Janus Henderson Global Life Sciences Fund

Schedule of Investments (unaudited)

December 31, 2022

Shares or Principal Amounts			Value
Common Stocks– 97.5%
Biotechnology – 30.9%
	4D Molecular Therapeutics Inc*	444,198	$9,865,638
	AbbVie Inc	1,141,497	184,477,330
	Akero Therapeutics Inc*	1,001,770	54,896,996
	Alnylam Pharmaceuticals Inc*	172,691	41,040,016
	Altimmune Inc*,#	1,030,773	16,956,216
	Amgen Inc	192,933	50,671,923
	Amicus Therapeutics Inc*	2,548,195	31,113,461
	Apellis Pharmaceuticals Inc*	830,045	42,921,627
	Arcellx Inc*,#	429,038	13,291,597
	Ardelyx, Inc.*	2,941,625	8,383,631
	Argenx SE (ADR)*	204,129	77,330,189
	Ascendis Pharma A/S (ADR)*	456,948	55,807,059
	Bicycle Therapeutics Ltd (ADR)*,#	528,203	15,634,809
	BioAtla LLC*,#	486,009	4,009,574
	BioCryst Pharmaceuticals Inc*	491,126	5,638,126
	Biohaven Ltd*	1,022,578	14,193,383
	BioMarin Pharmaceutical Inc*	623,591	64,535,433
	Biomea Fusion Inc*	729,522	6,149,870
	C4 Therapeutics Inc*	335,365	1,978,654
	CANbridge Pharmaceuticals Inc*	3,901,000	1,224,529
	Centessa Pharmacuticals PLC (ADR)*,#	691,173	2,142,636
	Cerevel Therapeutics Holdings Inc*	463,125	14,606,963
	Design Therapeutics Inc*,#	492,234	5,050,321
	Gilead Sciences Inc	372,723	31,998,270
	Horizon Therapeutics PLC*	536,977	61,107,983
	Insmed Inc*	916,817	18,318,004
	IVERIC bio Inc*	1,136,126	24,324,458
	Janux Therapeutics Inc*	582,596	7,672,789
	Legend Biotech Corp (ADR)*	520,392	25,977,969
	Mirati Therapeutics Inc*	107,105	4,852,928
	Neurocrine Biosciences Inc*	465,421	55,589,884
	Olema Pharmaceuticals Inc*	745,574	1,826,656
	Prothena Corp PLC*	425,921	25,661,740
	PTC Therapeutics Inc*	569,062	21,721,097
	Regeneron Pharmaceuticals Inc*	63,386	45,732,365
	Rhythm Pharmaceuticals Inc*	578,774	16,853,899
	Sage Therapeutics Inc*	246,058	9,384,652
	Sarepta Therapeutics Inc*	950,822	123,207,515
	Seres Therapeutics Inc*	3,055,514	17,110,878
	Travere Therapeutics Inc*	1,508,504	31,723,839
	United Therapeutics Corp*	159,472	44,347,569
	Vaxcyte Inc*	1,081,918	51,877,968
	Vertex Pharmaceuticals Inc*	341,726	98,683,634
	Zai Lab Ltd (ADR)*	659,746	20,254,202
			1,460,148,280
Health Care Equipment & Supplies – 14.3%
	Abbott Laboratories	1,006,808	110,537,450
	Align Technology Inc*	150,379	31,714,931
	Boston Scientific Corp*	2,324,190	107,540,271
	Cooper Cos Inc	113,786	37,625,617
	Dentsply Sirona Inc	436,233	13,889,659
	DexCom Inc*	307,960	34,873,390
	Edwards Lifesciences Corp*	512,609	38,245,758
	Globus Medical Inc*,#	492,818	36,601,593
	ICU Medical Inc*	77,275	12,169,267
	Insulet Corp*	29,389	8,651,828
	Intuitive Surgical Inc*	147,101	39,033,250
	Medtronic PLC	448,902	34,888,663
	Penumbra Inc*	171,746	38,206,615
	Silk Road Medical Inc*	226,996	11,996,739
	STERIS PLC	170,535	31,496,109
	Stryker Corp	193,356	47,273,608
	Tandem Diabetes Care Inc*	214,236	9,629,908
	Teleflex Inc	121,410	30,307,578
			674,682,234
Health Care Providers & Services – 13.9%
	AmerisourceBergen Corp	356,754	59,117,705
	Anthem Inc	174,058	89,286,532

