.27<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.91<span>%</span></td> </tr> </table> Janus Henderson Global Select Fund (Class T Shares/JORNX) 0.1534 0.1498 0.1222 MSCI All Country World IndexSM 0.1727 0.1354 0.1191 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,139M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">51</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>18.5M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">48<span>%</span></td> </tr> </table> 3139000000 51 18500000 0.48 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352633.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.0</td> </tr> </table> 0.059 0.053 0.052 0.045 0.040 0.988 0.013 0.000 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund<br/>(Class A Shares/JEASX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>129</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.22<span>%</span></td> </tr> </table> 129 0.0122 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Sustainable Equity Fund Class A Shares returned 11.51%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index benefited from an underweight in the consumer staples sector and stock selection in the communications services sector. Among individual holdings, notable contributors included subscription service Spotify, which saw its competitive position and pricing power increase during the period. In our view, Spotify’s relative power in the music industry could translate into better business economics. Cables manufacturer Prysmian, another relative contributor, posted strong quarterly results and full-year guidance. As the world’s largest manufacturer of copper cables, we believe the company is well positioned to benefit from greater spending on electrification.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the financials and information technology sectors detracted from performance relative to the MSCI World Index. Several healthcare companies were also relative detractors. ICON is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We have continued to see long-term potential for the company, however. Health insurer Humana was another detractor, as rising medical costs and increased uncertainty around U.S. healthcare policy pressured the stock.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">June 25, 2020, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350852.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2020-06-25 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.28<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.11<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.18<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.02<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.39<span>%</span></td> </tr> </table> Janus Henderson Global Sustainable Equity Fund (Class A Shares/JEASX) at NAV 0.1151 0.1048 0.1228 Janus Henderson Global Sustainable Equity Fund (Class A Shares/JEASX) at Maximum Offering Price - 5.75% 0.0511 0.0918 0.1102 MSCI World IndexSM 0.1725 0.1441 0.1539 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>57M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">54</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">37<span>%</span></td> </tr> </table> 57000000 54 0.0 0.37 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd (ADR)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">McKesson Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350858.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd (ADR)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">McKesson Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> 0.069 0.069 0.036 0.036 0.034 0.987 0.014 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund<br/>(Class C Shares/JECTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>143</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> 143 0.0135 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Sustainable Equity Fund Class C Shares returned 11.40%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index benefited from an underweight in the consumer staples sector and stock selection in the communications services sector. Among individual holdings, notable contributors included subscription service Spotify, which saw its competitive position and pricing power increase during the period. In our view, Spotify’s relative power in the music industry could translate into better business economics. Cables manufacturer Prysmian, another relative contributor, posted strong quarterly results and full-year guidance. As the world’s largest manufacturer of copper cables, we believe the company is well positioned to benefit from greater spending on electrification.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the financials and information technology sectors detracted from performance relative to the MSCI World Index. Several healthcare companies were also relative detractors. ICON is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We have continued to see long-term potential for the company, however. Health insurer Humana was another detractor, as rising medical costs and increased uncertainty around U.S. healthcare policy pressured the stock.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">June 25, 2020, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350877.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2020-06-25 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.50<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.26<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.40<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.50<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.26<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.39<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; font-weight: normal; width: 70pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; width: 70pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 0.1140 0.1050 0.1226 Janus Henderson Global Sustainable Equity Fund (Class C Shares/JECTX) with Contingent Deferred Sales Charge 0.1040 0.1050 0.1226 MSCI World IndexSM 0.1725 0.1441 0.1539 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>57M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">54</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">37<span>%</span></td> </tr> </table> 57000000 54 0.0 0.37 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd (ADR)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">McKesson Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350883.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd (ADR)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">McKesson Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> 0.069 0.069 0.036 0.036 0.034 0.987 0.014 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund<br/>(Class D Shares/JEDTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>105</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.99<span>%</span></td> </tr> </table> 105 0.0099 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Sustainable Equity Fund Class D Shares returned 11.84%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index benefited from an underweight in the consumer staples sector and stock selection in the communications services sector. Among individual holdings, notable contributors included subscription service Spotify, which saw its competitive position and pricing power increase during the period. In our view, Spotify’s relative power in the music industry could translate into better business economics. Cables manufacturer Prysmian, another relative contributor, posted strong quarterly results and full-year guidance. As the world’s largest manufacturer of copper cables, we believe the company is well positioned to benefit from greater spending on electrification.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the financials and information technology sectors detracted from performance relative to the MSCI World Index. Several healthcare companies were also relative detractors. ICON is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We have continued to see long-term potential for the company, however. Health insurer Humana was another detractor, as rising medical costs and increased uncertainty around U.S. healthcare policy pressured the stock.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">June 25, 2020, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350902.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2020-06-25 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.39<span>%</span></td> </tr> </table> Janus Henderson Global Sustainable Equity Fund (Class D Shares/JEDTX) 0.1184 0.1064 0.1244 MSCI World IndexSM 0.1725 0.1441 0.1539 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>57M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">54</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">37<span>%</span></td> </tr> </table> 57000000 54 0.0 0.37 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd (ADR)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">McKesson Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350909.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd (ADR)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">McKesson Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> 0.069 0.069 0.036 0.036 0.034 0.987 0.014 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund<br/>(Class I Shares/JEUIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>102</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.96<span>%</span></td> </tr> </table> 102 0.0096 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Sustainable Equity Fund Class I Shares returned 11.88%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index benefited from an underweight in the consumer staples sector and stock selection in the communications services sector. Among individual holdings, notable contributors included subscription service Spotify, which saw its competitive position and pricing power increase during the period. In our view, Spotify’s relative power in the music industry could translate into better business economics. Cables manufacturer Prysmian, another relative contributor, posted strong quarterly results and full-year guidance. As the world’s largest manufacturer of copper cables, we believe the company is well positioned to benefit from greater spending on electrification.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the financials and information technology sectors detracted from performance relative to the MSCI World Index. Several healthcare companies were also relative detractors. ICON is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We have continued to see long-term potential for the company, however. Health insurer Humana was another detractor, as rising medical costs and increased uncertainty around U.S. healthcare policy pressured the stock.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">June 25, 2020, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350927.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2020-06-25 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.49<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.39<span>%</span></td> </tr> </table> Janus Henderson Global Sustainable Equity Fund (Class I Shares/JEUIX) 0.1188 0.1068 0.1249 MSCI World IndexSM 0.1725 0.1441 0.1539 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>57M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">54</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">37<span>%</span></td> </tr> </table> 57000000 54 0.0 0.37 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd (ADR)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">McKesson Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350933.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd (ADR)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">McKesson Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> 0.069 0.069 0.036 0.036 0.034 0.987 0.014 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund<br/>(Class N Shares/JETNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>91</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.86<span>%</span></td> </tr> </table> 91 0.0086 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Sustainable Equity Fund Class N Shares returned 11.94%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index benefited from an underweight in the consumer staples sector and stock selection in the communications services sector. Among individual holdings, notable contributors included subscription service Spotify, which saw its competitive position and pricing power increase during the period. In our view, Spotify’s relative power in the music industry could translate into better business economics. Cables manufacturer Prysmian, another relative contributor, posted strong quarterly results and full-year guidance. As the world’s largest manufacturer of copper cables, we believe the company is well positioned to benefit from greater spending on electrification.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the financials and information technology sectors detracted from performance relative to the MSCI World Index. Several healthcare companies were also relative detractors. ICON is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We have continued to see long-term potential for the company, however. Health insurer Humana was another detractor, as rising medical costs and increased uncertainty around U.S. healthcare policy pressured the stock.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">June 25, 2020, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350952.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2020-06-25 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.59<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.39<span>%</span></td> </tr> </table> Janus Henderson Global Sustainable Equity Fund (Class N Shares/JETNX) 0.1194 0.1078 0.1259 MSCI World IndexSM 0.1725 0.1441 0.1539 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>57M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">54</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">37<span>%</span></td> </tr> </table> 57000000 54 0.0 0.37 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd (ADR)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">McKesson Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350958.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd (ADR)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">McKesson Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> 0.069 0.069 0.036 0.036 0.034 0.987 0.014 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund<br/>(Class R Shares/JEGRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>119</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.12<span>%</span></td> </tr> </table> 119 0.0112 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Sustainable Equity Fund Class R Shares returned 11.68%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index benefited from an underweight in the consumer staples sector and stock selection in the communications services sector. Among individual holdings, notable contributors included subscription service Spotify, which saw its competitive position and pricing power increase during the period. In our view, Spotify’s relative power in the music industry could translate into better business economics. Cables manufacturer Prysmian, another relative contributor, posted strong quarterly results and full-year guidance. As the world’s largest manufacturer of copper cables, we believe the company is well positioned to benefit from greater spending on electrification.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the financials and information technology sectors detracted from performance relative to the MSCI World Index. Several healthcare companies were also relative detractors. ICON is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We have continued to see long-term potential for the company, however. Health insurer Humana was another detractor, as rising medical costs and increased uncertainty around U.S. healthcare policy pressured the stock.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">January 28, 2021, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350977.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2021-01-28 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.67<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.12<span>%</span></td> </tr> </table> Janus Henderson Global Sustainable Equity Fund (Class R Shares/JEGRX) 0.1168 0.0767 MSCI World IndexSM 0.1725 0.1212 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>57M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">54</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">37<span>%</span></td> </tr> </table> 57000000 54 0.0 0.37 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd (ADR)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">McKesson Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350984.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd (ADR)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">McKesson Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> 0.069 0.069 0.036 0.036 0.034 0.987 0.014 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund<br/>(Class S Shares/JESSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>105</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.99<span>%</span></td> </tr> </table> 105 0.0099 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Sustainable Equity Fund Class S Shares returned 11.80%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index benefited from an underweight in the consumer staples sector and stock selection in the communications services sector. Among individual holdings, notable contributors included subscription service Spotify, which saw its competitive position and pricing power increase during the period. In our view, Spotify’s relative power in the music industry could translate into better business economics. Cables manufacturer Prysmian, another relative contributor, posted strong quarterly results and full-year guidance. As the world’s largest manufacturer of copper cables, we believe the company is well positioned to benefit from greater spending on electrification.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the financials and information technology sectors detracted from performance relative to the MSCI World Index. Several healthcare companies were also relative detractors. ICON is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We have continued to see long-term potential for the company, however. Health insurer Humana was another detractor, as rising medical costs and increased uncertainty around U.S. healthcare policy pressured the stock.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">June 25, 2020, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351002.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2020-06-25 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.39<span>%</span></td> </tr> </table> Janus Henderson Global Sustainable Equity Fund (Class S Shares/JESSX) 0.1180 0.1065 0.1243 MSCI World IndexSM 0.1725 0.1441 0.1539 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>57M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">54</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">37<span>%</span></td> </tr> </table> 57000000 54 0.0 0.37 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd (ADR)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">McKesson Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351009.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd (ADR)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">McKesson Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> 0.069 0.069 0.036 0.036 0.034 0.987 0.014 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Sustainable Equity Fund<br/>(Class T Shares/JETTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>116</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.10<span>%</span></td> </tr> </table> 116 0.0110 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Sustainable Equity Fund Class T Shares returned 11.68%. Its broad-based benchmark, the MSCI World Index^SM, returned 17.25%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI World Index benefited from an underweight in the consumer staples sector and stock selection in the communications services sector. Among individual holdings, notable contributors included subscription service Spotify, which saw its competitive position and pricing power increase during the period. In our view, Spotify’s relative power in the music industry could translate into better business economics. Cables manufacturer Prysmian, another relative contributor, posted strong quarterly results and full-year guidance. As the world’s largest manufacturer of copper cables, we believe the company is well positioned to benefit from greater spending on electrification.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Stock selection in the financials and information technology sectors detracted from performance relative to the MSCI World Index. Several healthcare companies were also relative detractors. ICON is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We have continued to see long-term potential for the company, however. Health insurer Humana was another detractor, as rising medical costs and increased uncertainty around U.S. healthcare policy pressured the stock.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">June 25, 2020, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351027.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2020-06-25 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.33<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI World <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.39<span>%</span></td> </tr> </table> Janus Henderson Global Sustainable Equity Fund (Class T Shares/JETTX) 0.1168 0.1053 0.1233 MSCI World IndexSM 0.1725 0.1441 0.1539 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>57M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">54</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">37<span>%</span></td> </tr> </table> 57000000 54 0.0 0.37 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd (ADR)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">McKesson Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351033.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co Ltd (ADR)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Spotify Technology SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">McKesson Corp</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> 0.069 0.069 0.036 0.036 0.034 0.987 0.014 -0.001 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund<br/>(Class A Shares/JATAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>114</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.00<span>%</span></td> </tr> </table> 114 0.0100 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Technology and Innovation Fund Class A Shares returned 27.61%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%. Its additional benchmark, the MSCI All Country World Information Technology Index^SM, returned 28.09%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Alphabet was a leading contributor to performance relative to the MSCI All Country World Information Technology Index. Shares rose as investors gained more confidence in the Google parent company’s plans for deploying artificial intelligence (AI) across its businesses. The stock also rose on a favorable resolution to the government lawsuit against the company. Taiwan Semiconductor Manufacturing, another positive contributor, is a leading supplier of graphics processing units used in AI. The company reported very strong earnings growth and guidance, fueled by the continued capital investment in the AI ecosystem.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Detractors relative to the MSCI All Country World Information Technology Index included Constellation Software, which provides software solutions that target industry verticals. The stock declined on news that Constellation’s visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter for the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise. Hyperscaler Amazon.com was another detractor despite relative strength in its e-commerce and advertising businesses. Shares declined on whispers that Amazon’s AI offerings may be less secularly advantaged than its legacy cloud business. We believe that any softness in bookings may reflect capacity constraints rather than waning demand.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352077.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">27.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">21.91<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">20.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">21.18<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Information Technology <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">28.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">19.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.25<span>%</span></td> </tr> </table> Janus Henderson Global Technology and Innovation Fund (Class A Shares/JATAX) at NAV 0.2761 0.1602 0.2191 Janus Henderson Global Technology and Innovation Fund (Class A Shares/JATAX) at Maximum Offering Price - 5.75% 0.2026 0.1465 0.2118 S&P 500® Index 0.1760 0.1647 0.1530 MSCI All Country World Information Technology IndexSM 0.2809 0.1980 0.2225 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,744M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">63</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>48.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">49<span>%</span></td> </tr> </table> 8744000000 63 48000000.0 0.49 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352083.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> </table> 0.156 0.120 0.105 0.063 0.053 0.989 0.009 0.002 0.000 0.000 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. In addition, effective February 19, 2025, the Fund has a fundamental policy to invest 25% or more of the value of its total assets in the industries within the information technology sector in the aggregate.</div> Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. 2025-02-19 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund<br/>(Class C Shares/JAGCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>193</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td> </tr> </table> 193 0.0170 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Technology and Innovation Fund Class C Shares returned 26.72%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%. Its additional benchmark, the MSCI All Country World Information Technology Index^SM, returned 28.09%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Alphabet was a leading contributor to performance relative to the MSCI All Country World Information Technology Index. Shares rose as investors gained more confidence in the Google parent company’s plans for deploying artificial intelligence (AI) across its businesses. The stock also rose on a favorable resolution to the government lawsuit against the company. Taiwan Semiconductor Manufacturing, another positive contributor, is a leading supplier of graphics processing units used in AI. The company reported very strong earnings growth and guidance, fueled by the continued capital investment in the AI ecosystem.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Detractors relative to the MSCI All Country World Information Technology Index included Constellation Software, which provides software solutions that target industry verticals. The stock declined on news that Constellation’s visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter for the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise. Hyperscaler Amazon.com was another detractor despite relative strength in its e-commerce and advertising businesses. Shares declined on whispers that Amazon’s AI offerings may be less secularly advantaged than its legacy cloud business. We believe that any softness in bookings may reflect capacity constraints rather than waning demand.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352102.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">26.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">21.07<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">25.72<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">21.07<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Information Technology <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">28.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">19.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.25<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; font-weight: normal; width: 70pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; width: 70pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 0.2672 0.1523 0.2107 Janus Henderson Global Technology and Innovation Fund (Class C Shares/JAGCX) with Contingent Deferred Sales Charge 0.2572 0.1523 0.2107 S&P 500® Index 0.1760 0.1647 0.1530 MSCI All Country World Information Technology IndexSM 0.2809 0.1980 0.2225 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,744M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">63</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>48.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">49<span>%</span></td> </tr> </table> 8744000000 63 48000000.0 0.49 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352108.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> </table> 0.156 0.120 0.105 0.063 0.053 0.989 0.009 0.002 0.000 0.000 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. In addition, effective February 19, 2025, the Fund has a fundamental policy to invest 25% or more of the value of its total assets in the industries within the information technology sector in the aggregate.</div> Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. 2025-02-19 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund<br/>(Class D Shares/JNGTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>92</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.81<span>%</span></td> </tr> </table> 92 0.0081 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Technology and Innovation Fund Class D Shares returned 27.86%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%. Its additional benchmark, the MSCI All Country World Information Technology Index^SM, returned 28.09%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Alphabet was a leading contributor to performance relative to the MSCI All Country World Information Technology Index. Shares rose as investors gained more confidence in the Google parent company’s plans for deploying artificial intelligence (AI) across its businesses. The stock also rose on a favorable resolution to the government lawsuit against the company. Taiwan Semiconductor Manufacturing, another positive contributor, is a leading supplier of graphics processing units used in AI. The company reported very strong earnings growth and guidance, fueled by the continued capital investment in the AI ecosystem.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Detractors relative to the MSCI All Country World Information Technology Index included Constellation Software, which provides software solutions that target industry verticals. The stock declined on news that Constellation’s visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter for the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise. Hyperscaler Amazon.com was another detractor despite relative strength in its e-commerce and advertising businesses. Shares declined on whispers that Amazon’s AI offerings may be less secularly advantaged than its legacy cloud business. We believe that any softness in bookings may reflect capacity constraints rather than waning demand.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352127.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">27.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.24<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.13<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Information Technology <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">28.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">19.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.25<span>%</span></td> </tr> </table> Janus Henderson Global Technology and Innovation Fund (Class D Shares/JNGTX) 0.2786 0.1624 0.2213 S&P 500® Index 0.1760 0.1647 0.1530 MSCI All Country World Information Technology IndexSM 0.2809 0.1980 0.2225 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,744M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">63</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>48.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">49<span>%</span></td> </tr> </table> 8744000000 63 48000000.0 0.49 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352134.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> </table> 0.156 0.120 0.105 0.063 0.053 0.989 0.009 0.002 0.000 0.000 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. In addition, effective February 19, 2025, the Fund has a fundamental policy to invest 25% or more of the value of its total assets in the industries within the information technology sector in the aggregate.</div> Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. 2025-02-19 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund<br/>(Class I Shares/JATIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>89</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.78<span>%</span></td> </tr> </table> 89 0.0078 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Technology and Innovation Fund Class I Shares returned 27.90%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%. Its additional benchmark, the MSCI All Country World Information Technology Index^SM, returned 28.09%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Alphabet was a leading contributor to performance relative to the MSCI All Country World Information Technology Index. Shares rose as investors gained more confidence in the Google parent company’s plans for deploying artificial intelligence (AI) across its businesses. The stock also rose on a favorable resolution to the government lawsuit against the company. Taiwan Semiconductor Manufacturing, another positive contributor, is a leading supplier of graphics processing units used in AI. The company reported very strong earnings growth and guidance, fueled by the continued capital investment in the AI ecosystem.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Detractors relative to the MSCI All Country World Information Technology Index included Constellation Software, which provides software solutions that target industry verticals. The stock declined on news that Constellation’s visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter for the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise. Hyperscaler Amazon.com was another detractor despite relative strength in its e-commerce and advertising businesses. Shares declined on whispers that Amazon’s AI offerings may be less secularly advantaged than its legacy cloud business. We believe that any softness in bookings may reflect capacity constraints rather than waning demand.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352152.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">27.90<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.21<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Information Technology <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">28.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">19.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.25<span>%</span></td> </tr> </table> Janus Henderson Global Technology and Innovation Fund (Class I Shares/JATIX) 0.2790 0.1628 0.2221 S&P 500® Index 0.1760 0.1647 0.1530 MSCI All Country World Information Technology IndexSM 0.2809 0.1980 0.2225 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,744M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">63</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>48.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">49<span>%</span></td> </tr> </table> 8744000000 63 48000000.0 0.49 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352158.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> </table> 0.156 0.120 0.105 0.063 0.053 0.989 0.009 0.002 0.000 0.000 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. In addition, effective February 19, 2025, the Fund has a fundamental policy to invest 25% or more of the value of its total assets in the industries within the information technology sector in the aggregate.</div> Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. 2025-02-19 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund<br/>(Class N Shares/JATNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>79</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.69<span>%</span></td> </tr> </table> 79 0.0069 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Technology and Innovation Fund Class N Shares returned 28.01%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%. Its additional benchmark, the MSCI All Country World Information Technology Index^SM, returned 28.09%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Alphabet was a leading contributor to performance relative to the MSCI All Country World Information Technology Index. Shares rose as investors gained more confidence in the Google parent company’s plans for deploying artificial intelligence (AI) across its businesses. The stock also rose on a favorable resolution to the government lawsuit against the company. Taiwan Semiconductor Manufacturing, another positive contributor, is a leading supplier of graphics processing units used in AI. The company reported very strong earnings growth and guidance, fueled by the continued capital investment in the AI ecosystem.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Detractors relative to the MSCI All Country World Information Technology Index included Constellation Software, which provides software solutions that target industry verticals. The stock declined on news that Constellation’s visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter for the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise. Hyperscaler Amazon.com was another detractor despite relative strength in its e-commerce and advertising businesses. Shares declined on whispers that Amazon’s AI offerings may be less secularly advantaged than its legacy cloud business. We believe that any softness in bookings may reflect capacity constraints rather than waning demand.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">January 27, 2017, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352177.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2017-01-27 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">28.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.06<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.06<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Information Technology <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">28.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">19.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.36<span>%</span></td> </tr> </table> Janus Henderson Global Technology and Innovation Fund (Class N Shares/JATNX) 0.2801 0.1639 0.2206 S&P 500® Index 0.1760 0.1647 0.1506 MSCI All Country World Information Technology IndexSM 0.2809 0.1980 0.2236 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,744M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">63</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>48.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">49<span>%</span></td> </tr> </table> 8744000000 63 48000000.0 0.49 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352183.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> </table> 0.156 0.120 0.105 0.063 0.053 0.989 0.009 0.002 0.000 0.000 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. In addition, effective February 19, 2025, the Fund has a fundamental policy to invest 25% or more of the value of its total assets in the industries within the information technology sector in the aggregate.</div> Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. 2025-02-19 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund<br/>(Class S Shares/JATSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>135</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.19<span>%</span></td> </tr> </table> 135 0.0119 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Technology and Innovation Fund Class S Shares returned 27.38%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%. Its additional benchmark, the MSCI All Country World Information Technology Index^SM, returned 28.09%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Alphabet was a leading contributor to performance relative to the MSCI All Country World Information Technology Index. Shares rose as investors gained more confidence in the Google parent company’s plans for deploying artificial intelligence (AI) across its businesses. The stock also rose on a favorable resolution to the government lawsuit against the company. Taiwan Semiconductor Manufacturing, another positive contributor, is a leading supplier of graphics processing units used in AI. The company reported very strong earnings growth and guidance, fueled by the continued capital investment in the AI ecosystem.