Shares or Principal Amounts			Value
Common Stocks– (continued)
Health Care Providers & Services– (continued)
	Centene Corp*	983,771	$80,679,060
	Humana Inc	180,953	92,682,317
	Privia Health Group Inc*	403,412	9,161,487
	Quest Diagnostics Inc	90,306	14,127,471
	UnitedHealth Group Inc	585,776	310,566,720
			655,621,292
Life Sciences Tools & Services – 6.7%
	Danaher Corp	363,803	96,560,592
	ICON PLC*	82,452	16,016,301
	Illumina Inc*	221,199	44,726,438
	IQVIA Holdings Inc*	157,906	32,353,360
	NeoGenomics Inc*	1,668,087	15,413,124
	SomaLogic Inc*	1,019,345	2,558,556
	Thermo Fisher Scientific Inc	199,869	110,065,860
			317,694,231
Pharmaceuticals – 31.7%
	Astellas Pharma Inc	2,950,200	44,764,574
	AstraZeneca PLC	1,531,969	207,867,500
	Bayer AG	538,151	27,782,115
	Bristol-Myers Squibb Co	1,387,567	99,835,446
	Catalent Inc*	308,457	13,883,650
	Collegium Pharmaceutical Inc*	616,212	14,296,118
	DICE Therapeutics Inc*,#	372,367	11,617,850
	Edgewise Therapeutics Inc*,#	391,509	3,500,090
	Elanco Animal Health Inc*	1,422,724	17,385,687
	Eli Lilly & Co	385,587	141,063,148
	Harmony Biosciences Holdings Inc*	369,021	20,333,057
	Jazz Pharmaceuticals PLC*	415,258	66,154,752
	Johnson & Johnson	287,224	50,738,120
	Merck & Co Inc	1,276,139	141,587,622
	Novartis AG (ADR)	1,405,032	127,464,503
	Novo Nordisk A/S	634,265	85,894,288
	Organon & Co	1,827,838	51,051,515
	Pfizer Inc	1,253,293	64,218,733
	Roche Holding AG	341,911	107,478,640
	Royalty Pharma PLC - Class A	952,283	37,634,224
	Sanofi	1,269,194	122,790,520
	Takeda Pharmaceutical Co Ltd	781,236	24,404,929
	Ventyx Biosciences Inc*,#	533,449	17,491,793
			1,499,238,874
Total Common Stocks (cost $3,055,002,987)			4,607,384,911
Private Placements– 1.8%
Biotechnology – 1.1%
	Arbor Biotechnologies Inc*,¢,§	156,426	2,591,979
	Asher Biotherapeutics Inc*,¢,§	1,214,301	1,951,139
	Attralus Inc*,¢,§	669,935	3,483,662
	Curevo Inc*,¢,§	2,031,087	5,330,344
	Disc Medicine Inc*,§	1,084,584	2,127,899
	Element Biosciences Inc*,¢,§	425,023	6,991,628
	Flame Biosciences*,¢,§	919,200	2,837,662
	HemoShear Therapeutics LLC*,¢,§	289,280	2,109,430
	LEXEO Therapeutics Inc - Series A*,¢,§	3,643,715	6,268,975
	LEXEO Therapeutics Inc - Series B*,¢,§	883,469	1,520,000
	Shoreline Biosciences Inc*,¢,§	747,187	6,017,769
	Sonoma Biotherapeutics Inc*,¢,§	1,924,628	5,705,560
	Synthekine Inc*,¢,§	2,192,937	5,661,001
	TwinStrand Biosciences Inc*,¢,§	344,314	749,606
			53,346,654
Health Care Providers & Services – 0.4%
	Bigfoot Biomedical Inc - Series B*,¢,§	1,035,873	8,440,811
	Bigfoot Biomedical Inc - Series C-1*,¢,§	168,418	1,372,354
	Freenome Holdings Inc*,¢,§	342,803	4,000,511
	Freenome Inc*,¢,§	337,474	3,938,322
			17,751,998
Health Care Technology – 0%
	Magnolia Medical Technologies Inc - Series D*,¢,§	1,821,717	3,092,693
Pharmaceuticals – 0.3%
	Neurogene Inc*,¢,§	1,336,317	3,260,613
	Neurogene Inc - Series B*,¢,§	1,486,727	3,627,614
	VALENZABio - Series A*,¢,§	700,559	6,235,276
			13,123,503
Total Private Placements (cost $95,149,445)			87,314,848