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Detractors relative to the MSCI All Country World Information Technology Index included Constellation Software, which provides software solutions that target industry verticals. The stock declined on news that Constellation’s visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter for the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise. Hyperscaler Amazon.com was another detractor despite relative strength in its e-commerce and advertising businesses. Shares declined on whispers that Amazon’s AI offerings may be less secularly advantaged than its legacy cloud business. We believe that any softness in bookings may reflect capacity constraints rather than waning demand.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352202.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">27.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">21.69<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Information Technology <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">28.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">19.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.25<span>%</span></td> </tr> </table> Janus Henderson Global Technology and Innovation Fund (Class S Shares/JATSX) 0.2738 0.1580 0.2169 S&P 500® Index 0.1760 0.1647 0.1530 MSCI All Country World Information Technology IndexSM 0.2809 0.1980 0.2225 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,744M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">63</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>48.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">49<span>%</span></td> </tr> </table> 8744000000 63 48000000.0 0.49 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352209.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> </table> 0.156 0.120 0.105 0.063 0.053 0.989 0.009 0.002 0.000 0.000 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. In addition, effective February 19, 2025, the Fund has a fundamental policy to invest 25% or more of the value of its total assets in the industries within the information technology sector in the aggregate.</div> Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. 2025-02-19 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Global Technology and Innovation Fund<br/>(Class T Shares/JAGTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>105</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.92<span>%</span></td> </tr> </table> 105 0.0092 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Global Technology and Innovation Fund Class T Shares returned 27.71%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%. Its additional benchmark, the MSCI All Country World Information Technology Index^SM, returned 28.09%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Alphabet was a leading contributor to performance relative to the MSCI All Country World Information Technology Index. Shares rose as investors gained more confidence in the Google parent company’s plans for deploying artificial intelligence (AI) across its businesses. The stock also rose on a favorable resolution to the government lawsuit against the company. Taiwan Semiconductor Manufacturing, another positive contributor, is a leading supplier of graphics processing units used in AI. The company reported very strong earnings growth and guidance, fueled by the continued capital investment in the AI ecosystem.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Detractors relative to the MSCI All Country World Information Technology Index included Constellation Software, which provides software solutions that target industry verticals. The stock declined on news that Constellation’s visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter for the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise. Hyperscaler Amazon.com was another detractor despite relative strength in its e-commerce and advertising businesses. Shares declined on whispers that Amazon’s AI offerings may be less secularly advantaged than its legacy cloud business. We believe that any softness in bookings may reflect capacity constraints rather than waning demand.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_352227.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">27.71<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.11<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.02<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World Information Technology <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">28.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">19.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.25<span>%</span></td> </tr> </table> Janus Henderson Global Technology and Innovation Fund (Class T Shares/JAGTX) 0.2771 0.1611 0.2202 S&P 500® Index 0.1760 0.1647 0.1530 MSCI All Country World Information Technology IndexSM 0.2809 0.1980 0.2225 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,744M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">63</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>48.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">49<span>%</span></td> </tr> </table> 8744000000 63 48000000.0 0.49 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">98.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_352234.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">10.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.3</td> </tr> </table> 0.156 0.120 0.105 0.063 0.053 0.989 0.009 0.002 0.000 0.000 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. In addition, effective February 19, 2025, the Fund has a fundamental policy to invest 25% or more of the value of its total assets in the industries within the information technology sector in the aggregate.</div> Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. 2025-02-19 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund<br/>(Class A Shares/JDNAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>105</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.97<span>%</span></td> </tr> </table> 105 0.0097 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Growth and Income Fund Class A Shares returned 17.19%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the S&amp;P 500 Index was supported by a position in Broadcom, a leading developer of custom silicon. The company has benefited from strong demand for custom artificial intelligence (AI) chips. The company also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">UnitedHealth Group was a top detractor relative to the S&amp;P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was also a detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation as investors tried to assess whether AI will disrupt people-based consulting businesses.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351502.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.71<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.46<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.04<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Dividend Aristocrats Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(1.09<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.04<span>%</span></td> </tr> </table> Janus Henderson Growth and Income Fund (Class A Shares/JDNAX) at NAV 0.1719 0.1414 0.1371 Janus Henderson Growth and Income Fund (Class A Shares/JDNAX) at Maximum Offering Price - 5.75% 0.1046 0.1280 0.1304 S&P 500® Index 0.1760 0.1647 0.1530 S&P 500® Dividend Aristocrats Index -0.0109 0.1006 0.1104 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,178M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">65</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>44.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">39<span>%</span></td> </tr> </table> 8178000000 65 44700000 0.39 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351509.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.088 0.054 0.048 0.048 0.036 0.999 0.001 -0.000 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund<br/>(Class C Shares/JGICX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>173</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.60<span>%</span></td> </tr> </table> 173 0.0160 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Growth and Income Fund Class C Shares returned 16.46%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the S&amp;P 500 Index was supported by a position in Broadcom, a leading developer of custom silicon. The company has benefited from strong demand for custom artificial intelligence (AI) chips. The company also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">UnitedHealth Group was a top detractor relative to the S&amp;P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was also a detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation as investors tried to assess whether AI will disrupt people-based consulting businesses.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351527.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.46<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.95<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.46<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.95<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Dividend Aristocrats Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(1.09<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.04<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; font-weight: normal; width: 70pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; width: 70pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 0.1646 0.1343 0.1295 Janus Henderson Growth and Income Fund (Class C Shares/JGICX) with Contingent Deferred Sales Charge 0.1546 0.1343 0.1295 S&P 500® Index 0.1760 0.1647 0.1530 S&P 500® Dividend Aristocrats Index -0.0109 0.1006 0.1104 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,178M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">65</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>44.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">39<span>%</span></td> </tr> </table> 8178000000 65 44700000 0.39 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351534.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.088 0.054 0.048 0.048 0.036 0.999 0.001 -0.000 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund<br/>(Class D Shares/JNGIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>80</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.74<span>%</span></td> </tr> </table> 80 0.0074 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Growth and Income Fund Class D Shares returned 17.48%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the S&amp;P 500 Index was supported by a position in Broadcom, a leading developer of custom silicon. The company has benefited from strong demand for custom artificial intelligence (AI) chips. The company also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">UnitedHealth Group was a top detractor relative to the S&amp;P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was also a detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation as investors tried to assess whether AI will disrupt people-based consulting businesses.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351552.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.96<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Dividend Aristocrats Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(1.09<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.04<span>%</span></td> </tr> </table> Janus Henderson Growth and Income Fund (Class D Shares/JNGIX) 0.1748 0.1443 0.1396 S&P 500® Index 0.1760 0.1647 0.1530 S&P 500® Dividend Aristocrats Index -0.0109 0.1006 0.1104 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,178M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">65</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>44.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">39<span>%</span></td> </tr> </table> 8178000000 65 44700000 0.39 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351558.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.088 0.054 0.048 0.048 0.036 0.999 0.001 -0.000 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund<br/>(Class I Shares/JGINX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>77</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.71<span>%</span></td> </tr> </table> 77 0.0071 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Growth and Income Fund Class I Shares returned 17.49%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the S&amp;P 500 Index was supported by a position in Broadcom, a leading developer of custom silicon. The company has benefited from strong demand for custom artificial intelligence (AI) chips. The company also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">UnitedHealth Group was a top detractor relative to the S&amp;P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was also a detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation as investors tried to assess whether AI will disrupt people-based consulting businesses.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351577.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.49<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.02<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Dividend Aristocrats Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(1.09<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.04<span>%</span></td> </tr> </table> Janus Henderson Growth and Income Fund (Class I Shares/JGINX) 0.1749 0.1448 0.1402 S&P 500® Index 0.1760 0.1647 0.1530 S&P 500® Dividend Aristocrats Index -0.0109 0.1006 0.1104 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,178M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">65</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>44.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">39<span>%</span></td> </tr> </table> 8178000000 65 44700000 0.39 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351584.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.088 0.054 0.048 0.048 0.036 0.999 0.001 -0.000 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund<br/>(Class N Shares/JDNNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>67</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.62<span>%</span></td> </tr> </table> 67 0.0062 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Growth and Income Fund Class N Shares returned 17.59%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the S&amp;P 500 Index was supported by a position in Broadcom, a leading developer of custom silicon. The company has benefited from strong demand for custom artificial intelligence (AI) chips. The company also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">UnitedHealth Group was a top detractor relative to the S&amp;P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was also a detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation as investors tried to assess whether AI will disrupt people-based consulting businesses.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">August 4, 2017, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351602.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2017-08-04 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.21<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.86<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Dividend Aristocrats Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(1.09<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.98<span>%</span></td> </tr> </table> Janus Henderson Growth and Income Fund (Class N Shares/JDNNX) 0.1759 0.1458 0.1321 S&P 500® Index 0.1760 0.1647 0.1486 S&P 500® Dividend Aristocrats Index -0.0109 0.1006 0.0998 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,178M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">65</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>44.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">39<span>%</span></td> </tr> </table> 8178000000 65 44700000 0.39 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351609.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.088 0.054 0.048 0.048 0.036 0.999 0.001 -0.000 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund<br/>(Class R Shares/JDNRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>148</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.37<span>%</span></td> </tr> </table> 148 0.0137 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Growth and Income Fund Class R Shares returned 16.72%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the S&amp;P 500 Index was supported by a position in Broadcom, a leading developer of custom silicon. The company has benefited from strong demand for custom artificial intelligence (AI) chips. The company also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">UnitedHealth Group was a top detractor relative to the S&amp;P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was also a detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation as investors tried to assess whether AI will disrupt people-based consulting businesses.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351627.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.24<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Dividend Aristocrats Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(1.09<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.04<span>%</span></td> </tr> </table> Janus Henderson Growth and Income Fund (Class R Shares/JDNRX) 0.1672 0.1370 0.1324 S&P 500® Index 0.1760 0.1647 0.1530 S&P 500® Dividend Aristocrats Index -0.0109 0.1006 0.1104 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,178M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">65</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>44.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">39<span>%</span></td> </tr> </table> 8178000000 65 44700000 0.39 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351633.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.088 0.054 0.048 0.048 0.036 0.999 0.001 -0.000 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund<br/>(Class S Shares/JADGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>120</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.11<span>%</span></td> </tr> </table> 120 0.0111 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Growth and Income Fund Class S Shares returned 17.02%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the S&amp;P 500 Index was supported by a position in Broadcom, a leading developer of custom silicon. The company has benefited from strong demand for custom artificial intelligence (AI) chips. The company also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">UnitedHealth Group was a top detractor relative to the S&amp;P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was also a detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation as investors tried to assess whether AI will disrupt people-based consulting businesses.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351652.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.55<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Dividend Aristocrats Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(1.09<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.04<span>%</span></td> </tr> </table> Janus Henderson Growth and Income Fund (Class S Shares/JADGX) 0.1702 0.1401 0.1355 S&P 500® Index 0.1760 0.1647 0.1530 S&P 500® Dividend Aristocrats Index -0.0109 0.1006 0.1104 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,178M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">65</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>44.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">39<span>%</span></td> </tr> </table> 8178000000 65 44700000 0.39 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351658.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.088 0.054 0.048 0.048 0.036 0.999 0.001 -0.000 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Growth and Income Fund<br/>(Class T Shares/JAGIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>92</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.85<span>%</span></td> </tr> </table> 92 0.0085 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Growth and Income Fund Class T Shares returned 17.32%. Its broad-based benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the S&amp;P 500 Index was supported by a position in Broadcom, a leading developer of custom silicon. The company has benefited from strong demand for custom artificial intelligence (AI) chips. The company also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">UnitedHealth Group was a top detractor relative to the S&amp;P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was also a detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation as investors tried to assess whether AI will disrupt people-based consulting businesses.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351677.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.85<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Dividend Aristocrats Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(1.09<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.04<span>%</span></td> </tr> </table> Janus Henderson Growth and Income Fund (Class T Shares/JAGIX) 0.1732 0.1431 0.1385 S&P 500® Index 0.1760 0.1647 0.1530 S&P 500® Dividend Aristocrats Index -0.0109 0.1006 0.1104 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>8,178M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">65</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>44.7M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">39<span>%</span></td> </tr> </table> 8178000000 65 44700000 0.39 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Country Allocations (% of investments)</div><div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351684.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">8.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.6</td> </tr> </table> 0.088 0.054 0.048 0.048 0.036 0.999 0.001 -0.000 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund<br/>(Class A Shares/JDIAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>124</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.15<span>%</span></td> </tr> </table> 124 0.0115 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Overseas Fund Class A Shares returned 15.35%. Its broad-based benchmark, the MSCI All Country World ex-USA Index^SM, returned 16.45%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI All Country World Index ex USA benefited from a position in BAE Systems. The UK-based military contractor reported strong earnings growth and a large orders backlog. It has been a beneficiary of increased military spending because of its key weapons systems and early-stage platforms. Erste Group Bank, a top contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander’s Polish business, a deal that could help cement Erste Bank’s position in the central and eastern European markets. Bank stocks also rallied on expectations that European authorities may relax banking regulation and capital requirements.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Detractors relative to the MSCI All Country World Index ex USA included ICON, a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We sold the position. Beverage company Heineken was another detractor. Shares declined on investor concerns over a sluggish pace of beer sales in North America, which offset strength in emerging markets such as Vietnam. We continue to believe in Heineken’s brand strength and the opportunities around its global market expansion.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350127.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.02<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.93<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.38<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World ex-USA <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.23<span>%</span></td> </tr> </table> Janus Henderson Overseas Fund (Class A Shares/JDIAX) at NAV 0.1535 0.1226 0.0902 Janus Henderson Overseas Fund (Class A Shares/JDIAX) at Maximum Offering Price - 5.75% 0.0872 0.1093 0.0838 MSCI All Country World ex-USA IndexSM 0.1645 0.1026 0.0823 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,892M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">49</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22.6M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42<span>%</span></td> </tr> </table> 3892000000 49 22600000 0.42 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Resona Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">97.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350134.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Resona Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> 0.072 0.051 0.035 0.035 0.034 0.979 0.026 0.010 -0.015 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund<br/>(Class C Shares/JIGCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>196</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.83<span>%</span></td> </tr> </table> 196 0.0183 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Overseas Fund Class C Shares returned 14.56%. Its broad-based benchmark, the MSCI All Country World ex-USA Index^SM, returned 16.45%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI All Country World Index ex USA benefited from a position in BAE Systems. The UK-based military contractor reported strong earnings growth and a large orders backlog. It has been a beneficiary of increased military spending because of its key weapons systems and early-stage platforms. Erste Group Bank, a top contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander’s Polish business, a deal that could help cement Erste Bank’s position in the central and eastern European markets. Bank stocks also rallied on expectations that European authorities may relax banking regulation and capital requirements.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Detractors relative to the MSCI All Country World Index ex USA included ICON, a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We sold the position. Beverage company Heineken was another detractor. Shares declined on investor concerns over a sluggish pace of beer sales in North America, which offset strength in emerging markets such as Vietnam. We continue to believe in Heineken’s brand strength and the opportunities around its global market expansion.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350152.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.19<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.56<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.19<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World ex-USA <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.23<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; font-weight: normal; width: 70pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; width: 70pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 0.1456 0.1142 0.0819 Janus Henderson Overseas Fund (Class C Shares/JIGCX) with Contingent Deferred Sales Charge 0.1356 0.1142 0.0819 MSCI All Country World ex-USA IndexSM 0.1645 0.1026 0.0823 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,892M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">49</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22.6M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42<span>%</span></td> </tr> </table> 3892000000 49 22600000 0.42 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Resona Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">97.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350158.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Resona Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> 0.072 0.051 0.035 0.035 0.034 0.979 0.026 0.010 -0.015 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund<br/>(Class D Shares/JNOSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>90</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.83<span>%</span></td> </tr> </table> 90 0.0083 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Overseas Fund Class D Shares returned 15.72%. Its broad-based benchmark, the MSCI All Country World ex-USA Index^SM, returned 16.45%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI All Country World Index ex USA benefited from a position in BAE Systems. The UK-based military contractor reported strong earnings growth and a large orders backlog. It has been a beneficiary of increased military spending because of its key weapons systems and early-stage platforms. Erste Group Bank, a top contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander’s Polish business, a deal that could help cement Erste Bank’s position in the central and eastern European markets. Bank stocks also rallied on expectations that European authorities may relax banking regulation and capital requirements.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Detractors relative to the MSCI All Country World Index ex USA included ICON, a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We sold the position. Beverage company Heineken was another detractor. Shares declined on investor concerns over a sluggish pace of beer sales in North America, which offset strength in emerging markets such as Vietnam. We continue to believe in Heineken’s brand strength and the opportunities around its global market expansion.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350177.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.34<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World ex-USA <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.23<span>%</span></td> </tr> </table> Janus Henderson Overseas Fund (Class D Shares/JNOSX) 0.1572 0.1257 0.0934 MSCI All Country World ex-USA IndexSM 0.1645 0.1026 0.0823 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,892M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">49</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22.6M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42<span>%</span></td> </tr> </table> 3892000000 49 22600000 0.42 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Resona Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">97.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350183.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Resona Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> 0.072 0.051 0.035 0.035 0.034 0.979 0.026 0.010 -0.015 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 MSCI All Country World ex-USA Index^SM.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 MSCI All Country World ex-USA Index^SM.</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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund<br/>(Class I Shares/JIGFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>87</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.81<span>%</span></td> </tr> </table> 87 0.0081 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Overseas Fund Class I Shares returned 15.76%. Its broad-based benchmark, the MSCI All Country World ex-USA Index^SM, returned 16.45%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI All Country World Index ex USA benefited from a position in BAE Systems. The UK-based military contractor reported strong earnings growth and a large orders backlog. It has been a beneficiary of increased military spending because of its key weapons systems and early-stage platforms. Erste Group Bank, a top contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander’s Polish business, a deal that could help cement Erste Bank’s position in the central and eastern European markets. Bank stocks also rallied on expectations that European authorities may relax banking regulation and capital requirements.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Detractors relative to the MSCI All Country World Index ex USA included ICON, a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We sold the position. Beverage company Heineken was another detractor. Shares declined on investor concerns over a sluggish pace of beer sales in North America, which offset strength in emerging markets such as Vietnam. We continue to believe in Heineken’s brand strength and the opportunities around its global market expansion.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350202.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.37<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World ex-USA <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.23<span>%</span></td> </tr> </table> Janus Henderson Overseas Fund (Class I Shares/JIGFX) 0.1576 0.1261 0.0937 MSCI All Country World ex-USA IndexSM 0.1645 0.1026 0.0823 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,892M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">49</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22.6M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42<span>%</span></td> </tr> </table> 3892000000 49 22600000 0.42 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Resona Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">97.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350209.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Resona Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> 0.072 0.051 0.035 0.035 0.034 0.979 0.026 0.010 -0.015 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund<br/>(Class N Shares/JDINX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>74</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.69<span>%</span></td> </tr> </table> 74 0.0069 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Overseas Fund Class N Shares returned 15.88%. Its broad-based benchmark, the MSCI All Country World ex-USA Index^SM, returned 16.45%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI All Country World Index ex USA benefited from a position in BAE Systems. The UK-based military contractor reported strong earnings growth and a large orders backlog. It has been a beneficiary of increased military spending because of its key weapons systems and early-stage platforms. Erste Group Bank, a top contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander’s Polish business, a deal that could help cement Erste Bank’s position in the central and eastern European markets. Bank stocks also rallied on expectations that European authorities may relax banking regulation and capital requirements.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Detractors relative to the MSCI All Country World Index ex USA included ICON, a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We sold the position. Beverage company Heineken was another detractor. Shares declined on investor concerns over a sluggish pace of beer sales in North America, which offset strength in emerging markets such as Vietnam. We continue to believe in Heineken’s brand strength and the opportunities around its global market expansion.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350227.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.49<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World ex-USA <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.23<span>%</span></td> </tr> </table> Janus Henderson Overseas Fund (Class N Shares/JDINX) 0.1588 0.1272 0.0949 MSCI All Country World ex-USA IndexSM 0.1645 0.1026 0.0823 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,892M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">49</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22.6M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42<span>%</span></td> </tr> </table> 3892000000 49 22600000 0.42 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Resona Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">97.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350233.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Resona Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> 0.072 0.051 0.035 0.035 0.034 0.979 0.026 0.010 -0.015 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 MSCI All Country World ex-USA Index^SM.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 MSCI All Country World ex-USA Index^SM.</div> 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund<br/>(Class R Shares/JDIRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>156</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.45<span>%</span></td> </tr> </table> 156 0.0145 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Overseas Fund Class R Shares returned 15.00%. Its broad-based benchmark, the MSCI All Country World ex-USA Index^SM, returned 16.45%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI All Country World Index ex USA benefited from a position in BAE Systems. The UK-based military contractor reported strong earnings growth and a large orders backlog. It has been a beneficiary of increased military spending because of its key weapons systems and early-stage platforms. Erste Group Bank, a top contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander’s Polish business, a deal that could help cement Erste Bank’s position in the central and eastern European markets. Bank stocks also rallied on expectations that European authorities may relax banking regulation and capital requirements.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Detractors relative to the MSCI All Country World Index ex USA included ICON, a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We sold the position. Beverage company Heineken was another detractor. Shares declined on investor concerns over a sluggish pace of beer sales in North America, which offset strength in emerging markets such as Vietnam. We continue to believe in Heineken’s brand strength and the opportunities around its global market expansion.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350252.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.89<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.68<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World ex-USA <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.23<span>%</span></td> </tr> </table> Janus Henderson Overseas Fund (Class R Shares/JDIRX) 0.1500 0.1189 0.0868 MSCI All Country World ex-USA IndexSM 0.1645 0.1026 0.0823 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,892M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">49</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22.6M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42<span>%</span></td> </tr> </table> 3892000000 49 22600000 0.42 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Resona Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">97.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350258.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Resona Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> 0.072 0.051 0.035 0.035 0.034 0.979 0.026 0.010 -0.015 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund<br/>(Class S Shares/JIGRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>128</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.19<span>%</span></td> </tr> </table> 128 0.0119 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Overseas Fund Class S Shares returned 15.30%. Its broad-based benchmark, the MSCI All Country World ex-USA Index^SM, returned 16.45%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI All Country World Index ex USA benefited from a position in BAE Systems. The UK-based military contractor reported strong earnings growth and a large orders backlog. It has been a beneficiary of increased military spending because of its key weapons systems and early-stage platforms. Erste Group Bank, a top contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander’s Polish business, a deal that could help cement Erste Bank’s position in the central and eastern European markets. Bank stocks also rallied on expectations that European authorities may relax banking regulation and capital requirements.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Detractors relative to the MSCI All Country World Index ex USA included ICON, a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We sold the position. Beverage company Heineken was another detractor. Shares declined on investor concerns over a sluggish pace of beer sales in North America, which offset strength in emerging markets such as Vietnam. We continue to believe in Heineken’s brand strength and the opportunities around its global market expansion.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350277.