2

Shares or Principal Amounts			Value
Rights– 0%
Pharmaceuticals – 0%
	Clementia Pharmaceuticals Inc CVR*,¢((cost $1,180,320)	874,311	$0
Warrants– 0%
Health Care Technology – 0%
	Magnolia Medical Technologies Inc - Series D, expires 12/31/22*,¢,§((cost $0)	1	0
Investment Companies– 0.4%
Money Markets – 0.4%
	Janus Henderson Cash Liquidity Fund LLC, 4.2633%ºº,£((cost $16,895,173)	16,893,319	16,896,698
Investments Purchased with Cash Collateral from Securities Lending– 0.4%
Investment Companies – 0.3%
	Janus Henderson Cash Collateral Fund LLC, 4.1397%ºº,£	16,361,734	16,361,734
Time Deposits – 0.1%
	Royal Bank of Canada, 4.3100%, 1/3/23	$4,091,257	4,091,257
Total Investments Purchased with Cash Collateral from Securities Lending (cost $20,452,991)			20,452,991
Total Investments (total cost $3,188,680,916) – 100.1%			4,732,049,448
Liabilities, net of Cash, Receivables and Other Assets – (0.1)%			(5,800,305)
Net Assets – 100%			$4,726,249,143

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$3,797,335,290	80.2	%
Switzerland	234,943,143	5.0
United Kingdom	223,502,309	4.7
Denmark	141,701,347	3.0
France	122,790,520	2.6
Belgium	77,330,189	1.6
Japan	69,169,503	1.5
Germany	27,782,115	0.6
China	21,478,731	0.5
Ireland	16,016,301	0.3

Total $4,732,049,448 100.0 %

3

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 12/31/22
Investment Companies - 0.4%
Money Markets - 0.4%
	Janus Henderson Cash Liquidity Fund LLC, 4.2633%ºº	$	253,831	$	1,561	$	1,290	$	16,896,698
Investments Purchased with Cash Collateral from Securities Lending - 0.3%
Investment Companies - 0.3%
	Janus Henderson Cash Collateral Fund LLC, 4.1397%ºº		102,667∆		-		-		16,361,734
Total Affiliated Investments - 0.7%		$	356,498	$	1,561	$	1,290	$	33,258,432

		Value at 9/30/22		Purchases		Sales Proceeds		Value at 12/31/22
Investment Companies - 0.4%
Money Markets - 0.4%
	Janus Henderson Cash Liquidity Fund LLC, 4.2633%ºº		5,298,938		289,181,865		(277,586,956)		16,896,698
Investments Purchased with Cash Collateral from Securities Lending - 0.3%
Investment Companies - 0.3%
	Janus Henderson Cash Collateral Fund LLC, 4.1397%ºº		21,402,690		89,720,294		(94,761,250)		16,361,734

4

Notes to Schedule of Investments (unaudited)

ADR	American Depositary Receipt
CVR	Contingent Value Right
LLC	Limited Liability Company
PLC	Public Limited Company

* Non-income producing security.

ºº Rate shown is the 7-day yield as of December 31, 2022.

# Loaned security; a portion of the security is on loan at December 31, 2022.

¢ Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended December 31, 2022 is $85,186,949, which represents 1.8% of net assets.

£ The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.