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.96<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">MSCI All Country World ex-USA <span style="white-space: nowrap;">Index^SM</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.23<span>%</span></td> </tr> </table> Janus Henderson Overseas Fund (Class S Shares/JIGRX) 0.1530 0.1217 0.0896 MSCI All Country World ex-USA IndexSM 0.1645 0.1026 0.0823 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,892M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">49</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22.6M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42<span>%</span></td> </tr> </table> 3892000000 49 22600000 0.42 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Resona Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">97.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350284.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Resona Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> 0.072 0.051 0.035 0.035 0.034 0.979 0.026 0.010 -0.015 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Overseas Fund<br/>(Class T Shares/JAOSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>100</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td> </tr> </table> 100 0.0093 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Overseas Fund Class T Shares returned 15.61%. Its broad-based benchmark, the MSCI All Country World ex-USA Index^SM, returned 16.45%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the MSCI All Country World Index ex USA benefited from a position in BAE Systems. The UK-based military contractor reported strong earnings growth and a large orders backlog. It has been a beneficiary of increased military spending because of its key weapons systems and early-stage platforms. Erste Group Bank, a top contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander’s Polish business, a deal that could help cement Erste Bank’s position in the central and eastern European markets. Bank stocks also rallied on expectations that European authorities may relax banking regulation and capital requirements.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Detractors relative to the MSCI All Country World Index ex USA included ICON, a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We sold the position. Beverage company Heineken was another detractor. Shares declined on investor concerns over a sluggish pace of beer sales in North America, which offset strength in emerging markets such as Vietnam. We continue to believe in Heineken’s brand strength and the opportunities around its global market expansion.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350302.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.61<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.24<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.45<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.23<span>%</span></td> </tr> </table> Janus Henderson Overseas Fund (Class T Shares/JAOSX) 0.1561 0.1247 0.0924 MSCI All Country World ex-USA IndexSM 0.1645 0.1026 0.0823 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,892M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">49</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>22.6M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">42<span>%</span></td> </tr> </table> 3892000000 49 22600000 0.42 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Resona Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">97.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350309.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">7.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Resona Holdings Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Banco Bilbao Vizcaya Argentaria SA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.5</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> </table> 0.072 0.051 0.035 0.035 0.034 0.979 0.026 0.010 -0.015 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund<br/>(Class A Shares/JRAAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>115</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.03<span>%</span></td> </tr> </table> 115 0.0103 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Research Fund Class A Shares returned 23.59%. Its broad-based benchmark, the Russell 1000^® Index, returned 17.75%. Its performance benchmark, the Russell 1000^® Growth Index, returned 25.53%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was lifted by an overweight position in Broadcom, a supplier of semiconductors and infrastructure software solutions. Broadcom continued to execute well while exceeding its second-quarter earnings targets. It also raised guidance, with management indicating a material acceleration in artificial intelligence (AI) revenue growth, driven by new orders and its relationships with companies such as OpenAI and Google. Howmet Aerospace was another contributor. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was hindered by underweight positions in several stocks that were strong contributors to Index returns, but where we had concerns about valuations or fundamentals. Among Fund holdings, healthcare products company Procter &amp; Gamble (P&amp;G) was a relative detractor. The stock declined on investor concerns over the impact of higher commodity prices, tariffs, and softer consumer demand on revenue growth and margins. We believe P&amp;G remains positioned for long-term growth because of its strong brand portfolio and investments in innovation. TFI International, another relative detractor, provides freight and logistics services. Shares underperformed as the business faced macroeconomic headwinds and integration challenges tied to its acquisition of UPS Freight.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_349927.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">23.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.91<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.19<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.51<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">25.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">18.83<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Research Fund (Class A Shares/JRAAX) at NAV 0.2359 0.1591 0.1619 Janus Henderson Research Fund (Class A Shares/JRAAX) at Maximum Offering Price - 5.75% 0.1648 0.1455 0.1551 Russell 1000® Index 0.1775 0.1599 0.1504 Russell 1000® Growth Index 0.2553 0.1758 0.1883 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28,592M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">86</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>172.1M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 28592000000 86 172100000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_349934.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> </table> 0.152 0.126 0.066 0.058 0.050 0.999 0.002 0.001 -0.002 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.</div> 2025-02-19 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 C Shares JRACX This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund”) for the period of October 1, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund<br/>(Class C Shares/JRACX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>199</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.79<span>%</span></td> </tr> </table> 199 0.0179 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Research Fund Class C Shares returned 22.65%. Its broad-based benchmark, the Russell 1000^® Index, returned 17.75%. Its performance benchmark, the Russell 1000^® Growth Index, returned 25.53%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was lifted by an overweight position in Broadcom, a supplier of semiconductors and infrastructure software solutions. Broadcom continued to execute well while exceeding its second-quarter earnings targets. It also raised guidance, with management indicating a material acceleration in artificial intelligence (AI) revenue growth, driven by new orders and its relationships with companies such as OpenAI and Google. Howmet Aerospace was another contributor. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was hindered by underweight positions in several stocks that were strong contributors to Index returns, but where we had concerns about valuations or fundamentals. Among Fund holdings, healthcare products company Procter &amp; Gamble (P&amp;G) was a relative detractor. The stock declined on investor concerns over the impact of higher commodity prices, tariffs, and softer consumer demand on revenue growth and margins. We believe P&amp;G remains positioned for long-term growth because of its strong brand portfolio and investments in innovation. TFI International, another relative detractor, provides freight and logistics services. Shares underperformed as the business faced macroeconomic headwinds and integration challenges tied to its acquisition of UPS Freight.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_349952.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">22.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.38<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">21.65<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.38<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">25.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">18.83<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; font-weight: normal; width: 70pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; width: 70pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 0.2265 0.1509 0.1538 Janus Henderson Research Fund (Class C Shares/JRACX) with Contingent Deferred Sales Charge 0.2165 0.1509 0.1538 Russell 1000® Index 0.1775 0.1599 0.1504 Russell 1000® Growth Index 0.2553 0.1758 0.1883 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28,592M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">86</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>172.1M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 28592000000 86 172100000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_349959.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> </table> 0.152 0.126 0.066 0.058 0.050 0.999 0.002 0.001 -0.002 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.</div> 2025-02-19 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 D Shares JNRFX This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund”) for the period of October 1, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund<br/>(Class D Shares/JNRFX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>93</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.83<span>%</span></td> </tr> </table> 93 0.0083 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Research Fund Class D Shares returned 23.83%. Its broad-based benchmark, the Russell 1000^® Index, returned 17.75%. Its performance benchmark, the Russell 1000^® Growth Index, returned 25.53%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was lifted by an overweight position in Broadcom, a supplier of semiconductors and infrastructure software solutions. Broadcom continued to execute well while exceeding its second-quarter earnings targets. It also raised guidance, with management indicating a material acceleration in artificial intelligence (AI) revenue growth, driven by new orders and its relationships with companies such as OpenAI and Google. Howmet Aerospace was another contributor. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was hindered by underweight positions in several stocks that were strong contributors to Index returns, but where we had concerns about valuations or fundamentals. Among Fund holdings, healthcare products company Procter &amp; Gamble (P&amp;G) was a relative detractor. The stock declined on investor concerns over the impact of higher commodity prices, tariffs, and softer consumer demand on revenue growth and margins. We believe P&amp;G remains positioned for long-term growth because of its strong brand portfolio and investments in innovation. TFI International, another relative detractor, provides freight and logistics services. Shares underperformed as the business faced macroeconomic headwinds and integration challenges tied to its acquisition of UPS Freight.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_349977.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">23.83<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.42<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">25.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">18.83<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Research Fund (Class D Shares/JNRFX) 0.2383 0.1614 0.1642 Russell 1000® Index 0.1775 0.1599 0.1504 Russell 1000® Growth Index 0.2553 0.1758 0.1883 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28,592M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">86</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>172.1M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 28592000000 86 172100000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_349983.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> </table> 0.152 0.126 0.066 0.058 0.050 0.999 0.002 0.001 -0.002 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.</div> 2025-02-19 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 I Shares JRAIX This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund”) for the period of October 1, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund<br/>(Class I Shares/JRAIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>91</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.81<span>%</span></td> </tr> </table> 91 0.0081 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Research Fund Class I Shares returned 23.88%. Its broad-based benchmark, the Russell 1000^® Index, returned 17.75%. Its performance benchmark, the Russell 1000^® Growth Index, returned 25.53%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was lifted by an overweight position in Broadcom, a supplier of semiconductors and infrastructure software solutions. Broadcom continued to execute well while exceeding its second-quarter earnings targets. It also raised guidance, with management indicating a material acceleration in artificial intelligence (AI) revenue growth, driven by new orders and its relationships with companies such as OpenAI and Google. Howmet Aerospace was another contributor. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was hindered by underweight positions in several stocks that were strong contributors to Index returns, but where we had concerns about valuations or fundamentals. Among Fund holdings, healthcare products company Procter &amp; Gamble (P&amp;G) was a relative detractor. The stock declined on investor concerns over the impact of higher commodity prices, tariffs, and softer consumer demand on revenue growth and margins. We believe P&amp;G remains positioned for long-term growth because of its strong brand portfolio and investments in innovation. TFI International, another relative detractor, provides freight and logistics services. Shares underperformed as the business faced macroeconomic headwinds and integration challenges tied to its acquisition of UPS Freight.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350002.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">23.88<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.19<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.49<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">25.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">18.83<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Research Fund (Class I Shares/JRAIX) 0.2388 0.1619 0.1649 Russell 1000® Index 0.1775 0.1599 0.1504 Russell 1000® Growth Index 0.2553 0.1758 0.1883 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28,592M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">86</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>172.1M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 28592000000 86 172100000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350009.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> </table> 0.152 0.126 0.066 0.058 0.050 0.999 0.002 0.001 -0.002 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.</div> 2025-02-19 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund<br/>(Class N Shares/JRANX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>81</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.72<span>%</span></td> </tr> </table> 81 0.0072 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Research Fund Class N Shares returned 23.98%. Its broad-based benchmark, the Russell 1000^® Index, returned 17.75%. Its performance benchmark, the Russell 1000^® Growth Index, returned 25.53%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was lifted by an overweight position in Broadcom, a supplier of semiconductors and infrastructure software solutions. Broadcom continued to execute well while exceeding its second-quarter earnings targets. It also raised guidance, with management indicating a material acceleration in artificial intelligence (AI) revenue growth, driven by new orders and its relationships with companies such as OpenAI and Google. Howmet Aerospace was another contributor. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was hindered by underweight positions in several stocks that were strong contributors to Index returns, but where we had concerns about valuations or fundamentals. Among Fund holdings, healthcare products company Procter &amp; Gamble (P&amp;G) was a relative detractor. The stock declined on investor concerns over the impact of higher commodity prices, tariffs, and softer consumer demand on revenue growth and margins. We believe P&amp;G remains positioned for long-term growth because of its strong brand portfolio and investments in innovation. TFI International, another relative detractor, provides freight and logistics services. Shares underperformed as the business faced macroeconomic headwinds and integration challenges tied to its acquisition of UPS Freight.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350027.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">23.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.57<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">25.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">18.83<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Research Fund (Class N Shares/JRANX) 0.2398 0.1628 0.1657 Russell 1000® Index 0.1775 0.1599 0.1504 Russell 1000® Growth Index 0.2553 0.1758 0.1883 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28,592M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">86</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>172.1M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 28592000000 86 172100000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350034.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> </table> 0.152 0.126 0.066 0.058 0.050 0.999 0.002 0.001 -0.002 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.</div> 2025-02-19 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund<br/>(Class R Shares/JRARX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>161</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.44<span>%</span></td> </tr> </table> 161 0.0144 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Research Fund Class R Shares returned 23.08%. Its broad-based benchmark, the Russell 1000^® Index, returned 17.75%. Its performance benchmark, the Russell 1000^® Growth Index, returned 25.53%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was lifted by an overweight position in Broadcom, a supplier of semiconductors and infrastructure software solutions. Broadcom continued to execute well while exceeding its second-quarter earnings targets. It also raised guidance, with management indicating a material acceleration in artificial intelligence (AI) revenue growth, driven by new orders and its relationships with companies such as OpenAI and Google. Howmet Aerospace was another contributor. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was hindered by underweight positions in several stocks that were strong contributors to Index returns, but where we had concerns about valuations or fundamentals. Among Fund holdings, healthcare products company Procter &amp; Gamble (P&amp;G) was a relative detractor. The stock declined on investor concerns over the impact of higher commodity prices, tariffs, and softer consumer demand on revenue growth and margins. We believe P&amp;G remains positioned for long-term growth because of its strong brand portfolio and investments in innovation. TFI International, another relative detractor, provides freight and logistics services. Shares underperformed as the business faced macroeconomic headwinds and integration challenges tied to its acquisition of UPS Freight.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">January 27, 2017, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350052.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2017-01-27 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">23.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.74<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.81<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">25.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">19.52<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.06<span>%</span></td> </tr> </table> Janus Henderson Research Fund (Class R Shares/JRARX) 0.2308 0.1541 0.1674 Russell 1000® Index 0.1775 0.1599 0.1481 Russell 1000® Growth Index 0.2553 0.1758 0.1952 S&P 500® Index 0.1760 0.1647 0.1506 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28,592M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">86</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>172.1M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 28592000000 86 172100000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350058.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> </table> 0.152 0.126 0.066 0.058 0.050 0.999 0.002 0.001 -0.002 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.</div> 2025-02-19 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 S Shares JRASX This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund”) for the period of October 1, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund<br/>(Class S Shares/JRASX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>136</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.22<span>%</span></td> </tr> </table> 136 0.0122 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Research Fund Class S Shares returned 23.36%. Its broad-based benchmark, the Russell 1000^® Index, returned 17.75%. Its performance benchmark, the Russell 1000^® Growth Index, returned 25.53%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was lifted by an overweight position in Broadcom, a supplier of semiconductors and infrastructure software solutions. Broadcom continued to execute well while exceeding its second-quarter earnings targets. It also raised guidance, with management indicating a material acceleration in artificial intelligence (AI) revenue growth, driven by new orders and its relationships with companies such as OpenAI and Google. Howmet Aerospace was another contributor. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was hindered by underweight positions in several stocks that were strong contributors to Index returns, but where we had concerns about valuations or fundamentals. Among Fund holdings, healthcare products company Procter &amp; Gamble (P&amp;G) was a relative detractor. The stock declined on investor concerns over the impact of higher commodity prices, tariffs, and softer consumer demand on revenue growth and margins. We believe P&amp;G remains positioned for long-term growth because of its strong brand portfolio and investments in innovation. TFI International, another relative detractor, provides freight and logistics services. Shares underperformed as the business faced macroeconomic headwinds and integration challenges tied to its acquisition of UPS Freight.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350077.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">23.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.99<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">25.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">18.83<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Research Fund (Class S Shares/JRASX) 0.2336 0.1569 0.1599 Russell 1000® Index 0.1775 0.1599 0.1504 Russell 1000® Growth Index 0.2553 0.1758 0.1883 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28,592M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">86</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>172.1M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 28592000000 86 172100000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350083.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> </table> 0.152 0.126 0.066 0.058 0.050 0.999 0.002 0.001 -0.002 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.</div> 2025-02-19 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 T Shares JAMRX This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund”) for the period of October 1, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Research Fund<br/>(Class T Shares/JAMRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>105</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.94<span>%</span></td> </tr> </table> 105 0.0094 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Research Fund Class T Shares returned 23.70%. Its broad-based benchmark, the Russell 1000^® Index, returned 17.75%. Its performance benchmark, the Russell 1000^® Growth Index, returned 25.53%. Its additional benchmark, the S&amp;P 500^® Index, returned 17.60%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was lifted by an overweight position in Broadcom, a supplier of semiconductors and infrastructure software solutions. Broadcom continued to execute well while exceeding its second-quarter earnings targets. It also raised guidance, with management indicating a material acceleration in artificial intelligence (AI) revenue growth, driven by new orders and its relationships with companies such as OpenAI and Google. Howmet Aerospace was another contributor. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Growth Index was hindered by underweight positions in several stocks that were strong contributors to Index returns, but where we had concerns about valuations or fundamentals. Among Fund holdings, healthcare products company Procter &amp; Gamble (P&amp;G) was a relative detractor. The stock declined on investor concerns over the impact of higher commodity prices, tariffs, and softer consumer demand on revenue growth and margins. We believe P&amp;G remains positioned for long-term growth because of its strong brand portfolio and investments in innovation. TFI International, another relative detractor, provides freight and logistics services. Shares underperformed as the business faced macroeconomic headwinds and integration challenges tied to its acquisition of UPS Freight.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_350102.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">23.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.31<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.04<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">25.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">18.83<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">16.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.30<span>%</span></td> </tr> </table> Janus Henderson Research Fund (Class T Shares/JAMRX) 0.2370 0.1601 0.1631 Russell 1000® Index 0.1775 0.1599 0.1504 Russell 1000® Growth Index 0.2553 0.1758 0.1883 S&P 500® Index 0.1760 0.1647 0.1530 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28,592M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">86</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>172.1M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 28592000000 86 172100000 0.33 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.1</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_350109.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">15.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">12.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">6.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Broadcom Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.8</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">5.0</td> </tr> </table> 0.152 0.126 0.066 0.058 0.050 0.999 0.002 0.001 -0.002 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.</div> 2025-02-19 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund<br/>(Class A Shares/JGMAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>114</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.12<span>%</span></td> </tr> </table> 114 0.0112 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Triton Fund Class A Shares returned 3.04%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell 2500™ Growth Index, returned 12.62%. Its additional benchmark, the Russell 2000^® Growth Index, returned 13.56%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2500 Growth Index benefited from a position in OSI Systems, a provider of electronics-enabled, security-related services such as baggage screening. OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment for hyperscalers and large technology companies. This business has been very profitable for Flex, and we believe the company is positioned to benefit from investments in artificial intelligence (AI). </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2500 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte’s broader development pipeline. </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_349552.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.62<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.35<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(2.88<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.71<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2500™ Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.62<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.93<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.91<span>%</span></td> </tr> </table> Janus Henderson Triton Fund (Class A Shares/JGMAX) at NAV 0.0304 0.0662 0.0935 Janus Henderson Triton Fund (Class A Shares/JGMAX) at Maximum Offering Price - 5.75% -0.0288 0.0537 0.0871 Russell 3000® Index 0.1741 0.1574 0.1471 Russell 2500™ Growth Index 0.1262 0.0776 0.1093 Russell 2000® Growth Index 0.1356 0.0841 0.0991 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,613M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">123</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>38.2M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">20<span>%</span></td> </tr> </table> 5613000000 123 38200000 0.20 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Casey's General Stores Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">OTC Purchased Options – Calls</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_349558.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Casey's General Stores Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> </table> 0.030 0.028 0.026 0.023 0.023 0.993 0.014 0.006 0.002 0.000 -0.015 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund<br/>(Class C Shares/JGMCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>170</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.68<span>%</span></td> </tr> </table> 170 0.0168 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Triton Fund Class C Shares returned 2.44%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell 2500™ Growth Index, returned 12.62%. Its additional benchmark, the Russell 2000^® Growth Index, returned 13.56%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2500 Growth Index benefited from a position in OSI Systems, a provider of electronics-enabled, security-related services such as baggage screening. OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment for hyperscalers and large technology companies. This business has been very profitable for Flex, and we believe the company is positioned to benefit from investments in artificial intelligence (AI). </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2500 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte’s broader development pipeline. </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_349577.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">2.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.74<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">1.50<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.74<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2500™ Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.62<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.93<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.91<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; font-weight: normal; width: 70pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; width: 70pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 0.0244 0.0606 0.0874 Janus Henderson Triton Fund (Class C Shares/JGMCX) with Contingent Deferred Sales Charge 0.0150 0.0606 0.0874 Russell 3000® Index 0.1741 0.1574 0.1471 Russell 2500™ Growth Index 0.1262 0.0776 0.1093 Russell 2000® Growth Index 0.1356 0.0841 0.0991 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,613M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">123</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>38.2M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">20<span>%</span></td> </tr> </table> 5613000000 123 38200000 0.20 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Casey's General Stores Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">OTC Purchased Options – Calls</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_349584.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Casey's General Stores Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> </table> 0.030 0.028 0.026 0.023 0.023 0.993 0.014 0.006 0.002 0.000 -0.015 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund<br/>(Class D Shares/JANIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>80</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.79<span>%</span></td> </tr> </table> 80 0.0079 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Triton Fund Class D Shares returned 3.39%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell 2500™ Growth Index, returned 12.62%. Its additional benchmark, the Russell 2000^® Growth Index, returned 13.56%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2500 Growth Index benefited from a position in OSI Systems, a provider of electronics-enabled, security-related services such as baggage screening. OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment for hyperscalers and large technology companies. This business has been very profitable for Flex, and we believe the company is positioned to benefit from investments in artificial intelligence (AI). </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2500 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte’s broader development pipeline. </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_349602.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.97<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.70<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2500™ Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.62<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.93<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.91<span>%</span></td> </tr> </table> Janus Henderson Triton Fund (Class D Shares/JANIX) 0.0339 0.0697 0.0970 Russell 3000® Index 0.1741 0.1574 0.1471 Russell 2500™ Growth Index 0.1262 0.0776 0.1093 Russell 2000® Growth Index 0.1356 0.0841 0.0991 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,613M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">123</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>38.2M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">20<span>%</span></td> </tr> </table> 5613000000 123 38200000 0.20 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Casey's General Stores Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">OTC Purchased Options – Calls</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_349609.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Casey's General Stores Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> </table> 0.030 0.028 0.026 0.023 0.023 0.993 0.014 0.006 0.002 0.000 -0.015 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund<br/>(Class I Shares/JSMGX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>79</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.78<span>%</span></td> </tr> </table> 79 0.0078 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Triton Fund Class I Shares returned 3.38%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell 2500™ Growth Index, returned 12.62%. Its additional benchmark, the Russell 2000^® Growth Index, returned 13.56%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2500 Growth Index benefited from a position in OSI Systems, a provider of electronics-enabled, security-related services such as baggage screening. OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment for hyperscalers and large technology companies. This business has been very profitable for Flex, and we believe the company is positioned to benefit from investments in artificial intelligence (AI). </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2500 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte’s broader development pipeline. </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_349627.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.00<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.74<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2500™ Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.62<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.93<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.91<span>%</span></td> </tr> </table> Janus Henderson Triton Fund (Class I Shares/JSMGX) 0.0338 0.0700 0.0974 Russell 3000® Index 0.1741 0.1574 0.1471 Russell 2500™ Growth Index 0.1262 0.0776 0.1093 Russell 2000® Growth Index 0.1356 0.0841 0.0991 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,613M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">123</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>38.2M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">20<span>%</span></td> </tr> </table> 5613000000 123 38200000 0.20 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Casey's General Stores Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">OTC Purchased Options – Calls</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_349633.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Casey's General Stores Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> </table> 0.030 0.028 0.026 0.023 0.023 0.993 0.014 0.006 0.002 0.000 -0.015 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund<br/>(Class N Shares/JGMNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>68</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.67<span>%</span></td> </tr> </table> 68 0.0067 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Triton Fund Class N Shares returned 3.51%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell 2500™ Growth Index, returned 12.62%. Its additional benchmark, the Russell 2000^® Growth Index, returned 13.56%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2500 Growth Index benefited from a position in OSI Systems, a provider of electronics-enabled, security-related services such as baggage screening. OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment for hyperscalers and large technology companies. This business has been very profitable for Flex, and we believe the company is positioned to benefit from investments in artificial intelligence (AI). </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2500 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte’s broader development pipeline. </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_349652.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.11<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.85<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2500™ Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.62<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.93<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.91<span>%</span></td> </tr> </table> Janus Henderson Triton Fund (Class N Shares/JGMNX) 0.0351 0.0711 0.0985 Russell 3000® Index 0.1741 0.1574 0.1471 Russell 2500™ Growth Index 0.1262 0.0776 0.1093 Russell 2000® Growth Index 0.1356 0.0841 0.0991 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,613M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">123</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>38.2M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">20<span>%</span></td> </tr> </table> 5613000000 123 38200000 0.20 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Casey's General Stores Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">OTC Purchased Options – Calls</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_349659.