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

§	Schedule of Restricted Securities (as of December 31, 2022)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
Arbor Biotechnologies Inc		10/29/21	$	2,591,979	$	2,591,979	0.1	%
Asher Biotherapeutics Inc		8/23/21		2,438,924		1,951,139	0.0
Attralus Inc		8/31/21		5,198,696		3,483,662	0.1
Bigfoot Biomedical Inc - Series B		11/21/17		9,808,940		8,440,811	0.2
Bigfoot Biomedical Inc - Series C-1		12/27/19		1,355,580		1,372,354	0.0
Curevo Inc		11/10/22		5,330,344		5,330,344	0.1
Disc Medicine Inc		8/23/21		2,603,002		2,127,899	0.0
Element Biosciences Inc		6/21/21		8,737,070		6,991,628	0.2
Flame Biosciences		9/28/20		6,020,760		2,837,662	0.1
Freenome Holdings Inc		11/22/21		2,585,523		4,000,511	0.1
Freenome Inc		8/14/20		2,231,817		3,938,322	0.1
HemoShear Therapeutics LLC		2/5/21		3,839,496		2,109,430	0.1
LEXEO Therapeutics Inc - Series A		11/20/20-7/30/21		3,643,715		6,268,975	0.1
LEXEO Therapeutics Inc - Series B		8/10/21		1,520,000		1,520,000	0.0
Magnolia Medical Technologies Inc - Series D, 12/31/22		1/10/22		0		0	0.0
Magnolia Medical Technologies Inc - Series D		1/10/22		3,092,693		3,092,693	0.0
Neurogene Inc		12/15/20-9/22/21		3,260,613		3,260,613	0.1
Neurogene Inc - Series B		3/4/22		3,627,614		3,627,614	0.1
Shoreline Biosciences Inc		10/28/21		7,522,230		6,017,769	0.1
Sonoma Biotherapeutics Inc		7/23/21-12/14/22		4,465,171		5,705,560	0.1
Synthekine Inc		6/3/21		6,290,001		5,661,001	0.1
TwinStrand Biosciences Inc		4/30/21		2,750,001		749,606	0.0
VALENZABio - Series A		3/25/21		6,235,276		6,235,276	0.1
Total			$	95,149,445	$	87,314,848	1.8	%
The Fund has registration rights for certain restricted securities held as of December 31, 2022. The issuer incurs all registration costs.

5

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2022.
Valuation Inputs Summary
				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quoted Prices		Observable Inputs		Unobservable Inputs
Assets
Investments In Securities:
Common Stocks
Pharmaceuticals	$	878,256,308	$	620,982,566	$	-
All Other		3,108,146,037		-		-
Private Placements		-		2,127,899		85,186,949
Rights		-		-		0
Warrants		-		-		0
Investment Companies		-		16,896,698		-
Investments Purchased with Cash Collateral from Securities Lending		-		20,452,991		-
Total Assets	$	3,986,402,345	$	660,460,154	$	85,186,949

6

Investment Valuation

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Fund will determine the market value of individual securities held by it by using prices provided by one or more approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE. The value of the securities of other mutual funds held by a Fund, if any, will be calculated using the NAV of such mutual funds.

Valuation Inputs Summary

FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

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

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used in employing valuation techniques such as the market approach, the income approach, or the cost approach, as defined under the ASC 820. These are categorized as Level 3 in the hierarchy.

All other assets categorized as Level 3 in the hierarchy have been fair valued based on transaction price or transaction price adjusted for current market conditions using a comparable index or cost. The value of level 3 investments will increase should the future transaction price increase.

7

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2022 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments.

The following describes the amounts of transfers into or out of Level 3 of the fair value hierarchy during the year.

Financial assets of $1,769,255 were transferred out of Level 3 to Level 2 since certain security’s prices were determined using other significant observable inputs at the end of the current fiscal year and significant unobservable inputs at the end of the prior fiscal year.

8

For additional information on the Fund, please refer to the Fund’s most recent semiannual or annual shareholder report.

125-25-70226 03-23