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Casey's General Stores Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> </table> 0.030 0.028 0.026 0.023 0.023 0.993 0.014 0.006 0.002 0.000 -0.015 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund<br/>(Class R Shares/JGMRX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>143</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.41<span>%</span></td> </tr> </table> 143 0.0141 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Triton Fund Class R Shares returned 2.73%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell 2500™ Growth Index, returned 12.62%. Its additional benchmark, the Russell 2000^® Growth Index, returned 13.56%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2500 Growth Index benefited from a position in OSI Systems, a provider of electronics-enabled, security-related services such as baggage screening. OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment for hyperscalers and large technology companies. This business has been very profitable for Flex, and we believe the company is positioned to benefit from investments in artificial intelligence (AI). </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2500 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte’s broader development pipeline. </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_349677.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">2.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.04<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2500™ Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.62<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.93<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.91<span>%</span></td> </tr> </table> Janus Henderson Triton Fund (Class R Shares/JGMRX) 0.0273 0.0631 0.0904 Russell 3000® Index 0.1741 0.1574 0.1471 Russell 2500™ Growth Index 0.1262 0.0776 0.1093 Russell 2000® Growth Index 0.1356 0.0841 0.0991 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,613M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">123</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>38.2M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">20<span>%</span></td> </tr> </table> 5613000000 123 38200000 0.20 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Casey's General Stores Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">OTC Purchased Options – Calls</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_349684.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Casey's General Stores Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> </table> 0.030 0.028 0.026 0.023 0.023 0.993 0.014 0.006 0.002 0.000 -0.015 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund<br/>(Class S Shares/JGMIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>118</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.16<span>%</span></td> </tr> </table> 118 0.0116 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Triton Fund Class S Shares returned 3.02%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell 2500™ Growth Index, returned 12.62%. Its additional benchmark, the Russell 2000^® Growth Index, returned 13.56%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2500 Growth Index benefited from a position in OSI Systems, a provider of electronics-enabled, security-related services such as baggage screening. OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment for hyperscalers and large technology companies. This business has been very profitable for Flex, and we believe the company is positioned to benefit from investments in artificial intelligence (AI). </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2500 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte’s broader development pipeline. </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_349702.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.31<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2500™ Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.62<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.93<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.91<span>%</span></td> </tr> </table> Janus Henderson Triton Fund (Class S Shares/JGMIX) 0.0302 0.0658 0.0931 Russell 3000® Index 0.1741 0.1574 0.1471 Russell 2500™ Growth Index 0.1262 0.0776 0.1093 Russell 2000® Growth Index 0.1356 0.0841 0.0991 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,613M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">123</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>38.2M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">20<span>%</span></td> </tr> </table> 5613000000 123 38200000 0.20 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Casey's General Stores Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">OTC Purchased Options – Calls</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_349708.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Casey's General Stores Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> </table> 0.030 0.028 0.026 0.023 0.023 0.993 0.014 0.006 0.002 0.000 -0.015 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Triton Fund<br/>(Class T Shares/JATTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>92</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.91<span>%</span></td> </tr> </table> 92 0.0091 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Triton Fund Class T Shares returned 3.24%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell 2500™ Growth Index, returned 12.62%. Its additional benchmark, the Russell 2000^® Growth Index, returned 13.56%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2500 Growth Index benefited from a position in OSI Systems, a provider of electronics-enabled, security-related services such as baggage screening. OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment for hyperscalers and large technology companies. This business has been very profitable for Flex, and we believe the company is positioned to benefit from investments in artificial intelligence (AI). </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2500 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte’s broader development pipeline. </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_349727.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.24<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.84<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.58<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2500™ Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">12.62<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.93<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.91<span>%</span></td> </tr> </table> Janus Henderson Triton Fund (Class T Shares/JATTX) 0.0324 0.0684 0.0958 Russell 3000® Index 0.1741 0.1574 0.1471 Russell 2500™ Growth Index 0.1262 0.0776 0.1093 Russell 2000® Growth Index 0.1356 0.0841 0.0991 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,613M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">123</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>38.2M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">20<span>%</span></td> </tr> </table> 5613000000 123 38200000 0.20 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Casey's General Stores Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">OTC Purchased Options – Calls</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">(1.5<span>)</span></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_349733.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.8</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Flex Ltd</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.6</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Casey's General Stores Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> </table> 0.030 0.028 0.026 0.023 0.023 0.993 0.014 0.006 0.002 0.000 -0.015 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson U.S. Dividend Income Fund<br/>(Class D Shares/JDDVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>89</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.83<span>%</span></td> </tr> </table> 89 0.0083 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson U.S. Dividend Income Fund Class D Shares returned 14.60%. Its broad-based benchmark, the Russell 1000^® Index, returned 17.75%. Its performance benchmark, the Russell 1000^® Value Index, returned 9.44%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Value Index was supported by a position in Broadcom, a leading developer of custom artificial intelligence (AI) chips that have seen growing industry demand. Broadcom has also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Value Index was hindered by a position in UnitedHealth Group, as the health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture also detracted. The company experienced moderating organic growth as government-related business contracted due to federal spending cuts and IT budgets shifted from traditional consulting toward AI investments. This shift compressed Accenture's stock valuation.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">December 20, 2022, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351052.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2022-12-20 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.60<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.34<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">23.94<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.11<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Dividend Aristocrats Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(1.09<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.77<span>%</span></td> </tr> </table> Janus Henderson U.S. Dividend Income Fund (Class D Shares/JDDVX) 0.1460 0.1334 Russell 1000® Index 0.1775 0.2394 Russell 1000® Value Index 0.0944 0.1411 S&P 500® Dividend Aristocrats Index -0.0109 0.0777 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>55M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">57</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">59<span>%</span></td> </tr> </table> 55000000 57 0.0 0.59 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Morgan Stanley</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Goldman Sachs Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Philip Morris International Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351058.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Morgan Stanley</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Goldman Sachs Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Philip Morris International Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> 0.045 0.034 0.031 0.029 0.029 0.997 0.004 -0.001 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective January 28, 2025, the Fund's contractual limit on total annual operating expense changed from 0.75% to 0.68%. 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective January 28, 2025, the Fund's contractual limit on total annual operating expense changed from 0.75% to 0.68%. 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> 2025-01-28 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson U.S. Dividend Income Fund<br/>(Class I Shares/JIDVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>81</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.75<span>%</span></td> </tr> </table> 81 0.0075 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson U.S. Dividend Income Fund Class I Shares returned 14.79%. Its broad-based benchmark, the Russell 1000^® Index, returned 17.75%. Its performance benchmark, the Russell 1000^® Value Index, returned 9.44%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Value Index was supported by a position in Broadcom, a leading developer of custom artificial intelligence (AI) chips that have seen growing industry demand. Broadcom has also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Value Index was hindered by a position in UnitedHealth Group, as the health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture also detracted. The company experienced moderating organic growth as government-related business contracted due to federal spending cuts and IT budgets shifted from traditional consulting toward AI investments. This shift compressed Accenture's stock valuation.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">December 20, 2022, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351077.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2022-12-20 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.79<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.46<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">23.94<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.11<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Dividend Aristocrats Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(1.09<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.77<span>%</span></td> </tr> </table> Janus Henderson U.S. Dividend Income Fund (Class I Shares/JIDVX) 0.1479 0.1346 Russell 1000® Index 0.1775 0.2394 Russell 1000® Value Index 0.0944 0.1411 S&P 500® Dividend Aristocrats Index -0.0109 0.0777 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>55M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">57</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">59<span>%</span></td> </tr> </table> 55000000 57 0.0 0.59 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Morgan Stanley</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Goldman Sachs Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Philip Morris International Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351084.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Morgan Stanley</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Goldman Sachs Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Philip Morris International Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> 0.045 0.034 0.031 0.029 0.029 0.997 0.004 -0.001 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective January 28, 2025, the Fund's contractual limit on total annual operating expense changed from 0.75% to 0.68%. The cap excludes 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective January 28, 2025, the Fund's contractual limit on total annual operating expense changed from 0.75% to 0.68%. The cap excludes 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> 2025-01-28 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson U.S. Dividend Income Fund<br/>(Class N Shares/JNDVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>75</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.70<span>%</span></td> </tr> </table> 75 0.0070 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson U.S. Dividend Income Fund Class N Shares returned 14.72%. Its broad-based benchmark, the Russell 1000^® Index, returned 17.75%. Its performance benchmark, the Russell 1000^® Value Index, returned 9.44%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Value Index was supported by a position in Broadcom, a leading developer of custom artificial intelligence (AI) chips that have seen growing industry demand. Broadcom has also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 1000 Value Index was hindered by a position in UnitedHealth Group, as the health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company’s Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture also detracted. The company experienced moderating organic growth as government-related business contracted due to federal spending cuts and IT budgets shifted from traditional consulting toward AI investments. This shift compressed Accenture's stock valuation.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">December 20, 2022, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351102.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> 2022-12-20 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.44<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">23.94<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 1000^® Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.44<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.11<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500^® Dividend Aristocrats Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(1.09<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.77<span>%</span></td> </tr> </table> Janus Henderson U.S. Dividend Income Fund (Class N Shares/JNDVX) 0.1472 0.1344 Russell 1000® Index 0.1775 0.2394 Russell 1000® Value Index 0.0944 0.1411 S&P 500® Dividend Aristocrats Index -0.0109 0.0777 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>55M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">57</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">59<span>%</span></td> </tr> </table> 55000000 57 0.0 0.59 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Morgan Stanley</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Goldman Sachs Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Philip Morris International Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">99.7</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.4</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351108.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">4.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Morgan Stanley</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.4</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Goldman Sachs Group Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">3.1</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Philip Morris International Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.9</td> </tr> </table> 0.045 0.034 0.031 0.029 0.029 0.997 0.004 -0.001 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">This is a summary of certain changes of the Fund since September 30, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective January 28, 2025, the Fund's contractual limit on total annual operating expense changed from 0.75% to 0.68%. The cap excludes 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 7.5pt;">Effective January 28, 2025, the Fund's contractual limit on total annual operating expense changed from 0.75% to 0.68%. The cap excludes 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> 2025-01-28 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund<br/>(Class A Shares/JVTAX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>107</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.04<span>%</span></td> </tr> </table> 107 0.0104 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Venture Fund Class A Shares returned 5.38%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell 2000^® Growth Index, returned 13.56%. Its additional benchmark, the Russell 2000^® Index, returned 10.76%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2000 Growth Index benefited from an overweight position in Stride, an education technology company that provides a remote learning platform for K-12 education and professional training and recertification. After reporting strong enrollment growth for its education platform, Stride continued to attract additional students over the course of the academic year while maintaining high retention rates. OSI Systems, another contributor, provides electronics-enabled, security-related services such as baggage screening. Given its high market share, OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security that led to a large order backlog.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2000 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed the valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte’s broader development pipeline.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351127.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.69<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">(0.68<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.04<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.91<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.77<span>%</span></td> </tr> </table> Janus Henderson Venture Fund (Class A Shares/JVTAX) at NAV 0.0538 0.0758 0.0969 Janus Henderson Venture Fund (Class A Shares/JVTAX) at Maximum Offering Price - 5.75% -0.0068 0.0631 0.0904 Russell 3000® Index 0.1741 0.1574 0.1471 Russell 2000® Growth Index 0.1356 0.0841 0.0991 Russell 2000® Index 0.1076 0.1156 0.0977 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,207M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">143</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>20.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">24<span>%</span></td> </tr> </table> 3207000000 143 20000000.0 0.24 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bancorp Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">97.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">OTC Purchased Options – Calls</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351133.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bancorp Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> </table> 0.025 0.023 0.022 0.019 0.019 0.979 0.013 0.012 0.010 0.000 0.000 -0.014 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund<br/>(Class C Shares/JVTCX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>191</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.87<span>%</span></td> </tr> </table> 191 0.0187 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Venture Fund Class C Shares returned 4.51%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell 2000^® Growth Index, returned 13.56%. Its additional benchmark, the Russell 2000^® Index, returned 10.76%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2000 Growth Index benefited from an overweight position in Stride, an education technology company that provides a remote learning platform for K-12 education and professional training and recertification. After reporting strong enrollment growth for its education platform, Stride continued to attract additional students over the course of the academic year while maintaining high retention rates. OSI Systems, another contributor, provides electronics-enabled, security-related services such as baggage screening. Given its high market share, OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security that led to a large order backlog.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2000 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed the valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte’s broader development pipeline.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351152.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">4.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.87<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">3.54<span>%</span><span>*</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">6.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.87<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.91<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.77<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; font-weight: normal; width: 70pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 7.5pt; color: rgb(57, 61, 71); text-align: left; width: 70pt; padding: 0 0 0 5pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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 0.0451 0.0674 0.0887 Janus Henderson Venture Fund (Class C Shares/JVTCX) with Contingent Deferred Sales Charge 0.0354 0.0674 0.0887 Russell 3000® Index 0.1741 0.1574 0.1471 Russell 2000® Growth Index 0.1356 0.0841 0.0991 Russell 2000® Index 0.1076 0.1156 0.0977 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,207M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">143</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>20.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">24<span>%</span></td> </tr> </table> 3207000000 143 20000000.0 0.24 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bancorp Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">97.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">OTC Purchased Options – Calls</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351159.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bancorp Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> </table> 0.025 0.023 0.022 0.019 0.019 0.979 0.013 0.012 0.010 0.000 0.000 -0.014 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund<br/>(Class D Shares/JANVX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>81</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.79<span>%</span></td> </tr> </table> 81 0.0079 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Venture Fund Class D Shares returned 5.64%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell 2000^® Growth Index, returned 13.56%. Its additional benchmark, the Russell 2000^® Index, returned 10.76%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2000 Growth Index benefited from an overweight position in Stride, an education technology company that provides a remote learning platform for K-12 education and professional training and recertification. After reporting strong enrollment growth for its education platform, Stride continued to attract additional students over the course of the academic year while maintaining high retention rates. OSI Systems, another contributor, provides electronics-enabled, security-related services such as baggage screening. Given its high market share, OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security that led to a large order backlog.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2000 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed the valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte’s broader development pipeline.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351177.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.94<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.91<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.77<span>%</span></td> </tr> </table> Janus Henderson Venture Fund (Class D Shares/JANVX) 0.0564 0.0782 0.0994 Russell 3000® Index 0.1741 0.1574 0.1471 Russell 2000® Growth Index 0.1356 0.0841 0.0991 Russell 2000® Index 0.1076 0.1156 0.0977 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,207M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">143</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>20.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">24<span>%</span></td> </tr> </table> 3207000000 143 20000000.0 0.24 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bancorp Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">97.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">OTC Purchased Options – Calls</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351184.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bancorp Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> </table> 0.025 0.023 0.022 0.019 0.019 0.979 0.013 0.012 0.010 0.000 0.000 -0.014 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div><div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund<br/>(Class I Shares/JVTIX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>79</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.77<span>%</span></td> </tr> </table> 79 0.0077 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Venture Fund Class I Shares returned 5.67%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell 2000^® Growth Index, returned 13.56%. Its additional benchmark, the Russell 2000^® Index, returned 10.76%.</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2000 Growth Index benefited from an overweight position in Stride, an education technology company that provides a remote learning platform for K-12 education and professional training and recertification. After reporting strong enrollment growth for its education platform, Stride continued to attract additional students over the course of the academic year while maintaining high retention rates. OSI Systems, another contributor, provides electronics-enabled, security-related services such as baggage screening. Given its high market share, OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security that led to a large order backlog.</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2000 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed the valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte’s broader development pipeline.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div><div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351202.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.67<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.85<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.98<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.91<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.77<span>%</span></td> </tr> </table> Janus Henderson Venture Fund (Class I Shares/JVTIX) 0.0567 0.0785 0.0998 Russell 3000® Index 0.1741 0.1574 0.1471 Russell 2000® Growth Index 0.1356 0.0841 0.0991 Russell 2000® Index 0.1076 0.1156 0.0977 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,207M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">143</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>20.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">24<span>%</span></td> </tr> </table> 3207000000 143 20000000.0 0.24 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bancorp Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> </table><div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">97.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">OTC Purchased Options – Calls</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div><div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351208.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bancorp Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> </table> 0.025 0.023 0.022 0.019 0.019 0.979 0.013 0.012 0.010 0.000 0.000 -0.014 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund<br/>(Class N Shares/JVTNX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>69</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.67<span>%</span></td> </tr> </table> 69 0.0067 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Venture Fund Class N Shares returned 5.76%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell 2000^® Growth Index, returned 13.56%. Its additional benchmark, the Russell 2000^® Index, returned 10.76%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2000 Growth Index benefited from an overweight position in Stride, an education technology company that provides a remote learning platform for K-12 education and professional training and recertification. After reporting strong enrollment growth for its education platform, Stride continued to attract additional students over the course of the academic year while maintaining high retention rates. OSI Systems, another contributor, provides electronics-enabled, security-related services such as baggage screening. Given its high market share, OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security that led to a large order backlog.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2000 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed the valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte’s broader development pipeline.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351227.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.95<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.08<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.91<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.77<span>%</span></td> </tr> </table> Janus Henderson Venture Fund (Class N Shares/JVTNX) 0.0576 0.0795 0.1008 Russell 3000® Index 0.1741 0.1574 0.1471 Russell 2000® Growth Index 0.1356 0.0841 0.0991 Russell 2000® Index 0.1076 0.1156 0.0977 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,207M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">143</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>20.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">24<span>%</span></td> </tr> </table> 3207000000 143 20000000.0 0.24 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bancorp Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">97.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">OTC Purchased Options – Calls</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351234.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bancorp Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> </table> 0.025 0.023 0.022 0.019 0.019 0.979 0.013 0.012 0.010 0.000 0.000 -0.014 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund<br/>(Class S Shares/JVTSX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>121</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.18<span>%</span></td> </tr> </table> 121 0.0118 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Venture Fund Class S Shares returned 5.23%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell 2000^® Growth Index, returned 13.56%. Its additional benchmark, the Russell 2000^® Index, returned 10.76%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2000 Growth Index benefited from an overweight position in Stride, an education technology company that provides a remote learning platform for K-12 education and professional training and recertification. After reporting strong enrollment growth for its education platform, Stride continued to attract additional students over the course of the academic year while maintaining high retention rates. OSI Systems, another contributor, provides electronics-enabled, security-related services such as baggage screening. Given its high market share, OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security that led to a large order backlog.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2000 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed the valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte’s broader development pipeline.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351252.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.53<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.91<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.77<span>%</span></td> </tr> </table> Janus Henderson Venture Fund (Class S Shares/JVTSX) 0.0523 0.0741 0.0953 Russell 3000® Index 0.1741 0.1574 0.1471 Russell 2000® Growth Index 0.1356 0.0841 0.0991 Russell 2000® Index 0.1076 0.1156 0.0977 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,207M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">143</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>20.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">24<span>%</span></td> </tr> </table> 3207000000 143 20000000.0 0.24 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bancorp Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">97.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">OTC Purchased Options – Calls</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351259.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bancorp Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> </table> 0.025 0.023 0.022 0.019 0.019 0.979 0.013 0.012 0.010 0.000 0.000 -0.014 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, 2024 to September 30, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the costs for the year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(57, 61, 71); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Janus Henderson Venture Fund<br/>(Class T Shares/JAVTX)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>92</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span></td> </tr> </table> 92 0.0090 <div style="font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">For the 12-month period ended September 30, 2025, the Janus Henderson Venture Fund Class T Shares returned 5.53%. Its broad-based benchmark, the Russell 3000^® Index, returned 17.41%. Its performance benchmark, the Russell 2000^® Growth Index, returned 13.56%. Its additional benchmark, the Russell 2000^® Index, returned 10.76%.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2000 Growth Index benefited from an overweight position in Stride, an education technology company that provides a remote learning platform for K-12 education and professional training and recertification. After reporting strong enrollment growth for its education platform, Stride continued to attract additional students over the course of the academic year while maintaining high retention rates. OSI Systems, another contributor, provides electronics-enabled, security-related services such as baggage screening. Given its high market share, OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security that led to a large order backlog.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">Performance relative to the Russell 2000 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed the valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market’s elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte’s broader development pipeline.</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); font-size: 10pt; margin-bottom: 10pt;">September 30, 2015, through September 30, 2025</div> <div style="margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="chartimages_351277.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(240, 108, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Year</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">5.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">7.70<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.82<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 3000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">17.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">15.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">14.71<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">13.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">8.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.91<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(57, 61, 71); font-size: 9pt; font-family: 'Arial'; font-weight: normal; width: auto; padding: 6pt 3pt 3pt 3pt;">Russell 2000^® Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">10.76<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">11.56<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; width: 39pt; padding: 6pt 3pt 3pt 3pt;">9.77<span>%</span></td> </tr> </table> Janus Henderson Venture Fund (Class T Shares/JAVTX) 0.0553 0.0770 0.0982 Russell 3000® Index 0.1741 0.1574 0.1471 Russell 2000® Growth Index 0.1356 0.0841 0.0991 Russell 2000® Index 0.1076 0.1156 0.0977 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: rgb(57, 61, 71); font-family: 'arial'; 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: 'times new roman'; color: rgb(57, 61, 71); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,207M</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">143</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>20.0M</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(57, 61, 71); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">24<span>%</span></td> </tr> </table> 3207000000 143 20000000.0 0.24 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bancorp Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); 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;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">97.9</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">1.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; text-align: left; padding: 1pt 3pt 1pt 3pt;">OTC Purchased Options – Calls</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 1pt 3pt 1pt 3pt;">0.0</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); 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; white-space: nowrap; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">Top 5 Country Allocations (% of investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_351283.jpg" style="width: 172.8pt;"/> </div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(57, 61, 71); letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: rgb(240, 108, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold;">5 Largest Equity Holdings (% of net assets)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.5</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); 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: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.3</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">OSI Systems Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">2.2</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(57, 61, 71);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies Inc</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Bancorp Inc/The</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(57, 61, 71); font-size: 9pt; padding: 6pt 12pt 3pt 3pt;">1.9</td> </tr> </table> 0.025 0.023 0.022 0.019 0.019 0.979 0.013 0.012 0.010 0.000 0.000 -0.014 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.